Site icon AR-Specialists

Expert Witnesses: 5 Common Cash-Flow Mistakes

As a former Project Manager of a nationally recognized Forensic Animation and Reconstruction firm, I experienced firsthand the difficulties involved in getting payment for services rendered in this complex field. Always eager for bigger challenges, I requested taking over the AR duties as I recognized the importance of relieving the testifying experts from negotiating payments with the clients they were hired to help. I developed a successful AR management system that increased cash-flow by 80% year after year which in turn allowed the firm to open new offices and hire the very best engineers and animators.

Now as the President and CEO of Accounts Receivables Specialists (ARS), I use my system full time to assist forensic expert witnesses achieve the same success while allowing the principals to focus on what they do best.

In this series I will highlight the common mistakes that individual firms make when tackling (or failing to tackle) their increasingly burdensome outstanding AR. Follow me here to learn which errors you might be making and how ARS can help you achieve the success that has our clients raving about our services.

 “Like many busy expert witness practices, our AR was becoming an increasingly large percentage of revenue as we grew. When I hired Cosima to assist in increasing our cash-flow, our AR was about 40% of annual revenue. After her system took hold, it dropped to about 15%!  The extra cash-flow allowed us to expand into new areas and purchase cutting edge equipment and stay ahead of the pack. Fantastic service.”  Craig Fries, CEO, Precision Simulations, Inc. – Grass Valley, California

Mistake # 1 – Leaving the Collection of AR to your Bookkeeper:

Often business owners will think it is a good idea to leave the collection of AR to their bookkeepers, this is a common mistake.  Having an individual wear too many hats in one company can lead to angry clients and delayed payments.  Effective collection of AR involves a high degree of sophistication in many areas.  Bookkeepers are involved with many other tasks that are time consuming.

Stay Tuned Next Week For #2

Exit mobile version