In an era where legal practices are constantly evolving, the need for robust financial management solutions is more critical than ever. Cashrooms Credit Control emerges as a game-changer for law firms seeking to optimise credit management, reduce risk, and elevate their financial performance.
Helping firms take control
Tailored for law firms, Cashroom’s credit control is specifically designed to meet the unique financial challenges law firms face daily. Its features are aligned with the intricate financial processes, diverse client portfolios and regulatory requirements.
There is a real need in the industry for streamlined, effective and secure credit control. The Law Gazette reported earlier this year that firms are taking more than four months to get paid. The Gazette has also referred to the increase in delays of payment as a ‘late payment epidemic’ referring to analysis of the top 50 legal practices’ accounts revealing that firms are owned just over £5bn in unpaid work. Firm’s financial health and sustainability is at grave risk if this continues.
Firms can benefit from significant decreases in late payments through outsourcing credit control. As well as focusing on what you do best instead of having to add credit control and invoice chasing on top of all your other daily tasks. Cashroom take the stress of credit control away with automated processes and bespoke technology to get you the results your firm needs. Using Cashroom’s tried and tested methods means you can be rest assured your bills will be paid on time and escalated promptly should they be required to.
Keeping clients at the heart of your practice
Furthermore, recognising the importance of client relationships in the sector, Cashroom’s credit control incorporates a client centric approach. Enabling firms to tailor their credit processes and payment terms to individual client needs. Their automated approach empowers law firms to monitor credit risks in real time. Automated and streamlined processes minimises the risk of overdue payments and client disputes.
Complying with industry regulations is non-negotiable in the legal sector. Cashroom’s credit control protects law firms and their clients with a robust compliance framework. Their client portal reduces risk and increases efficiency for law firms wanting to streamline processes, stay compliant and competitive and ensure a healthy cash flow, allowing them to grow.
Improved cash flow management and efficiency
By facilitating proactive credit control measures with Cashroom, law firms optimise their cash flow and can better predict trends and financial data to invest in new products, staff and services. A predictable and consistent cash flow is essential for sustaining and growing legal practices. In addition, with Cashroom’s credit control feature firms can make informed decisions based on real-time data, minimising financial risks that can be associated with client credit.
Time is of the essence in the legal industry. Cashroom’s outsourced credit control automates manual credit control tasks, allowing legal professionals to focus on core responsibilities. This, in turn, leads to increased efficiencies and productivity in the firm. As well as a happier staff and client base.
To conclude, Cashroom’s credit control is not just a financial management tool; it is a strategic asset for law firms. Embracing innovative solutions in the evolving legal landscape is not a choice, it is a necessity for firms to sustain financial health and increase client satisfaction.
To find out more about Cashroom’s credit control and how they can help transform your credit management get in touch with the team.
E: info@thecashroom
P: 01695 550950
This article was submitted to be published by Cashroom as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
