It’s the end of the month. Time to review your accounts receivable. If you compare the numbers to last month: they’ve definitely grown.
The good news? The firm’s doing great, and work shows no signs of slowing down.
The bad news? Too many of your numbers are simply carried over from last month. What this means: there are balances going into arrears by 60 days, 90 days, and more.
If this happens once a year, it’s no big deal. If this happens consistently from month to month and client to client, then it represents a waste of time, effort, bank account interest, and business proactivity. It increases stagnation, and decreases client commitment. What’s more, the longer it takes a client to pay his or her bill, the more likely that bill is to go unpaid.
If this is you: don’t panic. You’re in good company. Regardless of size, law firms all across the country struggle with collections. You can throw manpower and energy at the problem. But if you haven’t got a system in place to usher in your cash, then you’re fighting a slow—and losing—battle.
We can help. Easy Soft’s comprehensive legal time and billing software, Easy TimeBill, is designed to send out periodic and accurate reminders to your clients for balances due. In other words, the software does the work for you: it determines what the balance is, how many days your client has fallen behind, and any interest charges that apply. You simply click a few buttons—and off go your invoices: by email or printed snail mail.
Rig your collections system like a well-oiled machine. And your clients will start falling in line.
To learn more about any of our attorney time tracking software, call us at 800 905 7638.