TimeSolv, a provider of web-based software for legal billing and timekeeping, today announced a new patent-pending accounting process dubbed “Zero AR,” designed to increase collection rates and eliminate accounts receivable through seamless batch invoicing and digital payments.
“Even before the pandemic, many law firms have struggled to collect all the legal fees they’re due, leaving a portion of their earned revenue behind,” said TimeSolv CEO Raza Hasan. “We’ve created a patent-pending process that will revolutionize firms’ accounting process, improving both cash flow for the business and efficiency for back office staff.”
In essence, TimeSolv’s system integrates electronic payments and a new, industry-leading batch invoicing process, allowing firms to instantly run payments for hundreds of invoices with one click, saving valuable time and resources. Firms that accept e-checks and credit cards get paid sooner and collect a higher percentage of their billable work.
David Johnson, CEO of Modern Family Law in Denver, claims the TimeSolv method has enabled his practice to achieve a 97 percent collection rate, and clients appreciate the additional payment options available to them. “By converting our clients to e-payments and using electronic batch invoices, we get paid on our terms and have reduced our billing and processing time from a few days to a few hours.”
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Customized for the unique needs of attorneys, the ethically compliant software ensures that trust accounts are protected from impermissible withdrawals such as credit card fees, and intuitively deducts fees from operating accounts rather than trust accounts. Users can set up automated recurring billing, payment plans, and evergreen retainers, so clients have more ways to pay.
Hasan added, “Zero AR represents a fundamental shift in the way the legal industry should approach accounting and collection functions. The time has come for law firms to adopt remote, contactless payments so attorneys have control over when they get paid.”
