Episode Details

Do your clients pay upfront, or do they pay after you've done the work?

Charging your clients in full before you do any of the work can help your firm be a more efficient and effective for your business.

When I was talking to one of my recent accounting students, I was shocked to find out that he had more than $60,000 in accounts receivable! He found himself spending so much time chasing down clients for payment, when he could have been serving them and increasing his value in the services he was providing.

If you're charging after you complete the work for a client, I'd encourage you to consider changing to require payment in full before any work has even begun.

It can be a tricky transition, but you can take baby steps towards dwindling down your receivables to zero When I worked with my last company, FITzee Foods, I had a brick and mortar location, and when we were working with the contractors, I had to pay 50% before the plans would be taken to the city for approval, and I had to pay the other 50% before the construction would begin.

Following a 50/50 system can baby step your clients into paying in full before the work starts, and you'll ultimately be able to spend more time serving your clients and getting them better results vs chasing them down after sending invoices out!

If you're tired of chasing clients down for payment, then this week's episode of The Abundant Accountant Podcast is a MUST listen!

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Here are a few key secrets we talked about in this episode:

• Michelle introduces herself, and the topic of today's episode: requiring payment upfront from clients.
• Many accounting firm owners find themselves chasing down clients for payment, often for work completed as far as nine months previous. This doesn't serve accountants, nor does it help them serve their clients at the highest level!
• I get asked a lot about how to start charging upfront for services instead of after the service is done.
• It may not be the most common practice for a CPA or accountant to charge up front for services, but there's no reason why you can't incorporate this into your firm right away.
• You can request payment ahead of time for a long-term project, or with a brand new client for even just compliance work or services rendered monthly.
• Michelle shares a story of a student that had m