In an unclear economic system, the always important aspects of customer and issue testing and extensive retainer contracts become even more crucial to your business achievements. For your business to be viable, you need to take actions to make sure that you get compensated for the services you get, unless you make a conscious choice to work pro bono. You should not worry and accept every query for representation that you get. Think properly before working for anyone who will not indicate a retainer contract or pay the retainer at the start. If they cannot or will not pay a retainer at the beginning, what assurance can you have that they will pay for your services as your expenses are rendered?
If you accept to represent a customer, put that contract in writing at the beginning. This is often termed as a retainer contract or involvement correspondence, and it is a useful risk control, financial control and interaction device. A contract that is obvious on the services to be offered and your guidelines and techniques for interaction and payments helps reduce uncertainty about your part and your customer’s obligations in the issue. Discuss expenses during your preliminary meeting. Your retainer contract should clearly set out how and when you provide your statement billing, transaction methods, transaction plans, interest rate expenses, expenditures and HST, as well as the repercussions to the consumer for non-payment of records when delivered.
Be obvious that you anticipate to be compensated for your services on an appropriate foundation. Discuss with your customer the best time of the month to be charged and the interest rate you charge on late records. This helps the consumer in cost management and supports the concept that transaction of your account should be a concern. If you do not currently accept transaction by credit card, consider doing so. The vendor expenses you pay will more than likely be balanced out by decreased accounts receivable in your statement billing.