Billing in law firms can be a nightmare. Especially for those that are just starting out, it is a tedious task. To make billing management easier, read this article and learn from the tips we’ll share.
There is no room for complications when it comes to billing. So, the best practice is to keep it as simple as possible. When the invoice is too complicated, it can be difficult for the client to understand, which can result in payment delays. If it is simpler, they will have fewer or no questions and will immediately settle the amount that they owe. To create simple invoices, law practice management software like Rocket Matter can extend a helping hand.
Send Invoices Automatically
As a part of the process of simplifying invoices, law firms will also benefit from creating pre-determined schedules on when the invoices will be sent. By sending them out in a timely manner, there is a lesser likelihood that there will be no missed or delayed payments. Plus, this also makes it less stressful for those who manage the billing since there is no need to manually send the invoices. To do this, check out Rocket Matter and demo their legal billing software today!
Set Up a Payment Plan
Differentiation is crucial in the legal marketplace, and one of the many ways to achieve it is by offering clients a convenient way to pay. Law firms need to set up a variety of payment plans that work for their clients. This way, the organization also get paid faster, making it a win-win situation. Credit cards, wire transfers, and e-wallets are some of the most convenient modes of payment that an organization can implement.
Use Legal Technology
To improve billing efficiency in law firms, it is also important to take advantage of innovative technologies. For instance, small law firms, even solo practitioners should use accounting and bookkeeping software to easily keep track of its financial performance. Aside from efficiency, this will also be beneficial when it comes to compliance.
Make Time Tracking Easier
Speaking of legal technology, improving billing management is also possible by utilizing advanced tools to make time tracking easier for lawyers. Time is money when billing by the hour, so provide an easy way for lawyers to keep track of their billables. Automatic timers are important to do this, making sure that the billable is immediately recorded as it happens.
Create Billing Reports
Law firms need to create reports that will provide a snapshot of their financial performance. Billing reports will make it easier for the management to evaluate how the business is doing. Running reports makes it a snap to assess the revenues of the firm. Plus, it also makes it easier to plan the necessary improvements.
There are many ways by which it is possible for law firms to deliver better customer service, and one of the best is to improve their billing practices. To do this, take note of our suggestions above, which include simplifying invoice creation, setting up payment plans, and embracing technology, among others.