Time is a precious commodity within any law firm. A single day can easily fill up with client communications, billable tasks, judicial appearances, and multiple administrative duties. Unfortunately, one of these administrative responsibilities can take an unreasonable amount of time when firms lack the essential tools they need to handle it in an effective manner.
Efficient legal invoicing is the lifeline of a law firm’s profitability. Without it, lawyers do not get compensated for the legal services they provide. Untimely and inaccurate invoices can lead to delayed client payments. They can also cause client dissatisfaction, resulting in billing disputes and unpaid invoices.
With billing efficiency, law firms can bill faster, promote greater accuracy, and get paid sooner. Batch billing encourages greater efficiency. It allows law firms to generate multiple invoices with a single input. TimeSolv legal billing software offers legal professionals the ability to create batch invoices with one click of the mouse. Keep reading to learn more about this valuable feature and how it can benefit your legal practice.
How Batch Billing Works
Manual billing involves the creation of single bills for each individual client. It is inputting data and sending out bills one at a time. With batch billing, multiple invoices can be generated and sent out at once, saving time and getting law firms paid faster. The following are some example of scenarios appropriate for batch billing:
- A practice that bills multiple clients for the same services on a regular basis can use batch invoices to automatically send bills to all of these clients at once.
- Clients billed for the same or similar amounts every month.
- Multiple clients utilizing similar amounts of billable hours each month.
- Clients whose engagement agreement establishes a regular billing schedule or frequency.
For most law firms, the monthly invoicing process involves numerous steps, completed over and over again for each individual invoice. Batch invoicing streamlines the billing process, so this cumbersome task can be handled in a more efficient manner.
The Benefits of Batch Billing
Batch billing benefits law firms in a variety of ways, including:
- A Streamlined Billing Process – With batch billing, law firms can create a set schedule and process for invoicing clients, which makes the process more organized and efficient. A streamlined process moves quickly. Clients receive their bills faster and pay them faster.
- Healthy cash flow – Faster invoicing leads to faster compensation, which helps law firms maintain a vigorous flow of cash into the practice. This is extremely important considering the ebb and flow of legal practice. Healthy cash flow can keep firms afloat during those times when fewer new cases are coming through the door.
- Lower error rates – When invoicing is done in a more organized fashion, firm members can better focus on the task at hand instead of wasting time tracking downtime and expense records. This greater concentration reduces the chance for costly billing errors, which can lead to under-compensation, overcompensation, or dissatisfied clients.
- More cleared accounts – Batch billing involves a templated format that clients find it easy to read and understand. When clients are satisfied with their legal bills, they are more likely to pay them in a timely manner. Batch billing also creates an environment where ongoing clients learn your law firm billing schedule. They start to expect their invoices and even plan ahead to make payment. All of this leads to more complete and timely payments, resulting in a greater number of cleared accounts.
- More time for revenue-generating activities – Time-saving is the biggest benefit of batch invoicing. TimeSolv allows law firms to quickly generate batch invoices with a simple click of the mouse, saving lawyers and firm administrators significant amounts of time that can better be spent on more profitable tasks.
TimeSolv Helps Law Firms with Batch Invoicing
An efficient legal invoicing software bridges the gap between completing client services and getting paid for them. TimeSolv helps law firms create, customize, and send invoices quickly for faster compensation. To learn more about TimeSolv and its batch billing capabilities, click on this website link for a free, no-obligation 30-day trial.
About Erika Winston:
Erika Winston is a freelance writer with a passion for law. Through her business, Personal Touch Edits, she helps legal professionals deliver effective written messages. Erika is a regular contributor to TimeSolv and a variety of other publications.