Video

  • 19 minutes

Must Know Collection Tips on Securing Payment

 
Bill responsively from the outset. Issue invoices as soon as feasible, preferably coincident to the providing of the service. Delaying can lengthen the payment period. In addition, frequently the more credit you extend, the more you must borrow. Shortening the billing cycle while speeding up your collection process can have a profound impact on distributable income to the firm's owners/partners. For example, while every business is unique, with service professionals no different, the average law firm may have 80 days of unbilled work while it typically takes another 60 days to collect those fees even after they've been invoiced. You add it up – 140 days from the time the services are performed until the payment is deposited and fully available to the firm. That's almost 5 months. If you can cut that "delay" by just a third, you could free up enough cash for a partner distribution of one and a half months worth of fees!

Our speaker, Martin H. Abo, CPA, ABV, CVA, CFF, is a manager and founding member of Abo and Company, LLC. He has comprehensive experience in individual and corporate financial, business and tax planning. Mr. Abo holds the professional designation of Certified Valuation Analyst from the National Association of Certified Valuation Analysts and has been awarded the designations of ABV, Accredited in Business Valuation, and CFF, Certified in Financial Forensics, by the American Institute of Certified Public Accountants.
Runtime: 18 minutes

Agenda

Faculty

Martin H. Abo, CPA, ABV, CVA, CFF

Martin H. Abo, CPA, ABV, CVA, CFF

Abo and Company, LLC

  • Manager and founding member of Abo and Company, LLC Certified Public Accountants
  • Co-managing member of Abo Cipolla Financial Forensics, LLC, an affiliate of the core accounting firm exclusively providing expert witness testimony on financial matters and other litigation support services and business valuations
  • Has comprehensive experience in individual and corporate financial, business, and tax planning
  • The majority of his business clients are closely held businesses and professional service firms needing advice and guidance on evaluating the enterprise and establishing/maintaining sound business and financial practices that are also practical
  • Has been providing such services for lawyers and law firms of various sizes and other enterprises covering many industries; clients, as well as the banking, insurance, legal and general business communities, continue to call upon him to provide unbiased consulting assistance, business valuations, and dispute resolution
  • Holds the professional designation of certified valuation analyst from the National Association of Certified Valuation Analysts and has been awarded the designations of ABV, Accredited in Business Valuation, and CFF, Certified in Financial Forensics, by the American Institute of Certified Public Accountants
  • Volunteers time and expertise to many other business and professional organizations including serving as a director of Deborah Hospital Foundation; an active member and served as president of the Estate and Financial Planning Council of Southern New Jersey; is an active member and served as a director of the Chamber of Commerce of Southern New Jersey; serves on the Matrimonial Accounting Interest Group of the NJSCPA
  • Director and treasurer of Exit Planning Exchange-Philadelphia (XPX), whose members include estate planning attorneys, CPAs, investment bankers, wealth management advisors, commercial lenders, executive coaches, M&A attorneys, marketing, and management consultants as well as former business owners who now advise fellow business owners on exit planning
  • Can be contacted at 856-222-4723 or [email protected]

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