In this post, Robin Benchoff, Director of Payments Risk and Controls at SurePoint Technologies, explores common practices for improving law firm collections and reducing aged receivables.
Improve Law Firm Collections and Your Cash Flow
Studies show that when receivables are 180 days past due, there is only a 50% chance they will be collected. Law firms that track and monitor unpaid balances using an accounts receivable aging report have better insight into their cash flow, allowing for mitigation of past-due balances. So, how do firms mitigate unpaid invoices? Let’s look at three best practices for improving your firm’s collection process and cash flow.
Clearly Communicate Your Firm’s Billing Policy
Clearly communicating the firm’s billing policy is essential in establishing a successful attorney/client relationship. Set clear expectations of when the client will be billed.
Establish a Consistent Billing Schedule
Bill your clients consistently on a regular schedule. Did you know that sending regular, monthly electronic invoices with a digital payment option increases the percentage of same-day payments by 20%?
Offer Convenient Ways for Clients to Pay
Make payment options more convenient for your client. Research from Fiserv found that 70% of consumers having multiple options to pay a bill increases their satisfaction with the biller.
Get Paid Faster and Accelerate Cash Flow with SurePoint Payment Services
The most effective way to accelerate cash flow is to get paid faster, yet firms of all sizes share the common challenge of collecting aging receivables. The answer may be to provide your client with easier, more frictionless methods to pay their invoice. SurePoint provides a seamless, secure digital payments program that enables your firm to get paid faster, improve cash flow, and clear up aged accounts.
Law firms count on SurePoint Payment Services to accelerate cash flow and get paid faster. Visit https://surepoint.com/payments to learn more.
About SurePoint Technologies
SurePoint Technologies develops software for mid-sized law firms that enhances workflow efficiency and maximizes financial performance. By alleviating administrative burdens with proven, reliable software, law firms have what they need to grow revenues and focus on their clients.
Learn more at https://surepoint.com.
