For many clients, the fees associated with accessing help from an accountant or lawyer can be overwhelming, especially for a small business. This may turn them away from engaging with a professional when they require assistance or worse still, putting things off or ignoring them until issues become overwhelming and significant remedial work is required. With the increased cost of doing business, particular over the last 24 months due to inflation, increase in minimum wages, rising interest rates, cost of living and supply chain disruptions, many simply cannot cover the fees in a lump sum payment. Clients may resort to trying to coming up with solutions of their own which may not be effective and could lead to issues down the track.
This is where a fee funding can provide significant benefits to both your firm and clients.
There are many advantages to using SmartFee including:
- Clients can engage your firm for more services as the costs are more affordable
- Improving cash flow for your firm
- The benefit of your firm receiving payment for work in full and up front
- Reducing debtor days and increasing revenue
Buy now, pay later or BNPL is nothing new but the system can be beneficial for accounting and law firms and creates a positive experience for clients too. As businesses begin to emerge out of the pandemic climate, many require more assistance than ever. According to the latest statistics released by ASIC, 1566 businesses entered external administration in the June quarter, with many more looking to their accountants and lawyers to help them through this time. Now is the time to offer your clients a smarter way to pay.
To get started with SmartFee, email us at firstname.lastname@example.org or call 1300 723 243