This is an partial exerpt from an article in today's, Austrlian Financial Review , it has been mentioned by other HC Members things will heat up when the news spreads
Deloitte partners told to bill faster, cut the coffee
Cash-flow managementThe belt-tightening comes as payments across the professional services sector have slowed down, says Bruce Coombes, the chief executive of listed payments system Quickfee."Certainly, as a general comment, cash flow across the major firms has absolutely slowed down. As a generalisation, some firms are not good at pricing upfront and justifying the value of their work," he said.Quickfee offers an online payments portal that is used by accountants and law firms to bill their clients. The firms receive their payment upfront, with clients offered finance by Quickfee at about 8 or 9 per cent annual interest to repay the bill over a year.Quickfee CEO Bruce Coombs. Supplied."We make it easy for the client to pay on time without it impacting their cash flow," Mr Coombes said.While Deloitte does not use Quickfee, Mr Coombes said two of the big four consulting firms, which include EY (formerly Ernst & Young), KPMG and PwC, use the service.Quickfee listed on the Australian Securities Exchange last Thursday, with shares closing up 150 per cent, at 50¢.
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