As lawyers, we didn’t want to focus on the day-to-day of our firm’s accounting. They check-in with us weekly or more, and they maintain and upgrade our financial systems as our firm continues to grow. They always give us good folks to work with; we enjoy working with them. We partner with independent law firms, legal groups, and legal service organizations (LSOs) across various practice areas. Deloitte’s expertise and use of advanced analytics help CARES Act businesses gain financial control, manage payables and receivables, and obtain valuable insights into their financial performance. Deloitte helps clients operate efficiently while meeting regulatory requirements using its multidisciplinary expertise in finance and accounting.

Common Myths About Outsourced Accounting

Use this time to discuss wins, address challenges, and collaboratively find solutions. These meetings are your chance to ask questions, provide feedback, and make sure the provider’s approach still aligns with your company’s values and goals. Consistent check-ins build trust and transform the relationship from a simple service into a true strategic partnership, ensuring you have a reputable and trustworthy provider working on your behalf. Before your new AR team sends its first invoice, you need to define what success looks like.

Enhanced Client Relationships Through Professional AR Management

Our accounts receivable outsourcing services are designed to be industry-agnostic, making them suitable for businesses across various sectors. We support companies of all sizes, from pre-revenue startups to those with annual How to Invoice as a Freelancer revenues exceeding $500 million. The biggest concern for most business owners is the loss of direct control over customer interactions. You’re trusting an external partner to communicate with your clients, which can feel risky.

Best Practices for Outsourcing Law Firm Accounts Receivable

• In this article, we’re exploring the cost differences between outsourced AR solutions compared to managing AR in-house—and why outsourcing could be the smarter choice for your business.
• Based on our calculations, it’s actually 50% cheaper on average to outsource your receivables management than to hire a dedicated AR employee.
• Effective follow-up services further reinforce the firm’s relationships with clients, highlighting the importance of professional communication and resolution of outstanding balances.
• Accounting services are not highly profitable for CPAs, and that‘s precisely where our CPA firm clients leverage our services.

Its staff can take on hybrid roles to deliver administrative, bookkeeping, accounting, tax, and fractional CFO functions according to your unique needs. What makes Bench unique is how they expertly manage their bookkeeping tasks by utilizing their own proprietary software program. However, as a result, this means they won’t integrate into your existing accounting software and systems. Its accounting staff specializes in routine tax and compliance work, giving firms more time to spend on high-value advisory services. outsource accounts receivable services for law firms Contact a trustworthy company like Outsourcing Business Solutions (OBS) to begin.

How can outsourcing accounts receivable impact a law firm’s client relationships?

Is the pricing a flat monthly rate, a percentage of collections, or a hybrid model? Are there additional fees for services like legal collections or detailed reporting? A predictable pricing structure is a huge benefit, but only if you understand what’s included. Getting clarity on all potential costs upfront ensures the financial benefits of outsourcing are fully realized and helps you budget accurately without unexpected expenses. You’re not just looking for a service provider—you’re looking for a strategic ally.

• By choosing to outsource accounts receivable, law firms can better manage their finances.
• Get access to high-quality accounting professionals as a one-stop shop for all your accounting and tax requirements.
• A provider with a high level of expertise can better tailor their services to meet specific demands and help maintain regulatory compliance.
• It’s all about finding the right fit for your company’s unique situation and goals.
• This leads to enhanced financial performance, increased profitability, and a solid foundation for sustainable growth and success.
• AR outsourcing allows businesses to deploy advanced business process automation services.