Accounts Receivable should be easy to manage, track, and collect. For clients, the bill should be promptly sent, clear, easy to pay, and easy to resolve questions/problems. Achieving this ideal A/R environment is challenging and evident by messy, fragmented processes that have high costs of companies spending millions and still writing off millions (collectively, billions).
In the legal industry, margins are decreasing each year with continuous rising operational costs, and increased cost competition from on-demand legal services provided by startups with new business models. Billing and collections are the 3rd most significant challenges for law firms according to Law firm Suites.