Are Your Invoicing Practices Stealing Your Profits? Part II | TimeSolv

Are Your Invoicing Practices Stealing Your Profits? Part II

In part one of this post, we discussed how poor invoicing practices can lead to profit-diminishing client disputes. This second part of the post will explore some other ways in which your current invoicing process may be stealing profits away from your practice, possibly without you even realizing that it is happening.

 

Too Much Time Spent

Law firms are busy places. You have clients to see, cases to prepare, court appearances to make, and settlements to negotiate. It is highly unlikely that you have extra time in your day to navigate an inefficient law firm billing system. Yet, that is exactly the choice that many lawyers make by using outdated, un-inventive invoicing software. Without a comprehensive billing system, your valuable time is wasted at several junctures in the time tracking and billing process, including:

  • Tracking work completed outside of the physical law office. Without leading-edge mobile functions, any work done out of the office is potentially under billed, or not billed at all. With a traditional invoicing system, your mobile time tracking measures likely consist of note-taking on a legal pad or even the back of a restaurant receipt. This leads to inaccuracies and reliance on an unreliable memory. Regardless of where a task is completed, it needs to be accurately reflected on your invoice for proper compensation by the client.
  • Discouraging collaboration. Employee collaboration and project management has become a staple in today’s business environments, including the legal industry. This teamwork approach to representation promotes efficiency and cost-savings. But if your invoicing system is not designed to adequately handle collaboration, you are likely not taking advantage of this potentially profitable option. TimeSolv’s law firm billing system offers a platform that supports collaboration and legal project management within your firm. It’s reporting options help you plan the project so you have an accurate view of cost. It then allows you to quickly and efficiently manage and invoice for work done on a single matter by multiple members of your staff.
  • Cost-effective creation of comprehensive, accurate invoices. As we discussed in part one of this post, inaccurate and untimely invoices can lead to client disputes, which require your time and energy to settle. With an outdated billing system, it can be painfully time-consuming to create detailed and accurate bills. Instead of working on more lucrative and billable tasks, you or a staff member spend valuable time trying to create an acceptable invoice. With TimeSolv’s numerous invoicing features, you can quickly create customized invoices that correctly reflect all tracked time on a matter.

Stop letting your invoicing methods minimize your profits. Make the switch to TimeSolv’s innovative and user-friendly law firm billing system. Click here for a no obligation, free 30-day trial. You will not be disappointed.

 


About Erika Winston:

Erika Winston is a freelance writer with a passion for law. Through her business, The Legal Writing Studio, she helps legal professionals deliver effective written messages. Erika is a regular contributor to TimeSolv and a variety of other publications. 

www.legalwritingstudio.com

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