You got it! The Accounts Receivable Management role is yours (or, it’s been yours). Time to get the lay of the land and make improvements where you can. What’s the best way to understand where you are and where you want to go? We are going to help by providing a step by step guide to set you up for success.
A high amount of resources are dedicated to customer support in A/R. We put it all on autopilot. What would you do with all of the saved resources dedicated to creating & responding to customer calls and emails?
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.
Growing a business is not only about sales and year-over-year growth. It’s also about growing cash and being cash flow positive. It’s possible to have $50,000,000 of sales in a year with barely enough cash to pay the bills let alone cash for important projects such as strategic hires, new equipment, or system upgrades.