Law firms have a long list of requirements with accepting payments. Most obviously, these come up with accepting trust account payments. As you work to create efficiency in the flow of cash in your law firm, you need to make sure you’re following all best practices in trust accounting and accepting trust payments.
A law firm has many facets, and execution in the business side of law can be difficult as resources become spread thin. Therefore, law firms have to constantly be on the lookout for improvements that can be done easily and have a major impact.
Using the right tools to manage your firm’s post-invoicing processes results in better AR collection, getting paid faster, and more firm-wide efficiency. But do you know how to make simple changes that will yield big results?
In many cases, accounting is seen as debits and credits - making sure you’re following the rules. In reality, your accounting should be much more. You should be using your financial system to drive profitability and cashflow.
Headnote CEO Sarah Schaaf recently appeared on the Maximum Lawyer Podcast to discuss all things billing for law firms.
When you think about your firm’s accounts receivables, what comes to mind? Pain? Headache? Lost money? Wasted time? Accounts receivable exists in every business. In a law firm, this can be a sore subject as late payments and rising AR causes anxiety and potential cash flow issues. At Headnote, we’ve put significant effort into cleaning … Continue reading Re-thinking Your Law Firm’s Accounts Receivable
Headnote CEO Sarah Schaaf was interviewed on the Legal Toolkit podcast discussing best practices for law firm accounts receivable and payments.