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February 15, 2023

The Art of Getting Paid: The Importance of Accounts Receivable Aging

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By Robin Benchoff, Director, Payments Risk & Controls

Did you know that studies show that when a receivable exceeds 180 days past due, there is only a 50% chance that it will be collected? Firms that track and monitor unpaid balances using an accounts receivable aging report have better insight into the firm’s cashflow allowing for mitigation of past due balances. So how do firms mitigate unpaid invoices? 

While each client’s circumstances are unique, there are a few common practices that may prevent an invoice from becoming an aged account.

1. By clearly communicating the firm’s billing policy is essential in setting the groundwork for a successful attorney/client relationship. Set clear expectations of when the client will be billed.

2. Bill your clients consistently on a regular schedule. Did you know, that by sending regular, monthly electronic invoices with a digital payment option increases the percentage of same day payments by 20%?

3. 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.

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, improving cashflow, and clearing up aged accounts. To learn more about SurePoint Payment Services, connect with one of our experts.

About SurePoint Technologies

SurePoint® Technologies is the leading provider of award-winning enterprise software that improves workflow and maximizes financial performance and profitability for law firms nationwide. Its distinctive cloud platform integrates client management, practice management, and financial management for powerful relationship-building and knowledge-sharing capability. With a community of more than 100,000 members, SurePoint continues to transform the legal industry by enabling law firms to unlock higher performance, freeing lawyers of administrative burdens so they can spend more time focusing on their clients and their practices.

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