We have the resources and expertise to work together to develop a billing arrangement that makes the most sense for our clients. Our accounting team is well trained in current best practices and delivers high-quality accounting services with a quick turnaround time, across the main software platforms and to clients around the world. The quality of service in outsourced A/R can vary significantly between providers. Issues such as inconsistent follow-up, delayed collections, and inaccurate reporting can potentially undermine the benefits of outsourcing. Therefore, thorough vetting of potential providers is paramount to ensuring consistent and dependable service. Contact us today for a commitment-free consultation to learn more about the benefits of outsourcing accounts receivable.
Track & Reconcile Invoices
Before meeting Susan, these areas of my firm were taking up too much of my time as a solo attorney. I never knew how much revenue I had at any time and my clients were frustrated by the lack of consistent billing. I was frustrated by the lack of potential clients calling my office and the overwhelming task of running a law firm by myself. I didn’t know it at the time, but what my firm was missing was Susan Manns. Since 2000, we have built a comprehensive list of accounts receivable clientele across industry verticals and have become one of the most trusted outsourced accounts receivable services in the world.
Improved Customer Experience
- If my firm needed to contract for support in these areas in the future, Susan would be the first person we would call.
- Payment due dates vary from firm to firm—while some have 30-day payment due dates, others might be more lenient and extend this to 60 days.
- If your trust accounting is handled inadequately, you can face bar complaints, sanctions from the bar, and other serious consequences.
- Back Office Legal has many years of experience managing trust accounting for law firms.
- You can focus on your core competencies instead of following up with clients.
The primary goal is to offer a cost-effective solution for managing the entire financial process, from billing to payments. We have profound experience in maintaining accounts receivable processes for a number of global clients. This includes assisting clients streamline their process by accessing financial and credit history, setting up strict and clear payment terms, online invoicing, offering different payment methods. We also follow a data-driven AR policy and measure the effectiveness of the policy with key metrics like day Sales Outstanding, Collection Effectiveness Index, and AR Turnover Ratio. Attorneys deserve to be paid on time for the valuable work they do—and when you’re running a busy practice, you don’t want to waste time chasing down clients adjusting entries for payment. Therefore, law firms must develop effective accounts receivable processes.
Discover More Business-Specific Accounting and Bookkeeping Services
Here, we will discuss the many potential reasons for high ARM and solutions to reduce them. First, a firm sends the client their invoice and waits until https://www.bookstime.com/ the payment deadline has passed. When the firm realizes the due date has passed, it reaches out to its clients to remind them about their invoices.
- SAGE has found that 90% of accountants think accounting is going through a cultural shift that favors technology.
- Outsourcing A/R processes involves sharing sensitive customer data with the service provider.
- When you partner with Lescault & Walderman, enjoy the luxury of accruing more billable hours and scaling your law firm and less time worrying about your financial data.
- 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.
- And the security in your ability to satisfy Trust/IOLTA compliance, along with the financial reporting to make informed decisions.
Our accounts receivables outsourcing services are tailored to assist you to achieve both these pressing business needs with relative ease. It is said that law firm accounts receivable management lawyers and law firms that accept business cases on a contingent-fee basis are more entrepreneurial and thrive on risk. Our Firm has had success handling various types of business litigation matters on a contingency or success fee basis because we are equipped to properly evaluate outcomes. Not every business litigation case is appropriate for a contingent fee arrangement.