BILL WHAT YOU ARE WORTH AND COLLECT WHAT YOU BILL

Overview – Length of video: 3-4 hours – Manual: 45 pages

Your sessions in this IGNITE Module are:

  • Introduction
  • Billing myths
  • Top line management
  • Setting prices that deliver a higher return
  • The emerging role of the pricing director and how you can take advantage now – at no additional cost
  • Agreeing [higher] prices with clients
  • Effective strategies for improving your billing
  • The powerful case for downsizing your lock up 
  • How to effectively downsize your firm’s lock up
  • The job is not complete until the bill is paid
Mark Lloydbottom - Management Consultant

Marks Commentary

If there is one area where many firm’s need to make progress it is in better managing their billing and collection practices. I have spoken to managing [lead] partners and this is often one of their top problems – just as it was a year earlier and, unless something changes, just like it will be in a year’s time. But it does not have to be like that. Lock up (debtors/receivables and WIP at charge rate) should not be greater than 26% of annual revenues – preferably much, much less. 

The result of having excess lock up is that either debt is greater than it should be, or partners are unable to access their [tax paid] capital account. Consider this – the balances in your 60 day + columns indicate those clients who are using you as a source of finance. How do you feel about that? It is time to take steps to reduce lock up. This Module provides further compelling strategies to reinvigorate you to succeed in this task. It is time for your lock up to come in line with best practice and be reduced.

Some of the areas we will look at include:

  • The three main reasons why accountants do not earn enough
  • Avoid being held back by any of the 21 billing myths
  • The five things that affect the amount you can charge for your services
  • Pricing and the value gap
  • Questions to ask clients to assist them in understand the value you deliver
  • When to use result pricing
  • Essential steps to take when agreeing a fixed price – or losses might ensue – the cost of risk reversal
  • Training clients to pay you promptly
  • Lloydbottom’s law and corollary
  • Over 15 ways to improve your billing
  • The harmful effect of excess lock up and the steps to take to reduce lock up
  • New approaches to billing and collection -do it the modern way
  • How a guerrilla billing strategy may be a good starting point
Ignite logo

MODULE 3 – BILL WHAT YOU ARE WORTH AND COLLECT WHAT YOU BILL

Price for access to Online Video and video manual – from £163

OFFER 1 – Subscribe to this Module and receive these THREE FREE: A client satisfaction survey and a full range of core client service portfolio strategies; IMPROVED service = IMPROVED profitability; and a sample client meeting agenda.

OFFER 2 – Subscribe to the complete series and save over £190. Remember all your other firm owners and managers can [and probably should] study the IGNITE materials and other staff members may also be interested in selected Modules. They are all yours to use in-house as you wish.

View the offer and full IGNITE programme