The Client Payment Promptness Report provides insights into your clients' payment history and timeliness, helping firms track and analyze how quickly clients pay their invoices.
Key Benefits:
Cash Flow Management – Identify late-paying clients and take proactive steps to improve collections.
Credit Risk Assessment – Assess potential payment risks to make informed billing and contract decisions.
Accounts Receivable Analysis – Monitor outstanding balances and optimize collection efforts.
Client Relationship Management – Strengthen client relationships by understanding payment behaviors and addressing issues early.
Financial Forecasting & Budgeting – Use historical payment data to predict cash flow trends and adjust financial strategies accordingly.
Performance Evaluation – Track firm-wide payment trends and identify areas for process improvement.
Important Note:
For firms that invoice via a QuickBooks Online (QBO) sync, this report is disabled.
By monitoring payment promptness metrics, firms can improve cash flow, mitigate risk, and optimize financial performance while ensuring timely payments from clients.
Column Headers Explained:
- Invoiced This Year - Amount invoiced to the client this year(year to date)
- Invoice Last Year - Amount invoice to the client last year.
- Hours Worked This Year - total hours entered by staff this year for time spent on client's projects.
- Hours Worked Last Year - total hours entered by staff last year for time spent on client's projects.
- Avg. Days To Pay This Year - average days the client took to pay their invoices this year.
- Avg. Days To Pay Last Year - average days the client took to pay their invoices last year.
- Current Balance - the balance of open invoices for the client.
(You can use the up/down arrows on the column headers to sort the column)
The Filter Search Criteria:
This allows you to filter the Payment Promptness report and organize it.
Different Filter Type examples below:
Export CSV:
This feature allows you to export the selected reports and export them into a CSV. This is located in the bottom right corner.