Top 6 reports in TimeSolv gives us everything we need to manage the Invoicing and Accounts Receivable process of any size law firm. We’ve learned that once you start sending 5 or more invoices a month – you should have an invoicing process in place. The invoice can’t be taken for granted and should come from a billing system. Stop using Excel!!
The days of software and bad reporting are over. Reports are crucial to management to assess performance. Reports from TimeSolv are easy and intuitive to the users.
Top 6 Reports from TimeSolv
- The invoice
- Invoice summary
- Aged invoice
- Payment history
- Trust banking
- Profitability report
THE INVOICE
TimeSolv invoices are works of art, organized, include best practice information which reduces follow up questions and outstanding balances often overlooked when comparing billing software. The details matter as the customer is going to review your invoice to approve payment.
Time keeping shouldn’t take a lot of time. The time keeping features within TimeSolv allow you to create and utilize short cuts for consistent description of tasks. The narratives can be set for your whole firm or on an individual customer.
Over 3,500 draft invoices can be processed at once, allowing for quick and easy pre-bill editing and review. Final invoices can be delivered to the customer in various form to fit your needs – LEDES, flat fee for service, hourly rate or in summary. TimeSolv delivers the best invoice. It helps to get paid faster!
INVOICE SUMMARY
At least every month, we do what we live for – INVOICE. The invoice summary, by week by month, is key for many reasons. The Invoice Summary provides management an easy way to monitor client activity in one report. It is an excellent gut check for management and when combined with direct customer knowledge can increase efficiency in review and approving invoicing. You can use the total of your invoice summary to update cash flow projections, make comments for edits and request additional detail review prior to sending the invoice to the client. Always review invoices before sending to the client.
AGED INVOICE
This report is run at least monthly, possibly weekly depending on the number of invoices you are sending and how often you update your cash-flow projections. The Aged Invoice report is often looked at in two parts. For example, all balances less than 90 days outstanding are reviewed for collectability and collection problems should be identified quickly and reach out to the client to understand and set payment expectations. Communication and setting payment expectations is critical for cash-flow success.
TRUST BANKING
Trust banking is governed by law. All lawyers who handle small amounts of money for their clients, or money that is held for a short period of time, must participate in the IOLTA program and have a bank account designated as an IOLTA account.
The management or “in-n-out” activity for this account is crucial to firm cashflow. Retainers need a place to go and if you’re not asking for retainers, you hopefully.
(1) have great clients that pay timely or
(2) retainers aren’t commonly used in your practice specialty. Use this report to apply trust held funds to outstanding balances and transfer these funds to an operating account! The balance of your trust account should always agree to a corresponding liability account in your trial balance. We keep these accounts reconciled.
PROFITABILITY REPORT(S)
Give me data or give me guesses! Or is it give me liberty or give me death? I say it’s a resounding both! The data we have available has always been there, however, the challenge to find time to accumulate, track and update the data in spreadsheets required time and overhead. Now we have TimeSolv. An intuitive interface that allows you to track the cost of your professionals, measure their performance against benchmarks, goals and understand the full burden of your staff. Do you wonder?
(1) what professional provides the most realization to your practice.
(2) what customer provides the most realization to your firm or
(3) what invoice provides the most realization to your firm’s success? These are all great questions and each are at your fingertips within TimeSolv.
The takeaway – stop using Excel! Utilize a best of breed software tool that’s intuitive.