‘Value’ is a word that gets used a lot in the accounting industry right now, and rightly so. Many companies no longer expect to be billed for hours but are instead focused on results. When considering the performance of other business critical functions they might ask “How many clicks did I get on that ad?” or “Exactly where are those supplies that I ordered?”. So it’s natural for them to also think “What else can my accountant do for me?”
Imagine if you could answer:
“I can save you 80 hours and allow you to make a £27,000 investment in your business, within 12 weeks. That’s more than 10% of your annual turnover”
For some of our partners, this would not be an outrageous claim.
In fact, following the successful piloting of Virtual Credit Control™ with a handful of partner firms we have produced the following case studies, in order to explore the benefits to clients and the resources needed to deliver these captivating results.
Case Study 1
The Firm: Portt & Co are a firm of chartered certified accountants using experience gained in large businesses to provide outsourced finance department services to small businesses. Founded by Matt Portt in early 2015 the firm strives to put innovation at the centre of what they do and eliminate “pointless data entry”.
The Client: A food brand and supplier with a team of 7 that issues an average of 130 invoices per month on payment terms to stockists and marketplaces. They have an annual turnover of approximately £300,000 and do not have any internal finance team members.
Case Study 2
The Firm: MAP are a firm that have created their own “MAP Methodology” to support and grow Digital Creative Agencies. MAP aims to provide Agencies with a full finance function, with industry expertise and a thorough understanding of the latest financial technology and processes to bring financial rigour to agencies across the UK.
The Client: An award-winning eCommerce consultancy firm of approximately 30 employees or part-time contractors. They issue an average of 40 high value invoices a month, the vast majority on 30-day payment terms and have an annual turnover of approximately £2.1M. They outsource their full finance function to MAP and pay a fixed monthly fee of which Virtual Credit Control™ is now a part.
What time do I need to invest to achieve these kinds of results?
Two primary factors are key to getting these kinds of results:
You have processes in place to ensure that the entire receivables chain is solid i.e regular bank reconciliations, accurate sales invoices, excellent bookkeeping. Credit control is the last link in that chain of events.
Chaser is configured with the client in mind, after carefully ascertaining their wants and requirements.
If and when these two needs are met, through our research following several successful pilots we’ve calculated the average time it takes an accountant or bookkeeper to get an invoice paid on behalf of their clients is:
1 minute 33 seconds
This will vary from client to client, depending on the size of the invoice, the complexities surrounding the billing process etc. It is, however, a great baseline to start calculating resource required within a team.
Therefore, even if beginning with a client that chases hundred of invoices, with Chaser doing the heavy lifting it’s very feasible to slot Virtual Credit Control™ in amongst your other tasks easily.
"It's just part of our routine now, we have Chaser Wednesday and it slots in with our bookkeeping tasks nicely. As long as we keep organised it is seamless"
Emma Fox, Fresh Financials
How do I start offering this to my clients?
If you’re already a Chaser partner just ask your account manager to make an introduction or email me at email@example.com. I’ll personally walk you through the steps.
If you’re not already a partner hit up firstname.lastname@example.org to learn how to become one.
*Based on research conducted by Chaser on the average time taken to chase an invoice manually, without the assistance of software.
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