Stop being a banker to your clients!

  Forget ‘Factoring’ or ‘Discounting’! 

Stop wasting unproductive resources on debtor management!

Become proactive!

Download our Helpful Hints – Click Here

Fee Funding (FF) provides accountancy, bookkeeping and tax agency firms the in-house ability, via a secure website, to automatically provide clients with the option to pay fees by instalments over 6, 8, 10 or 12 months.

In addition, other businesses that charge clients fees may be eligible to benefit from FF.x

The advantage is that your firm receives the funds upfront and saves the expense of debtor management.

This is NOT factoring. Your firm owns the debtors at ALL times and your firm receives 100% of the fees being funded.

FF is funded by Lumley Finance Ltd (Lumley), part of the Lumley Group that now forms part of the Wesfarmers Group.

Audit Services Pty Ltd (www.auditservices.com.au) operates under license from ProFee Australia Pty Ltd.

Importantly, your firm doesn't have to provide any financials; it costs 'ZERO' for your firm to establish the facility; your firm receives 100% of the fees invoiced; your clients don't have to provide financials unless their combined fees exceed $100,000 at any one time; and your firm can include a handling fee or percentage.

How can FF assist your firm?

  1. Costs your firm nothing to establish and operate.  All fees are paid by your clients.
  2. Funds all debts irrespective of any age.
  3. Reduces debtors and saves the amount of time and resources spent on debtor management.
  4. Improves cash flow and interest return.
  5. Increases your ability to undertake 'project' type activities and have fees settled more quickly.
  6. Fund annual client fees on this basis.

How do your clients benefit?

  1. Is simply another 'pay by the month' service that clients are used to.
  2. Smooths their cash flow and conserves cash in the business.
  3. An unsecured line of credit that doesn't impact or disturb existing or additional funding needs.
  4. Gives them confidence to explore other 'project' type activities.

How does it work?

  1. Via a secure website, your firm can generate funding contracts up to $100,000 per contract.  Over $100,000 requires provision of client financials.  NOTE - maximum limit PER client is $100,000 unless client financials provided and accepted.
  2. Your firm has control over the duration of repayment by setting the instalment period, i.e, 6, 8 10 or 12 months.  
  3. If your client wishes to pursue, they simply sign the contract and your Fee Tax Invoice and mails direct to Lumley.
  4. Once processed, Lumley will deposit funds directly into your bank account (typically 5 working days) and thereafter manages client instalments.
  5. If you client defaults, Lumley will initially contact your client to sort as to why.  Typically it's the result of a changed bank account or cash flow timing.  Lumley will reset the bank debit authority.
  6. If there is continued default, Lumley will involve your firm with the ultimate outcome being your firm taking over payment of the instalment amount or paying out the balance.

Helpful hints

  1. Suggesting/offering FF shouldn't be seen as expressing concern about a client's financial health. Clients pay many liabilities by instalment, why not your professional fees.  Many clients will appreciate the offer.
  2. Place yourself on the client's side.  Many clients won't openly admit that they probably fear the annual fee date or are reluctant to engage your firm on other projects because of concerns on cash flow and the ability to fund your fees.  FF removes this heighten fear.
  3. FF is a great way for clients to fund and accountants being prepared to be involved in new project work. With many projects, substantial time delays can occur before clients have adequate funds to settle your fees.  With FF, a budget can be set; a fee invoice generated; and then funded.
  4. Don't be afraid to offer. You'll be positively surprised by the outcome.
  5. Display payments options on your Tax Invoices and elicit an early response from your client as to preferred payment option.  If your firm knows in advance that your client plans to fund, you can be more proactive in having them sign a Client Funding Contract early rather than chasing them after the debt has hit 60 or 90 days. Accountancy firms that adopt this approach are finding that 35%+ of their clients are choosing the FF option with most debts settled under 45 days. 

Be proactive!  It costs nothing! 

STEP 1.  Quick Quote

Click on the following link to obtain a quote on what the monthly instalment will be: www.profee.com.au/quote-pfa-0042.shtml

STEP 2.  Sample Client Funding Contract

To view how the website generated contract looks like, click this link - http://www.profee.com.au/sitecore/sample-contract1.html

STEP 3.  The Funding Agreement

For security reasons, interested firms need to contact us for an email copy.

We’ll also provide additional instructions so that we can have your firm operational within a matter of 24 hours or so.

Contact details:

Kerry Henry or Meghan Drew
Phone: 9437 1718 Fax: 02 9437 1728
Office address: Suite 1, Ground Floor, 551 Pacific Highway St Leonards NSW 2065

Email: fees@feefunding.com.au