Delivering on Service
Human capital – it defines who you are and is the face of your organization. Attracting and retaining top-tier professionals and staff sustains, grows, and perpetuates the organization. Technology platforms, resources, and facilities create a work environment that promotes collaboration and success.
As CFO, COO, or Administrator, much of this rests on your shoulders. You and your team are responsible for executing each day, while keeping the strategic vision in view. Cash flow and cash management are top-of-mind. Here’s how we have helped other professional services firms with similar needs and opportunities.
- Billing, Collections, and Disbursements
Pillars of a robust Cash Management service include: accelerating collections, taking trade discounts, leveraging electronic payment platforms, using card payment solutions, accepting digital check deposits, and providing online access from multiple platforms. Our Cash Management professionals are expert at timely set-up and implementation as well as on-going, dedicated, on-site local support.
- Working Capital Balances
Idle working capital balances should be used to offset banking fees to the greatest extent possible. Our clients benefit from a highly competitive earnings credit rate (ECR) and attractively priced cash management services to realize either elimination of, or a material reduction in, net banking charges.
- Money Market Instruments
Excess balances in either money market demand accounts, short duration certificates of deposit or similar instruments are prudent places to park excess, idle funds with preferred rates of interest.
- Specialized Accounts
We simplify the opening and transfer process for various types of specialty client accounts including escrows, settlement accounts, estates, IOLTAs, and other client funds.
- Cash Flow Cycles
A line of credit to manage gaps in collections and distributions is important. Equally as important is how it is structured and monitored. Often considered are maturities beyond one year, seasonal increases, flexibility regarding the type of and need for partner guarantees in law firms, as well as realistic reporting requirements and minimal bank covenants.
Admitting or retiring owners exemplifies the life cycle of a professional services firm. Bank financing can augment internal loans/advances to facilitate a transaction.
- Leasehold Improvements
Expansion or re-modeling of new or existing space will not be off-set completely by landlord allowances. Bank financing, which mirrors the term of a lease, is a smart way to bridge the gap. Also, we routinely issue letters of credit needed to support an underlying lease.
- Acquisitions. Making a strategic acquisition of either a group or entire firm often requires a capital infusion. Using leverage to facilitate an acquisition should be discussed and considered as part of a capital planning process.
For Further Information or Discussion,
We’re here to help. Connect with one of our specialists who knows your industry today. For general inquiries about any of our solutions and services, please complete the form.