FAQs
With sensitive client relationships at stake, many professional service firms feel outsourcing the accounts receivables function is not a viable option. Here are some of the top questions we get from professional service firms:
We are a traditional, conservative firm. How would having someone outside the firm handle our receivables work here?
We understand the professional firm culture. That is why we work in a transparent manner, so your clients know us as part of the firm - not as CMS. Our consultants are seasoned professionals that will work with your clients to resolve problems in a non-threatening, fact-finding approach- unlike outside collection agency tactics that professional service firms fear. We are fully bonded and insured, so confidentiality and liability concerns are unfounded.
Our partners are protective of their portfolios. How will you get assignments from them?
All professional firms have this concern - including the 500+ firms with which we have worked. Partners/principals historically don't allow others to call their clients because they have never had a professional resource available to handle this function. Our consultants have 10-20 years corporate credit or banking experience where collecting from ongoing relations is part of their everyday responsibility. Our consultants can gain the trust and respect of the partners/principals and obtain assignments the in-house staff is typically denied.
Isn't "Receivables Management" just a fancy term for collections?
CMS does not provide traditional collection agency services. Our expertise is in establishing communication to determine the reasons for a client's non-payment and to work with them and the partner/principal to bring the matter to closure. We use our professional mediating skills to resolve issues and obtain payment before a client is sent out for collections. This avoids client alienation and malpractice concerns that agency tactics can cause.
Will outsourcing the Accounts Receivable function be more expensive than using in-house staff?
We operate at a higher recovery rate than in-house staff collectors. Our cost of collections is far less than what is achieved by these staffers. We gain the trust of the partners/principals and get access to the majority of accounts. These are fees not normally assigned to, or collected by, the in-house staff. This allows us to have a greater impact on reducing firm receivables. The bottom line is that our on-site engagement results in greater profits and partner distributions than current methods.
