Credit Control for Law Firms.
Good credit control for law firms is pivotal in maintaining healthy cash flow. Many clients may not pay until they are reminded, but chasing outstanding debts is a time-consuming process that eats away at the fee-earning hours your law firm could spend more productively.
The benefits of credit control for law firms.
Credit control has always been a burden for solicitors and the Covid-19 pandemic followed by the Cost of Living crisis has brought even more unprecedented challenges for solicitors. So, it is important for law firms to take the necessary action to ensure their credit control processes and procedures are as efficient as possible to ensure timely payment from customers, many of whom may be severely impacted by the pandemic. We can alleviate that pressure and reduce your outstanding bills whilst maintaining your brand and client relationships.
Without a healthy cash flow and without knowing when payments are due, your legal practice cannot operate effectively. Limited cash flow also limits the amount of cash available to place further orders with suppliers. Your Cashier aims to ensure your money is collected in accordance with your credit length terms.
Hiring a credit controller can be costly. With Your Cashier acting for you, it’s like having your own credit controller in-house, without the office space being taken up or a full salary to pay. Depending on how many customers and invoices you send per month, you may only require a few hours per week to keep your cash flow on track.
Your Cashier has the experience to take the strain out of collecting your money, this, in turn, will reduce your stress levels and enable you to concentrate on generating more business and let you do the job you are qualified to do.
Maintaining client relationships
All our legal cashiers are highly trained in the nuances of legal etiquette and represent your practice as if we work for you. Good client service is at the forefront of our business. We base our credit control strategy around your values & objectives.
Credit Control Procedures.
We have a strong team who have had experience in the legal cashier environment for over 20 years. Your Cashier will formalise monthly procedures, which proactively remind your clients to pay on time. These Procedures can include letter templates set up in accordance with your credit terms, telephone calls & email alerts. Call us to find out more.
Burnett & Reid LLP
“When one of our cashiers left the firm in 2015, we made the decision that it might be the time to change the way we work and outsource part of our Cashroom function. We thought it would be a more efficient approach and it would take away some of the stress from our own management of ensuring we had Cashroom staff in the office each day. No need to worry about holiday cover or sickness cover anymore and ensuring that the transactions on our client ledgers are posted on a daily basis. We approached a couple of companies that offer this service and in the end decided to go with Your Cashier.”
“Over the last six years, we have had a consistent point of contact that feels like they are our own cashier. We easily set up a process with them that works for us and them and” the postings are done on a daily basis, with the client bank account being reconciled daily. They also assist us with setting up bank payments.”
“We have been very happy with the service that has been provided and I would certainly recommend giving Lynne a call if you are considering outsourcing your Cashroom function.”