Here at Beta Solutions CPA (the Firm), we try to be as flexible as possible, but cash obligations are required to be met on our end also. In order to facilitate the collection of invoices, Beta Solutions CPA has a policy of charging late fees and special processing fees in order to cover our additional costs of collections. All of the below information is also listed in the engagement letters, provided to clients at the start of engagements. Lack of a signed engagement letter does not negate these policies.
1) Due Dates - All bills are due upon receipt.
2) Late Fees - While all bills are due upon receipt, late charges will not be assessed until 30 days from the date of issuance. Once the bill has not been paid 30 days out, at the discretion of the firm, an interest charge will be assessed at the rate of 1.5% per month. This rate is compounding on the balance due including past interest.
3) Collection Fees - If it comes to a point, where Beta has concerns about the bill's collectability, we may, at our discretion, send the bill to collections. If this happens, an additional 33.333% charge may be assessed at the discretion of the firm, to cover the additional costs of collection. This is time and fees spent to assure collectability and may not be an exact dollar amount.
4) Third Party Arbitration - Third Party Arbitration (TPA) is reserved for settlement of disputes of matters other than collection of past due amounts, per the language spelled out in the engagement letter. If the client and Beta agree to take a prior collection to TPA, we reserve our right to that option, however oftentimes, it will be determined after attempts to collect to proceed to legal action.
5) Court Fees and Legal Action - If it comes to a point, where Beta has serious concerns about the bill's collectability, we may, at our discretion, send the bill to collections. If this happens, in addition to the 33.333% charge, the client will be responsible for all court costs in excess of the charge, if the judgment is found to be in favor of the Firm. Beta will also attempt to do all which is allowed under the law to assure collectibility.
If you have any questions about the collection procedures for Beta Solutions CPA, LLC, please contact us at (703) 376-8836.