A/R Management/Collections
Cash Management Solutions provides Receivables Management to help professional service firms improve their cash flow and put money in the bank sooner. Since 1987, CMS has assisted over 800 professional service firms in closing the gap between delivering services and getting paid.
CMS’ Senior Consultants work at a firm in a transparent manner and represent themselves as staff of the firm to increase an account’s willingness to discuss outstanding balances and resolve the issues that have led to non-payment. CMS’ professional approach utilizes a low-key, fact-finding method to open lines of positive communication and protect the client relationship while increasing firm profits.
We place a senior consultant either on-site at your offices or have them connect remotely from our headquarters in order to manage the firms receivables. We add a full team of experts to manage the consultant and to work with the firm to improve all revenue cycle functions. This team examines all aspects of the revenue process and assists the firm in creating new policies and procedures that improve workflow while increasing profits and reducing costs. Monthly or quarterly work-plans are created to give a goal oriented approach to our efforts.
CMS’ Senior Consultants work as facilitators with each partner/principal on assigned accounts. Utilizing this resource gives partners more time to provide additional services and helps avoid potential discord between partners and their clients. A typical CMS Consultant is a senior professional with greater than 15 years of experience as a corporate credit manager or commercial banking executive. Negotiating and mediating with a firm’s on-going clients comes as second nature to these seasoned professionals.
Typical Program
Kick Off:
- Prior to the start date: A memo is sent to all billing partners explaining the mission of CMS and describing the program.
- During the first three days: A CMS Regional Vice President and the Senior Consultant will schedule short 10-20 minute meetings with the designated billing partners to discuss targeted receivable items. These meetings help to establish a rapport and gain credibility, a key ingredient to program success.
- At the partner meetings: The CMS approach is explained to the partner and a partner's individual receivables aging is reviewed. All client invoices over a designated age (60 or 90 days is recommended) are highlighted. For accounts in which the partner determines that assistance is desired, contact details and relevant background information are gathered. Typically, these initial meetings yield 40-50% partner participation on the delinquent accounts reviewed.
Ongoing:
- The CMS Senior Consultant provides weekly status reports to help focus management on problem areas. To ensure maximum performance, our management team will periodically visit your offices to fine tune our approach and help drive partner involvement, increase participation, and improve the recovery rate. On a quarterly basis, we audit and benchmark these reports against our other engagements to further assess firm trends and identify issues.
- A client firm not only has access to the extensive knowledge of CMS' management team, but a nationwide pool of consultants. CMS maintains an email forum as a resource for up to the minute industry solutions. This is the largest knowledgebase of its kind in the professional service industry.
