It doesn’t matter what size law firm you own, the fact of the matter is, in most legal practices, employees tend to wear many hats. The secretary might double as the document courier and the paralegal as the accounts receivable specialist.
When multiple employees are performing various tasks, using an all-in-one legal management solution will make everyone’s life easier. Here are 4 ways that online billing & management software will help your law firm operate more efficiently and profitably:
Automatically Collect Monthly Retainer Fees Using Recurring Billing
No business owner (or AR specialist) enjoys chasing down clients for payments, let alone a substantial monthly retainer fee. By utilizing online recurring billing, legal practices can automatically bill and collect monthly retainer fees from their clients. These fees can be collected via credit card or ACH transfer and be processed at the interval of your choosing. Legal practices benefit because they know they’ll be able to reliably collect their monthly payments, and clients benefit because they no longer need to remember to send in a monthly retainer check.
Send Email Invoices to Clients & Process Their Payments Electronically
One of the most time-consuming aspects of any business is client invoicing. Between sending invoices and waiting for payments in the mail, time is wasted and cash-flow is jeopardized. By utilizing email invoicing, law firms can instantly invoice their clients for services provided and easily include Net 30-60-90 terms. The payment process for your clients is even easier than it was to send them the invoice. They simply need to click on the link in the email invoice and enter their payment information in the secure online payment form.
Manage Different Client Accounts & Billing Requirements
As a busy law firm, you’re most likely dealing with a myriad of clients, all with various needs regarding billing. Some clients may be on a monthly retainer plan that needs to be collected on a certain day of the month, while others could be utilizing your firm’s “a la carte” menu of legal offerings. Using client management software will help your billing department aggregate all this information in an online, secure, location under each client. No more spending time aggregating transactions into a client history; it’s done for you. Have a meeting and need to know if the Smith Family account is retainer or a la carte? No problem! Your assistant can log on, look up the billing schedule and history, and report it back to you in mere seconds.
Securely View Company Cash Flow from Any Internet Connection
Whether you’re in the monthly partners meeting or the quarterly board meeting, having instant access to financials is always a benefit. By using an online client billing and management software, all it takes is an internet connection to view all your important cash flow numbes. You can point out how many hours have been billed that month, your current retainer-fee revenue, and any other financial information you so desire. Most companies even offer a smartphone application that will let you access your information directly from your phone. No need to call the accountant to see if that $10K monthly retainer was received on time; simply log in and find out for yourself.
Interested in seeing if PaySimple might be the right choice for your law firm? Click here to watch our 2-minute demo video.