AR (that’s Accounts Receivable, not Arkansas!) can be a real obstacle for businesses. Many companies – especially law firms – have difficulty collecting all that they’re owed. They spend valuable time and resources chasing down payments after an outstanding balance has rolled into accounts receivable.
However, it doesn’t have to be that way and many firms have created processes that guarantees a collection rate of 97%+ for their sent invoices. TimeSolv, a leading web-based time and billing solution, has made that process even faster and more efficient with unique features for collecting payment.
Colorado’s Modern Family Law has figured out how to execute the process that TimeSolv calls “Zero AR.” David Johnson, CEO of Modern Family Law, says there are a few essential steps to making this initiative work; the first is to obtain authorization from the client to keep credit card or banking information on file.
Once this was done, Johnson also modified their fee arrangement to include language that the client had three days to review the bill and if there was no objection, they would automatically process payment.
With control over the payment method and the payment terms, cash flow is now much more predictable. And with TimeSolv’s tools, faster to process as well. TimeSolv developed a unique feature that allows firms to select multiple invoices and run payment on them with one click. You can literally get paid for hundreds of invoices in seconds using TimeSolv.
Once adopted, Johnson says they routinely collect on 97% of their invoices and the collection process now takes minutes instead of days because of TimeSolv.
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