Finance and Accountancy Briefing
Professional Services firms can avoid getting used as banks by their clients.
For many professional services organisations, an emphasis on maintaining client relations and securing new deals has lead to payment terms, and the impact they have on cash flow, becoming a secondary business priority. In a turbulent economy, businesses have put so much effort into increasing sales and revenues, many firms have had to accept terms that were unacceptable a few years ago as a condition of winning. These often onerous conditions have increased the pressure on professional services firms as customers use them as a "bank" during these tough economic times.
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