Financial Synergy Limited (“FSL”), who has worked with Auckland District Law Society Inc for the past three years, has developed a product called Practice Fee Funding (“PFF”) whereby law firms have the option of paying their practising fees by monthly or quarterly instalment.

The PFF product has been developed with Auckland District Law Society Inc so that they can provide their members with a viable and affordable cash flow option to allow payment of their annual practice fees by instalment.

Practising fees are now required to be paid to NZLS by the 21st November and coming up with the required funds can be difficult.

Paying by instalment has several benefits;

• Law firms can manage their cash flow during the periods when billing times for clients are reduced and working capital requirements are at their peak;
• Firms can optimise working capital for other areas of their business operation;
• The cost of credit is 100% tax deductible for businesses;
• All costs are disclosed up front and the interest cost is fixed for the duration of the contract;
• The facility is simple to set up and firms can nominate their own instalment options and the preferred day of the month in which the money is direct debited from your account.

The Practice Fee Funding facility has been designed to make the entire process simple and easy. An application can be made online at FSL’s website www.financialsynergy.co.nz. Once this is completed the website electronically emails back the required documentation which can then be signed and returned in order to set up the facility. Once contracts have been approved, FSL will pay invoices in full to NZLS by the due date.

Please feel free to contact Cara Smith at Financial Synergy on 366 0742 or email Cara at csmith@financialsynergy.co.nz if you would like to know more about the PFF product.