Tuesday, July 28th, 2020

Billing Clients

“Never take your eyes off the cash flow because it’s the life blood of business.” – Richard Branson

Billing clients should be routine. It should be a well- established habit. It’s not difficult so don’t make it so.

Document your billing guidelines and then live by them. Much of the task of billing clients can be automated now. Your admin team can assist in making the process easier.

Billing clients was a recent discussion on the CPAFMA discussion board. If you are not a member, the discussion board by itself is worth the annual dues.

Victoria LeStrange, is the firm administrator for Heymann, Suissa & Stone P.C. of Rockville, MD. The process she shared is very similar to what I recommend. Teach your partners how to use the software! In this day and age, partners must be computer proficient.

Here’s Ms. LeStrange’s firm’s process:

Each partner does their own billing from soup to nuts.   It’s all done onscreen with CCH AXCESS…we typically bill business clients on the 16th of each month and most all bills are done and emailed by the end of the day. Individual tax returns are often billed upon completion.

Many firms bill weekly, especially during busy season. Again, the software and the admin team facilitate the process. Individual tax returns should be billed immediately upon delivery.

An efficient billing and collection process speeds up cash flow. That should be very important to your partner group.

  • "Entrepreneurs believe that profit is what matters most in a new enterprise. But profit is secondary. Cash flow matters most."
  • Peter Drucker

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