Practice Management Best practices in vendor communications for your business clients Read the Article Open Share Drawer Share this: Click to share on X (Opens in new window) X Click to share on Facebook (Opens in new window) Facebook Click to share on LinkedIn (Opens in new window) LinkedIn Written by Intuit Accountants Team Modified Apr 28, 2020 1 min read Now is an ideal time to help your business clients communicate with their vendors. In some cases, businesses may need to ask for a deferral or reduction for expenses related to insurance, medical premiums, rent and general office needs. Rossana Giannini, JD, recently wrote an article for the Firm of the Future blog outlining best practices in vendor communications that you can review and share with your clients. Also included are several sample letters you can download and pass along. The Intuit® Tax Pro Center is staying up to date with a variety of articles on business continuity, so check back often for new content. For more resources, visit the Intuit Accountant and Tax Professional COVID-19 Resource Center. Previous Post The transformation to advisory services: A few observations from the… Next Post 7 ways to help your business clients now Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us online or follow us on X, Instagram, Facebook, and LinkedIn. More from Intuit Accountants Team One response to “Best practices in vendor communications for your business clients” While I appreciate the context of the article from the legal standpoint, the author being an attorney, in my experience it’s not all that complicated. I have worked for a number of under-capitalized businesses and took over during rough times. In fact, at one such position my very first outside call came from a vendor wanting to deliver critical inventory COD. The key in these situations is: COMMUNICATION. While every situation is different, mostly it’s a simple matter of a phone call to the vendor’s A/R or Credit Department and have a personal conversation. Then – and this is critical – KEEP YOUR WORD. If you’ve committed to a payment plan don’t miss it by even one day without some serious reason. Great points for these times and for any time you need something “extra” from a vendor. Most vendors, in my experience, are willing to work with you; they just want to know they’ll get paid at some point. Browse Related Articles Client Relationships 12 tips to help business clients navigate the effects of the coronavirus Tax Law and News Guidance issued on employer deferral of withholding and payment of Social Security tax Tax Law and News Advising your clients on repaying deferred payroll taxes Practice Management Going Paperless in Tax Year 16: Steps to Take Now Tax Law and News CARES Act allows employers to defer employer portion of Social Security payroll taxes Practice Management Disaster Recovery, No; Business Continuity, Yes Practice Management Collaborating online and speeding up your client responses Intuit® Accountants News Intuit provides resources supporting your accounting practice and business clients during COVID-19 outbreak Advisory Services Advisory services: business tax strategy checklist Practice Management 7 ways to help your business clients now
While I appreciate the context of the article from the legal standpoint, the author being an attorney, in my experience it’s not all that complicated. I have worked for a number of under-capitalized businesses and took over during rough times. In fact, at one such position my very first outside call came from a vendor wanting to deliver critical inventory COD. The key in these situations is: COMMUNICATION. While every situation is different, mostly it’s a simple matter of a phone call to the vendor’s A/R or Credit Department and have a personal conversation. Then – and this is critical – KEEP YOUR WORD. If you’ve committed to a payment plan don’t miss it by even one day without some serious reason. Great points for these times and for any time you need something “extra” from a vendor. Most vendors, in my experience, are willing to work with you; they just want to know they’ll get paid at some point.