According to a 2016 report, one third of businesses have surviving trouble with overdue payments. Dealing with multiple applications, migration and education agencies are facing this issue. Late payments from applicants and overdue commissions from institution partner affect your business whenever it occurs. There are certain ways for an education and migration agency to deal with late payments from clients and partners. Grow your agency by implementing an agency management system.
Areas that Help Grow Your Agency
Payment Terms and Conditions
One of the most awkward conversations to have with clients/ partners is about overdue payments. This is the reason why your migration and education agency should have strong payment terms when working with clients and institution partners. Plainly, if you do not specify your terms and conditions, you put yourself at risk of uncertainty and misunderstandings.
If you are in Education and Migration agency business for many years, it is essential to revise and update payment terms and conditions regularly. However, payment terms and conditions are not usually on the top of the list for small and medium agencies while this may end up hurting your financial health. You need to cover yourself so clients and partners have no chance to go back on their word. Nevertheless, with clients, it could be a tricky business when your staff deal with a large amount of applications. A specified payment timeline with clients’ approval will reduce significantly late payments.
Invoice Management and Follow up with Your Clients
Your team can also speed up payments by processing applications faster so you can send out invoices faster. In doing so, automation your education and migration agency management is essential to avoid delays or stagnation in each application stage. Moreover, an effective invoicing management automatic updating using agency management system to each application invoicing and payment status will help you to stay on top of your financial health.
Contacting clients with friendly reminder immediately after the payment is due is also a way to manage overdue payments. This requires your staff update invoices continuously and instantly. As a manager, it is pivotal to have financial view from big picture to fine detail. Invoice management would not only gets rid of regular scanning to route them via email but also provides you real-time access to all of your invoices from which you can act accordingly to improve your financial health.
Payment and Commission Management
When it takes long time to recapture applicants’ payments, institution partner commission and commission from employees, there is possibility to overlook some commission claims which leads to daunting income statement preparation for your accountants.
Automation in payment and commission management is the key to improve productivity. An agency management system with commission monitoring feature is a powerful tool to keep track of all your commissions and payments which in turn will hel grow your agency.
Whether your invoices are large or small, once you keep your cash flow under control, you can project for your healthy agency growth. Take action to safeguard your business against overdue payments and check with 1300 894 506 or via email@example.com for more consultation.