Last Fall I posted on the benefits of using Client Service Agreeents (CSAs). One of the truly great benefits to your firm is obtaining concurrence with your client on a schedule of payments in advance of doing the work. It is a practice management tool that is increasingly more important in our current economic environment. But here’s the best part!
Recently members of our management team were reviewing software options for project management. During a web presentation by our British friend and Verasage Senior Fellow, Paul Kennedy of O’Byrne and Kennedy of their software designed primarily for ‘pricing firms’ we were discussing CSAs. Our document template is very similar to his, with one glaring exception. Paul includes an automatic bank wiring authorization form.
By signing it the client instructs their bank to wire the agreed upon amounts on the agreed upon dates in advance or concurrently with the work being completed. Simple, effective and brilliant. While this works best for those of us who ‘price’, it has definite possibilities for you time sheet junkies as well.