A web-based legal billing solution with 20 years of expertise and a commitment to excellence, TimeSolv. According to TimeSolv’s CEO Raza Hasan, the company “is selling a solution for the law firm that makes it easier to get more, get more done faster.”
When it comes to invoicing, TimeSolv has three clear objectives in mind, along with the technology and automation to achieve them. Success, according to TimeSolv, is defined as optimizing the “three pillars of profitability.
1-Increasing the revenue of the business
2-The business is paid more quickly
3-Software that is simple to use that enables 1 and 2.
a rise in income
The number of hours worked does not always rise with an increase in income. TimeSolv gives managers the resources they need to inspire workers based on the following five guiding principles.
Every employee can have goals and objectives that managers can track on a daily, weekly, and monthly basis. Metrics including total hours worked, hours worked for compensation, and average hourly wage are included in the targets.
The controls are extremely intricate. For instance, a team member with access to only view the hours but not the billing rates can see the amount of hours they input but not the overall number of billable hours.
Timesolv increases revenue with cutting-edge cloud features 4
Strong incentive management provided by TimeSolv is a godsend for businesses with intricate development and lending processes. There is no comparison in the way commissions are calculated and distributed. The initial attorney, accountable attorney, executives, and working attorneys can all be specified.
It is uncommon to control incentives with such deftness that separation is achieved. This is a substantial feature for a web application. “With Excel, you don’t have to do anything extra,” claims Hasan.
TimeSolv incorporates accountability and is motivated by something that lawyers typically don’t like to think about: time tracking. It’s better for businesses to have a time monitoring policy and employ technology to enforce it, though, as Hassan reiterates.
Every company has a procedure for tracking expenses. A member of the firm cannot use company funds without incurring liability, unless it is an individual practice. At the law practice, time, according to Hassan, is more valuable than cash “because you can never get it back.”
Establish and enforce a company-wide logon policy. For instance, you have to enter all times before you leave for the day. Alternatively, all times for the previous week must be available by 9:00 am on the Monday after. The TimeSolv Missing Time Report is one of many reports and dashboards available, and it may be used by a firm administrator to enforce policy and track compliance.
As Hasan asserts, “You can’t exceed expectations if you don’t set them.” The greatest method to ensure that customers have realistic expectations is to explain what will occur, as well as when, how, and for what cost.
TimeSolv offers a potent planning tool called Legal Project Management to outline the events or acts in a case, their sequence, the accountable party, and the cost associated with each event. The customer can check the status of the case in real time thanks to its connection to the case’s billing and, optionally, the TimeSolv client portal.
Users are able to view, down to the individual task level, which activities or milestones have been performed and whether they are on budget.
Recognizing your strengths (or charging a flat rate)
The company can observe benefits after using TimeSolv’s services and reports for a while. Reliable reporting gives a clear picture of what the company is doing to make the most money. Understanding these advantages might affect marketing plans. Project management and ongoing tracking give businesses total visibility.
Quickly acquire money
In three simple steps, Zero AR by TimeSolv removes the time-consuming and onerous charging process.
Automatic authorization of payments
TimeSolv offers to set up automatic payments by credit card or bank account in a letter (or email) that is sent to the customer after they agree to a new commitment.
After then, the client receives an email with the invoice the company created for them after authorizing automatic payments. In addition, if the consumer does not object, an automated charge will be made to the “on file” payment method within five days, according to this email. When the automatic payment is debited, the customer gets another email.
The aforementioned approach swiftly alerts the business to what is crucial, such as consumers who have a problem or a topic to discuss.The time it takes a lawyer to complete their task before being paid typically takes three months under many other billing schemes.With Zero AR from TimeSolv, the procedure takes just five weeks. In the first month, the attorney records the work. This work’s invoice is sent on the first day of the second month, and it must be paid within five days of that date. Zero AR cuts the billing cycle by at least a month and takes care of the hassle of collecting and documenting payments. Customers can pay more easily as a result, and businesses are forewarned of potential “problem” clients.
A company must have processes and tools that make tasks like meeting deadlines, budgeting, and reporting simple and effective in order to collect trustworthy data for making educated decisions. In this way, TimeSolv continues to exist. TimeSolv started off in 1999 as a desktop time-tracking and billing tool, but seven years later it was changed into a web platform, gaining a slew of practice management capabilities, including:
access Microsoft 365
Keeping documents in native and integrated formats
options for electronic signature
CRM skills provided by a member of the ProfitSolv family’s partner company
automated document creation
handling of tasks.
knowledge and inventiveness
TimeSolv is a web application with a wealth of features and 20 years of experience in the market for legal services. It fills the demand for sophisticated capabilities that many programs lack, such split billing and split origin. The only online tool that automatically transforms data from TimeSlips, PCLaw, and Tab3 is TimeSolv, which also gives users complete access to past billing data. TimeSolv is still committed to helping attorneys increase their revenue. Immediately begin your free trial at timesolv.com/start-now.
Demo of the TimeSolv product
To find out how TimeSolv might boost profitability, watch Zach’s demo with CEO Raza Hassan.
The TimeSolv article titled “Advanced features in the cloud boost profitability” was first published on Lawyerist.