4 Major Benefits Of Law Firms Using Cost Recovery Software
Cost Recovery Software | Document Management | Job Accounting & Billing Solutions | Law Firms | Legal | Workflow Automation
Small law firm practitioners miss out on about 5.6 hours of billable work every day. When billable work gets ignored, this takes a disastrous toll on the profitability of small law firms.
For law firms, efficiency and productivity are key factors of running a small or large practice. Yet, the act of billing back clients and recovering costs can sometimes get overlooked.
At LDI, we work with small to large law firms in helping them assess their current print infrastructure. We understand how stressful it can be to develop and maintain an organized billing workflow. LDI closely works with legal practices to know where they fall short and which applications can make for an optimal billing experience.
This article will define what cost recovery software is and why it is essential to use. We will then address four significant benefits law firms can experience when using cost recovery software. Finally, we will provide examples of a few billing cost recovery applications law firms can utilize to meet their billing needs.
After reading this article, you will have a better idea regarding how software applications can successfully help you bill back clients, stay organized, and maintain an efficient workflow moving forward.
What Is Cost Recovery Software & Why Is It Important?
Cost recovery software simplifies the process of manually entering data and recuperating costs associated with clients, outings, events, and more. Through cost recovery software, every expense gets tracked and can streamline your law firm’s accounting process.
Cost recovery software is vital for law firms because it makes billing easier and enables attorneys to spend more time working on pressing initiatives.
4 Major Perks Of Utilizing Cost Recovery Software
Ensuring that your legal practice’s billing process is user-friendly, secure, and organized is imperative. No one wants to overcharge clients, lose vital information about a financial transaction, nor create more work for themselves when they already have enough on their plate to worry about.
Let’s dive into four key benefits of utilizing cost recovery software for your law firm.
1. Enhanced Workflow & Productivity
Working with a designated software for tracking client expenses helps create a seamless billing process.
Cost recovery software allows for data to be quickly accessed and tracked. By implementing internal guidelines that incorporate cost-recovery software, your firm can reduce the need for manual entry.
Where paperwork filing has been used in the past to keep track of financial information, cost recovery software now solves this dilemma by maintaining client expenses electronically.
Cost recovery software is proficiently designed and easy to set up, requiring a limited amount of time to onboard legal practitioners. Its features include quick access information by simply typing in keywords about a particular client or case.
2. Maintained Record Of Financial Transactions
One of the main perks of utilizing cost recovery software is the accessibility you will have to numerous financial transactions.
If your client base is increasing or you already have many clients, cost-recovery software enables you to maintain and create new records of financial details with a simple click.
Having the ability to store billing information, keep track of receipts, and tag any financial transactions that have yet to be paid off is a huge time-saver. With a maintained record of all of your bills, you can send clients an up-to-date bill and stay on top of all of your financial transactions seamlessly.
Using a cost recovery system such as nQueue Billback or Kofax products will ensure that you are accounting for all activity related to copy, print, or scan.
3. Reported Print Usage
Those with access to the cost-recovery software at your firm can set up real-time monitoring and printing usage reports to be generated. These reports will come in as a detailed log that summarizes the user, department, and particular device.
A printing usage report can be automatically generated and emailed while including custom data specifying date ranges, times, number of copies printed, the color of each print job, and more.
Understanding your firm’s print usage can help your firm stay aware of where they may be overspending and eco-friendly printing practices they can adapt to mitigate waste.
4. Seamless Automation For Clients
Having a reliable automated billing process helps your recurring clients know what to expect.
Cost recovery software can be set up to generate invoices automatically. The software can also be adjusted to reflect a specific attorney’s hourly rate when a bill is generated.
Seamless automation shows clients that you can handle all financial transactions professionally and qualitatively.
In addition, instead of drafting bills by hand, you will save time with an automated billing process. Of course, you will still need to review the information input in the application to mitigate inaccuracies in the billing process.
However, the actual calculation and production of invoices are completed within the software itself. This reduces the number of billing errors and lessens the turnaround time for payment.
What Are Some User-Friendly Cost Recovery Applications To Use?
To name a few, cost recovery solutions such as Kofax’s products, Copitrak, and Equitrac, as well as nQueue Billback can help law firms efficiently manage their billing.
Copitrak, Equitrac, and nQueue Billback all offer cost recovery, print management, expense management, and information accountability solutions. These solutions can help law firms solve challenges as they pertain to billing and information workflow.
While several applications exist for law practices, cost recovery software helps firms stay on top of their financial transactions while saving them time on other pressing initiatives.
Which Cost Recovery Software Is Right For Your Law Firm?
Cost recovery software can drastically help your law firm keep your team efficient and productive, securely retrieve and store each financial transaction, maintain a record of all bills and the status, and automate your billing process.
Depending on whether you need software that does more than keep track of your financial transactions, assessing what features would help optimize your law firm’s workflow is paramount when making a decision.
LDI’s Managed Print division can help optimize your billing workflow, recover costs, and ensure that your maximizing your time and profitability through utilizing a cost recovery application.
Set up a one-on-one consultation today with an LDI representative that can speak more to cost recovery software and law practice management software.