For large law firms and small law offices, collecting outstanding accounts receivable is a challenge for many reasons; but time is usually the biggest issue. Because attorneys make their money on billable hours, getting them to take care of administrative duties, like chasing down late invoices, can be nearly impossible. Legal debt collection software can help.
Many firms rely on low-tech, manual tools to manage and track their invoices; usually a combination of spreadsheets and reports from their accounting system. While spreadsheets and aging reports are good for some things, they are not sophisticated enough to track an important and dynamic asset like accounts receivable. Continue reading