TimeSolv is a web-based authorized billing answer, backed by 20 years of expertise, centered on doing it proper. As CEO Raza Hasan explains, TimeSolv is “promoting an answer for a regulation agency to receives a commission extra, to receives a commission quicker, and make it simple for them to get this achieved.”
TimeSolv approaches invoicing with three particular objectives, and the expertise and automation to make them occur. TimeSolv defines success as maximizing the “three pillars of profitability”:
- Elevated income to the agency;
- The agency getting paid quicker; and
- Straightforward-to-use software program, making 1 and a pair of potential.
Growing income needn’t imply working extra hours. TimeSolv equips agency leaders with instruments to encourage workers below 5 rules:
Managers can set objectives and targets for every worker and monitor these targets each day, weekly, and month-to-month. Targets embody measures like complete hours labored, billable hours labored, and common hourly charge.
Controls are extremely granular. For instance, a crew member might see the variety of hours he’s entered, however not the full billable worth of the hours, as a result of he has permission to see hours however not the billing charge.
TimeSolv possesses strong incentive administration, a godsend function for companies with advanced origination and crediting constructions. Its charge allocation and fee calculation are second-to-none. One can credit score an originating lawyer, accountable lawyer, supervisors, and dealing attorneys.
Such succesful incentive administration, like break up origination, is uncommon. It’s a hefty function for a web-based program to supply. “You don’t should do something further in Excel.,” Hasan guarantees.
Accountability is constructed into TimeSolv and is pushed by one thing legal professionals usually hate to ponder: time entry. However, as Hasan reiterates, it’s finest for companies to have a time-tracking coverage and to make use of expertise to implement it.
Each enterprise has an expense monitoring coverage. Until it’s a solo observe, a agency member can’t spend firm cash with out accountability. Hasan says in a regulation agency, time is extra priceless than cash “as a result of you possibly can by no means get it again.”
Have a firm-wide time entry coverage and implement it. For instance, all time have to be entered earlier than leaving for the day. Or all time for the prior week have to be in by 9:00 a.m. the next Monday. The agency administrator can implement the coverage and report on compliance by way of TimeSolv’s Lacking Time report, one in all many stories and dashboards out there.
Hasan says, “You’ll be able to’t exceed expectations in the event you don’t set expectations.” One of the best ways to correctly set consumer expectations is to inform them what is going to occur, in what order, when, and for a way a lot.
TimeSolv gives a strong planning software referred to as Authorized Venture Administration to set out the actions or occasions in a matter, their order, the accountable particular person, and a finances for every motion. It’s related to the matter billing and, if desired, to TimeSolv’s consumer portal, so the consumer can view case progress in real-time.
Permitted customers see what duties or phases are full and whether or not, all the way down to particular person duties, issues are on finances.
Figuring out Your Strengths (or Flat Price Billing)
After just a few months of utilizing TimeSolv’s options and reporting, the agency can see outcomes. Strong reporting presents a unified image of what work the agency completes most profitably. Figuring out these strengths can inform advertising methods. Corporations achieve plentiful readability by way of undertaking administration and monitoring over time.
Get Paid Quicker
TimeSolv’s Zero AR eliminates the tedium and aggravation of invoicing with three easy steps.
Automated Fee Authorization
When signing a consumer to a brand new engagement, TimeSolv sends the consumer a letter (or e mail) providing to set the consumer up on computerized funds by way of a bank card or checking account.
Then, when the agency creates an bill for a consumer who licensed computerized funds, the consumer is emailed the bill. That e mail additionally says that the “on-file” cost methodology will probably be billed routinely inside 5 days until the consumer objects. The consumer receives one other e mail when the automated cost is charged.
The system above rapidly tells the agency which issues or shoppers have a dispute or one thing to debate.
With many different invoicing techniques, there’s typically a three-month delay between lawyer work and receiving cost.
TimeSolv’s Zero AR reduces the method to 5 weeks. The lawyer data work in month one. That work is invoiced within the early days of month two and paid inside 5 days of invoicing. Zero AR removes a minimal of a month from the invoicing cycle, eliminates cost receipt and recordation complications. It makes it simple for shoppers to pay, and alerts companies early to potential “drawback” shoppers.
Environment friendly Software program
Amassing good information to make knowledgeable choices requires the agency to have techniques and software program that make issues like time entry compliance, budgeting, and reporting simple and environment friendly. TimeSolv lives at this nexus. And, whereas TimeSolv started life in 1999 as a desktop-based time monitoring and invoicing program, it was rebuilt as a web-based app seven years in the past, including many observe administration options to its arsenal, corresponding to:
- Microsoft 365 connectivity;
- Doc storage, each natively and by way of integrations;
- eSignature capabilities;
- CRM options by way of a companion firm within the ProfitSolv household;
- Doc automation;
- Battle checking; and
- Activity administration.
Expertise and Nimbleness
TimeSolv is a quick and feature-rich internet software well-served by a 20-year heritage within the authorized market. It addresses advanced function wants like split-billing and split-origination that many applications lack. As well as, TimeSolv is the one on-line product that routinely converts information from TimeSlips, PCLaw, and Tab3, giving customers full entry to historic billing info.TimeSolv stays centered on serving to legal professionals make themselves extra worthwhile. Begin a free trial in the present day at timesolv.com/start-now.
TimeSolv Product Demo
Try Zack’s demo with TimeSolv’s CEO Raza Hasan to be taught extra about how TimeSolv can enhance profitability.
Final up to date April thirteenth, 2023