By LeeAnn Huntoon
3 Ways to Shorten Your Law Firm’s Billing and Collections Cycle
Guest post from Soluno: Cloud Billing & Accounting for Law
For many law firms, getting paid accurately and on time is often a challenge. Issues like time leakage, complex manual billing processes, and long delays in receiving payments can wreak havoc with a firm’s revenue stream, hampering its growth. If these problems sound familiar it may be time to re-examine your accounting processes and the systems that support them. By incorporating innovative features into three key areas of your accounting software, you can gain an important ally in your law firm’s billing and collections battle.
Eliminate Time Leakage from Manual Time (Data) Entry
The revenue structure of many firms relies on lawyers recording time spent on daily tasks. How quickly and accurately this can be performed directly impacts a firm’s cash flow and ultimately its financial health. An accounting system that streamlines the time entry process can be instrumental in reducing the payment collections cycle.
More and more law firms are seeking Cloud-based software that can be accessed from any location and on multiple devices. These programs offer the flexibility to enter time according to your schedule making it easier than ever to maintain up-to-date accounts. Additionally, legal accounting programs that let you ‘drag and drop’ large volumes of data from Excel or CSV files can significantly reduce the effort spent on tedious data entry.
Accounting solutions that automatically sync with your email calendar can be another incredible time-saver. These powerful programs search through calendar events and alert you to potential missed time, helping to capture it quickly and accurately.
Simplify Billing Processes
When it comes to billing, many law firms spend endless hours preparing custom invoices which in turn leads to payment delay. This may seem like a ‘necessary evil’, however, there are legal accounting systems out there that offer a wide range of progressive billing features that help your firm issue invoices more quickly.
Programs that gather all matter-related charges onto a single invoice can eliminate the time spent creating multiple bills. Additionally, using software that allows you to easily split an invoice among multiple clients can further reduce manual effort. Finding an accounting solution with features like e-billing and mass billing can speed up a firm’s invoicing process so they collect payments sooner.
Speed Up Payment Collections
Many law firms also face lengthy delays between the time an invoice is issued and when it is paid by the client. To get paid faster, firms should turn to accounting software that delivers advanced payment functionality. Features like the ability to track aged receivables and issue reminders to overdue accounts are vital to ensure your firm’s cash flow.
Innovative payment functions are also indispensable in reducing payment lag time. For example, a recent integration between Soluno and Fattmerchant has simplified the payment process for countless law firms. With the click of a mouse, clients can now pay their invoices by credit card, no matter where they are. By linking with Fattmerchant’s convenient payment portal, law firms can eliminate wait time and get paid faster. To learn more about the Soluno-Fattmerchant partnership, visit www.fattmerchant.com/lp/soluno.
If your firm is tired of waging the payment battle, make the decision to end time leakage, complicated manual processes, and long payment delays. By joining forces with an innovative legal accounting software, you can shorten your firm’s billing and collections cycle and get paid faster.
Designed for law firms with support for trust and operating accounts. Get paid faster using Soluno’s dependable features: easy invoicing, recurring billing, and secure payments all powered by Fattmerchant.