From our recent focus group meetings, we’ve heard that collections are becoming an increasing headache. Unfortunately not much is being done to address the issue. A large majority of firms we consult with do not have an adequate system, nor the time or the resources to suitably collect from their delinquent clients. At most a notice is sent at 30 days, followed by another at 60 days and again at 90 days.
The longer an account remains delinquent, the less likely it will ever be collected. With an ever increasing work load, the collections responsibility often gets cast aside, left unresolved, for more pressing issues. However the impact on a firm’s cash flow can be disastrous, especially heading into tax season.
To help our premium member firms, we’ve partnered with Green Flag Profit Recovery. Their Accelerator program is a fantastic service that takes over the collections process as of day 30. Here’s how it works:
- You purchase a minimum of 100 accounts at $12.25 per account (accounts are valid for 2 years).
- At day 30, upload any or all (it’s your choice) outstanding receivable accounts to.
- That’s it – Your professional collections process is underway!
Between days 30 and 60 each account is sent a series of 3 letters and 2 automated telephone calls, from GreenFlag (but they appear as if they have come from your firm) to remind your client about the outstanding invoice. Here’s what the letter looks like. Once the payment comes in, simply update your online account to stop the process. You remain in complete control of the process 24/7.
At day 60, you can opt up to the Profit Recovery program which continues the regular (third-party) letter series. The Accelerator and Profit Recovery Services cost $12.25 each per account.
By day 90 your client will have received a total of 10 contacts about their outstanding invoice. And at day 90 it’s your choice – one option (Phase 2) is a more intensive direct approach that GreenFlag can help you with. This service is NOT included in the flat fee collection, and subject to a percentage contingency agreement.
At 2020 we believe this is a great answer to your collections challenge. There are no commissions for the Accelerator and Profit Recovery Services** and you’re in control of the collections process 24/7.
The program ensures your clients know you’re serious about recovering your profits. You’ll not only increase your cash flow, but you’ll save time and precious resources.
This preferred pricing is available only to premium members (minimum savings $100). Log in to the Premium Section for more information. Forgot your login? Click here. Not a premium member? Find out more information and join for just $35 per month.
** The Accelerator and Profit Recovery services are flat fee. Phase 2 services are subject to an additional agreement and payment structure.