Pricing and payments: Get paid for the work you’re doing
Every crisis has its heroes, and while our doctors, nurses and other key workers have been getting us through the coronavirus pandemic, the UK’s accountants have been working flat out to help the country’s businesses survive, recover and flourish.
During lockdown, your firm protected and advised a huge number of clients. All this hard work means that you’ve reinforced your position as an invaluable adviser and have a customer base of extremely loyal clients. But now you have to support your practice in the same way and ensure you get paid fairly and promptly for the added-value work you’ve been providing.
So, how do you safeguard the financial foundations of your firm? And how do you ensure there’s a regular and stable pipeline of client fees to support your revenue goals?
The benefits of predictable payments
Having an agreed payment process is the bedrock for making your firm financially stable. It helps you bring in the revenues you need, provide the cashflow required to run your operations and (ultimately) generate the profit targets you’ve set for the business.
But how do you set up a payment process that truly delivers? As a practice, you need to:
- Get your pricing right – whether you choose fixed monthly fees, or value-based pricing per project or prefer hourly billing, setting the correct price point for each service/project will be crucial, as will calculating the number of sales needed to meet your agreed revenue target.
- Set clear payment processes – having your fees, payment terms and credit control policies incorporated into proposals and contracts makes your payment processes clear and non-negotiable and ideally not having to chase payment if things go wrong.
- Use payment technology to get paid – the easier it is for clients to pay you, the more quickly bills will be settled. Using modern payment gateways, and, where possible, automated cash collection, will make a huge difference.
A one-stop solution from proposal to payment
In theory, taking on a new client or project might seem straightforward. But, in reality, it generally involves a huge amount of admin and form-filling – all of which eats into your time.
Practice Ignition gives you a one-stop solution for taking an enquiry from proposal, to engagement, to client work and payment, all in one integrated practice app.
Using Practice Ignition’s cloud-based solution, you can:
- Agree the scope of the engagement/project work
- Set a fair and reasonable fee
- Send out an e-proposal to the client
- Get proposals and contracts signed electronically
- Start the payment cycle immediately.
The benefits for your client and the firm
Technology is reshaping the future of accounting and invigorating the future aims, efficiencies and capabilities of the average accountancy firm.
91% of our customers spend less time creating proposals and chasing signatures and payments. Putting an online practice-management solution at the heart of a cloud set-up has a huge number of benefits – both for the firm and your clients.
Practice Ignition gives you:
- A solid proposal, fee and payment process – so clients know the scope of the engagement, what they’re paying for and how to settle their bill.
- A clear way for clients to pay – with automated payment and cash collection arrangements included in your original e-proposal document.
- Predictable income and client revenues – so you can quickly see what fees are coming in, what revenues are generated and how you’re tracking against your targets.
- Improved cashflow and working capital – a regular revenue pipeline is good news for your cash position, making it easier to budget and agree on spending and growth plans.
- All the stats and numbers you could ever want to review – Practice Ignition is integrated with your choice of cloud accounting, so you can spit out all the key data and financials needed to track, measure and analyse your practice performance.
If you want to get paid for the work you do – and have real control over the three Ps of Proposal, Payment and Performance – Practice Ignition is an ideal addition to your app stack.
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