"feeLink is the smart way to manage your debtors."04 April 2012
LBW Chartered Accountants is renowned for having excellent relationships with its clients. Somewhat surprisingly, this even includes the small number of clients on the practice’s debtors list.
LBW Chartered Accountants Administration Manager, Julie Stabernack, attributes this to feeLink – a fee funding service for clients struggling to pay their accounting fees.
“feeLink makes it easy for us to maintain a positive relationship with our clients,” says Julie. “It removes the stress for both us and our clients as we don’t have to chase them for money. It takes that negativity away.”
But it hasn’t always been that case. Julie and the team at LBW Chartered Accountants used to spend valuable time chasing overdue clients. This involved at least three points of contact including emails, text messages and phone calls and could result in clients being placed on the ‘stop work’ list at 90 days.
“We have excellent systems in place for managing debtors but, regardless of what you do, it takes up valuable time, effort and costs. Having feeLink simplifies that whole process and significantly reduces the administration required.”
Best of all, adds Julie, “it’s very easy for me to use and manage.”
Julie says that one of the key benefits of feeLink is the flexibility it gives their clients by letting them split repayments over six, nine or 12 months.
“Our clients appreciate us for helping put them back in control of their finances. It means we can let them manage repayments how they want and on their own terms.”
LBW Chartered Accountants prides itself on providing their clients with the best possible service and Julie says this is now reflected in the way they manage debtors.
“feeLink gives our clients a flexible option which suits all their needs – it’s a proactive solution, not debt collection. It makes their debt manageable so it’s no longer an overwhelming burden. By spreading the payments, they don’t have to dread having it being due in ‘one hit’.”
While the practice initially adopted feeLink purely as a debtor solution, Julie says they’re now seeing it appeal to their wider client base.
“feeLink suits different people in different ways. One of our clients uses feeLink even though they don’t have an issue with debt because it gives them the option to spread their payments over 12 months.”
The success experienced by LBW Chartered Accountants has seen feeLink become an increasingly integral part of the practice.
“We’ve made a business decision to start talking about the feeLink concept to our clients as early as possible, so it becomes just another service that we offer.”
Julie puts it succinctly when asked why she recommends feeLink: “feeLink is the smart way to manage your debtors. It’s the cash flow solution.”
It’s clearly a successful strategy which has allowed this practice to take the pain away from their debt recovery process.
- Provided at no cost or risk to the practice
- Able to maintain positive relationships with debtors
- Reduced time and costs on debtor administration
- Clients have the flexibility of smaller, budget-friendly monthly payments
- Suitable for all clients
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