Among the many tasks that an attorney is faced with, billing clients usually falls to the back burner. The manual task of creating an invoice, crafting an email, sending it out to each individual customer and waiting for reply is a lot of work. Even if you have a full time collections representative to do this work for you, it’s often difficult and time consuming to get this done with every client and collect all payments on time. In order for a law firm to stay on top of this, they need accounts receivable automation.
Below are four main ways that law firms and attorneys benefit from using accounts receivable automation.
The most obvious way that lawyers will benefit from using automated accounts receivable software is automated emails. Between new client emails, invoices, past due notices, legal retainers and any other important documents, you could spend 24/7 sending out emails, but no one has the time for that. Automated accounts receivable software allows you to automate the process, so important emails are sent out to customers without lifting a finger.
As a lawyer, you’re often billing clients on your time spent on the case. This makes crafting invoices take a long time for each individual customer time consuming. With automated accounts receivable software, the system can batch invoices and store them. Each invoice can be created with your own logo and personalization.
Sometimes customers simply don’t react or respond to an email, which means you or your collector need to call each and every customer who has yet to pay. Preparing for these calls by familiarizing yourself with the customer and their account can take up hours. With automated accounts receivable software, all the past communication notes and account information is stored in one easy spot, making calls less daunting and time consuming.
Online Bill Pay
One of the largest hurdles to getting paid on time is actually getting the customer to send the check in. However, when you’re using an online bill pay system with automated accounts receivable software, customers are able to simply click a link and pay online via ACH or credit card. This takes the hassle out of payment for them, speeding up the payment process.
In order to increase cash flow and continue servicing your clients for what they need – representation – you can’t spend half your time dealing with invoices and late payments. Eliminating manual tasks like crafting emails and letters and making phone calls will allow you to get paid while focusing on what you do best for clients.