publication of the International Legal Technology Association
Issue link: https://epubs.iltanet.org/i/231030
TOP 10 YEAR-END COLLECTION TIPS FOR FIRMS BIG AND SMALL 6. APPRECIATE THAT ALL YOUR RECEIVABLES MATTER DURING THE PUSH, NOT JUST THE BIG ONES. Focusing on the larger receivables makes the most sense for a successful push. However, you cannot forget about the smaller receivables either. This is where the work really comes into play; oftentimes the larger receivables do not demand as much effort or attention. If those large receivables don't come in for one reason or another, it is the collection of all the little receivables that will make the firm's year. If the larger receivables do come in, the collection of the smaller receivables will be gravy for what should already be a very good year. 7. MAKE IT EASY FOR YOUR CLIENTS TO PAY YOU BEFORE YEAR-END. Payment instructions should be available on every invoice or statement you send a client. Your clients should have the ability to pay via all major credit cards and by electronic check (ACH) online. When an invoice or statement is emailed to a client, make sure a hyperlink to your payment website is included. The firm's mailing address should be in the correct mailing format on the invoice or statement of account. Keep in mind that including the building name in lieu of the actual street address might lead to delays in mailing. Consider enclosing a self-addressed envelope for payment with your invoice. Be sure to have an updated W-9 form readily available, particularly for new clients, and consider providing it whether the client asks for it or not. Confidence in the Call To ensure more comfort in the collections process, some firms have a standard call dialog established to help those who might not normally be involved in billing or collection activities. The key is to keep things short and simple, and to gather the six Ws: •Who? Who will be doing the activity or task? •What? What is the task or goal? •Where? Where will this task take place? Is it managed in one location or several? •When? What is the timing of this task? How long will it take? Is there a final deadline? •Why? Why is this task receiving extra attention? It pays to have a standard response that everyone can use. •How? How will this collection be made? Will it be by phone, email, mail or express mail?