Late Fees - Impt Info for client partners

It’s been more than a year since we introduced our new web-based timekeeping and invoicing system. We hope you’re all finding this improvement to be as much of a time-saver as we are, making the process of submitting, approving and researching time cards and invoices much faster than our old paper process. At this point it seems that all employees and customers have become familiar and well-trained in how the system works. Invoices are now delivered 24 hours after the completion of the payroll process, and all the approved timecards are attached. The vast majority of customers are using this process to enable prompt approval and payment of invoices. Unfortunately, however, there are some customers accounts that are routinely overdue even with this improvement.

Please note that as of March 1st Arbor will begin to apply late fees to customer accounts that are overdue. We’ve decided that rather than increase our billing rates to recover the payroll financing fees associated with overdue invoices, it’s more fair to charge the late fees (as spelled out in our agreements) only to those customers who are routinely overdue against our standard payment terms. As always, we welcome the opportunity to work with all of our customers to improve our systems and processes so that we can all be as efficient and timely as possible:  keeping costs low given the challenges of our industry. We continue to appreciate the opportunity to serve, and to provide value, to all our customers and look forward to expanding and improving our service for the benefit of your clients. Please reach out to Accounting with any questions.