Your billing and accounting software shouldn’t feel like just another item to budget for. Instead, it should be a tool to help you actively make more money—through better billing processes and time saved.
Below, we break down steps for law firms seeking to improve their billing processes.
If you don’t track billable time, you don’t get paid for it. And if you don’t track what you’re doing with your non-billable hours, you don’t have data to analyze when you want to get a better picture of where your firm’s at and how you can get closer to your goals.
So, how to improve? First, use a timekeeping program that syncs across devices, allowing you to track time from your computer—and your phone. On-the-go timekeeping makes it easier to record tasks as they happen.
Likewise, solid timesheets are key to staying organized. A tool like CosmoLex lets you manage multiple entries at once and enables bulk posting so that tasks can be completed more efficiently.
Don’t drop expenses
Like billable hours, expenses are another area where a law firm’s costs don’t always make it onto the client invoice. Just as we do with time tracking, CosmoLex syncs seamlessly across your devices so that you can enter expenses into your phone in real-time—and boost your chances of recouping them on the invoice.
CosmoLex also offers soft cost imports for photocopies and printing, and hard cost integration with accounting. Connect directly to your bank or import your monthly statements so that you can catch mistakes or missing items more quickly.
Streamline the invoice process
Organize your invoicing process before you even get started. A standardized pre-bill review can expedite the task for timekeepers and reduce time spent verifying entries.
Templates are also beneficial when it comes to invoice generation. Not only is consistency appreciated by clients, but it helps everyone in the firm stay on the same page. CosmoLex offers templates that can be adjusted to fit your preferred parameters—allowing for firm-specific customization while still offering the benefits and consistency of bulk billing.
CosmoLex also lets you choose the best way to deliver invoices to your clients. Send invoices via bulk printing, email, or by sharing them directly through our secure client portal. Online options ensure prompt delivery and can notify you once the invoice has been viewed.
CosmoLex sees you through the entire billing process—including collections. We help lawyers get paid more punctually with features such as automated reminders that take some of the stress and time out of following up with overdue accounts.
Our platform is also fully integrated with credit card processing tools for receiving both trust retainers and invoice payments, meaning that you don’t need to patch together two separate programs. Other tools require manually entering payment updates in an additional accounting program. But with CosmoLex, the entire workflow—payment receipt, invoice updates, and transaction and accounting entries—is completed automatically in one place.
Accepting credit cards also makes it easier for clients to pay their bills promptly. They can simply click the link on the invoice or the button in the client portal and pay on the spot.
Finally, our integrated accounting means you can bulk transfer retainer funds—and save yourself some time to put toward other tasks.
Value your time
At CosmoLex, we understand that time is an important asset for law firms. Because of this, we’ve designed our billing features and workflow to save you money by saving you hours—and help ensure that expenses and billable work make it onto your invoices.
We’re with you from the pre-bill review until collections are completed and the funds are in your operating account. To learn more, watch the complete webinar ‘Make More Money with Your Legal Tech: How CosmoLex Can Improve Your Legal Billing.’