Outsourcing yourAR saves you time & money while reducing stress for your in-house accounting department. Let us show youhow we can collect on aging invoices quickly and professionally. Do away with manually monitoring payments and sending clients reminders. With the Automated Bill Reminder feature, your attorneys can spend more time on billable work instead of chasing up payment. Use automation to make sending bill reminders an effective, efficient process rather than a never-ending distraction. Offering online payment methods isn’t the only way to make your https://www.bookstime.com/ clients’ lives as easy as possible.

Technology Efficiency

We have helped our clients unlock their working capital position by reducing their day sales outstanding and improving the collection effectiveness index. At Lescault and Walderman, we understand accounting law firm accounts receivable management for law firms and the importance of accurately billing time and leveraging financial data to make operational decisions. And we know what it’s like to face strict regulatory standards, and carry the fiduciary responsibility when managing Trust/IOLTA accounts. Our law firm accounting services are designed to automate all of your internal processes- ultimately saving you time and money. Expert Legal Outsourcing’s reputation for transparency, easy payment options, and competent service providers will guarantee improvement in your law firm’s accounts receivable management. You can focus on your core competencies instead of following up with clients.

Accounts Receivable Services

Leverage key metrics to track individual attorney performance & assess partner compensation (e.g. managing vs. originating partner). If you feel that somehow we can add value to your work with our services, please feel free to ask us to call you back. We provide detailed records of all income and expenses, including gains and losses on trust assets, taxes paid, disbursements to beneficiaries, and unearned revenue more. By outsourcing your Trust Accounting to Back Office Legal’s experts, you can have peace of mind, knowing that your records are comprehensive and accurate. We specialize in a range of account receivable service tools such as Melio, YayPay, Sage Intacct, SoftLedger, Hyland Solutions, Oracle NetSuite, Dynavistics Collect-it, Any time Collect etc. The choice that best fits your business depends on your unique circumstances and needs.

Benefits of Accounts Receivable Management

The contingent-fee cases we typically handle are complex and frequently involve first-rate opposing lawyers with well-heeled clients who are able to vigorously defend serious claims. These cases generally require a significant investment of our time and resources over long periods. So any case we accept must present the prospect of a recovery justifying the dedicated effort it will take to be successful.

• Leverage key metrics to track individual attorney performance & assess partner compensation (e.g. managing vs. originating partner).
• Second, you need to minimize the time you spend following up on late payments.
• Once this date has passed and the firm still hasn’t received what clients owe, they will then reach out to gently enquire/remind the client about their invoice.
• Our accounts receivables outsourcing services are tailored to assist you to achieve both these pressing business needs with relative ease.

• You undoubtedly have more pressing matters than organizing your financial statements or monitoring your books.
• Firms unknowingly  lower their chances of being paid on time by including only a fraction of potential payment options.
• Service providers specializing in A/R management typically invest in state-of-the-art technology and software.
• Outsourcing necessitates the involvement of third-party service providers.
• Below, we explore these areas in detail and outline how to improve the accounts receivable process at your law firm with Clio Manage.

You also get access to active customer support, ready to assist you whenever you need help. While there’s an initial investment in setting up an automated A/R system, the long-term cost savings can be substantial. You would save on labor costs and reduce the chances of billing errors and delayed payments, thereby improving your cash flow. Clio Payments lets Clio Manage users offer a range of payment options, from online credit card payments to eCheck payments to installment plans.

• By eliminating training expenses and salary costs, you can dramatically reduce overhead and save time and resources for your law firm.
• Accounts receivables are listed as assets on law firms’ balance sheets.
• Whether buying groceries or big-ticket items, consumers have become accustomed to selecting from various payment options.
• Timely payments ensure a steady cash flow at any business, enabling firms to cover operational costs, make investments, and ultimately thrive.
• Contact us today for a commitment-free consultation to learn more about the benefits of outsourcing accounts receivable.

• To read our guide on lawyer time tracking and understanding law firm revenue, click here.
• They always give us good folks to work with; we enjoy working with them.
• You can monitor your A/R processes closely, identify issues quickly, and implement changes as needed.
• Outsourcing accounts receivable—a strategy increasingly adopted by businesses worldwide—presents itself as a promising solution, albeit without its potential pitfalls.
• With our support, you can rest assured that your trust records are accurate and cover all of the documentation necessary for a comprehensive account.

In the fast-paced world of business, the practice of outsourcing accounts receivable has emerged as a strategic move for companies looking to streamline their financial operations. This approach involves delegating some or all accounts receivable tasks to a specialized third-party provider, resulting in a myriad of benefits for businesses aiming to enhance efficiency and reduce costs. We are extremely pleased with the exceptional hospital billing services provided by Invensis. Their expertise and attention to detail in Medicare billing and compliance in medical billing have streamlined our revenue cycle and improved financial performance. Is your law firm struggling to cope with complex accounting rules and regulations? Our expertise in law firm accounting services helps you maintain financial records and stay compliant with ever-changing regulations.