The Increasingly Important But Dreaded Collection Of Client Accounts

Collecting accounts is a crucial part of practice management and an essential part of the client relationship. As interest rates continue at their current level and even possibly increase, the role of collections takes on an ever-increasing importance.

A central part of collecting is to overcome any stalls and objections a client may bring up during your conversation.
Sir Richard Branson perhaps addressed the importance of collections when he said:

"Never take your eyes off the cash flow because it's the lifeblood of business."

The following are essential components of any collections policy:

1. Contact the client
   • It is critical, and it must be timely - the first email should be sent at 45 days (a copy of the account(s) in question should be attached) and the first call at 60 days;