Most lawyers from associates to shareholders can agree that accounting for billable hours is one of the most daunting and time consuming parts of their job. Timekeeping can be regarded as an annoyance when thinking about how to manage your caseload, win new business and generate revenue and can also throw a wrench in the firm’s billing and invoicing process. Setting the stage right to ensure your firm’s billing is accurate and the financials and projections stay on track can also play into client satisfaction and loyalty. Here are 4 tips to improve your law firm’s billing and invoicing to positively impact cash flow and keep clients happy:
1) Establish business processes for timekeeping and hold timekeepers accountable
As important as accounting for your time is knowing how you are spending it. Make sure tasks are being recorded within a specified timeframe accurately so you can analyze where the most time is being spent, enabling you to determine whether or not it is time to hire support staff.
2) Delegate non-billable tasks to support staff
Keeping the focus on billable work is key. Evaluate tasks and hand off to support staff wherever possible.
3) Simplified Invoicing
The most common complaint clients have is surprise invoices with cryptic explanations and higher than expected totals. Invest in software that allows your firm to “set it and forget it” with simplified recurring billing and reporting like Fatmerchant’s Virtual Terminal (shameless plug) that helps streamline invoicing, reporting and collections.
4) Compliant Legal Technology
Select technology that is designed for law firms and adheres to strict compliance guidelines. Platforms like Fattmerchant’s Virtual Terminal simplify and ensure compliance with Trust and Operating accounts by allowing for seamless navigation between accounts and in determining which accounts funds are to be placed.
See the Payment Platform that will Help your Firm
When considering a merchant services provider it is important to make sure that technology is working both with and for your business. Fattmerchant offers law firms technologies such as the Virtual Terminal to help compliantly streamline and simplify your firm’s billing and invoicing. Find out how we can help your firm by contacting us today: www.fattmerchant.com