Choosing a legal practice management system that includes a native payment platform eliminates keystroke errors, slashes time, and alleviates the burden of tracking offline payments — empowering your payments team and speeds cashflow.
Payment management is a critical workflow that every law practice must manage. The reality is that payment management is no longer just about invoices mailed to clients or waiting to receive payments by mail. It has evolved into something more mobile and flexible, which benefits both firms and clients.
Let’s look at these three key areas of improvement and how integrated payment processing can expand efficiency.
1. Growing Focus on Efficiency
Legal practice management software offers productivity and order by organizing information on clients, cases, scheduling, time tracking, and other practice tasks in one accessible work environment. Now consider offline payments. How about wait time or remittance slips? Manual data entry inaccuracies? Third-party accounting solutions? Experiencing these different challenges can lead to serious inefficiency in your law firm.
Now imagine the efficiencies gained from a practice management solution that includes integrated payments to accelerate each step of the account receivable process. In addition, with automated time entry and work timers, automatic invoice generation, online invoice review, editing, and approval. Finally, with workflows that create follow-up reminders, you can reduce your time on creating bills and will undoubtedly get paid more quickly.
61% of B2B Payment Survey respondents intend to increase their use of ACH payments in the coming year. In the same study, nearly two-thirds of companies – 64% – report making more than half of all B2B payments electronically.
2. Time is Money
The “time is money” metaphor is particularly apt in client invoicing and payment processing. The hours spent manually billing, chasing paper checks, or reconciling receivables from different software is time the team could put to a higher purpose. Online payments enable clients to pay bills from any device, reducing your reliance on paper. In an integrated payment process, the workflows from creating a digital invoice to delivering an easy click-to-pay method offer one point of reconciliation, enabling firms to get paid faster.
3. Speeding up the Process – Getting Paid
Conventional methods require hand holding — repetitive, manual entry of payment details and re-entering information from one program to another. A seamlessly integrated solution eliminates most of the back-end back and forth and the bottlenecks that typically arise in accounting for and tracking revenues.
An integrated practice management solution slashes the time you’ll spend waiting for payments–leading to higher firm efficiency, a superior client experience, and timelier fee collections. All of these, in turn, lead to the one thing your firm consistently tries to achieve: higher profitability.
It’s Time to Get Payments Integrated with Your Legal Practice Management
Looking to eliminate the above issues in your firm? Look no further than CARET Legal and Abacus Payment Exchange (APX).
Fast, accurate, and PCI compliant, APX provides responsiveness and efficiency in payment management and processing. The system you’ll process payments through is within the platform your firm trusts to manage workflows, track projects, and oversee client details. A single platform that enables the entire billing and payment process to move faster — from invoicing to receiving payment information from your clients — connects inside the client files or matters.
Choosing a legal practice management system that includes a native payment platform eliminates keystroke errors, slashes time, and alleviates the burden of tracking offline payments — empowering your payments team and speeds cashflow.
Learn more about CARET Legal and Abacus Payment Exchange here.
