OfficeTorque is revolutionising the way Law Firms bill (and get paid)
Following their success in the chartered accounting sector, the New Zealand-based software company OfficeTorque is now making strides in the Australian legal community. Their latest client, Piper Alderman, was so impressed with the company’s sophisticated interactive electronic billing, collections, and integrated payment system, they signed up right away.
Piper Alderman, a well respected law firm, has 48 partners and 300 staff across Australia. So, their adoption of OfficeTorque’s Financial Relationship Management (FRM) system is a major coup for the kiwi firm's smart technology.
OfficeTorque’s CEO Lance Wickman is keen to help others in the legal market to not only get paid sooner, but also significantly enhance the experience for their clients.
“Our software, takes a holistic approach to bill presentment, AR management and payment to ensure customers can easily view and process their invoices immediately on receipt and arrange payment by the method that best suits them. It also makes sure that slow payers are followed up promptly, and barriers to payment are identified early”.
Lance Wickman, Office Torque
Integrates with any existing Practice Management Software
OfficeTorque’s FRM product is a cloud-based system that integrates with any existing practice management, content management, document management and accounting software while providing secure bill presentment and payment functionality. This streamlined system improves efficiencies for both the law firm and the client.
The Piper Alderman solution facilitates multi-branch electonic invoicing for the firm as well as providing a centralised collections platform. This is fully integrated with the existing Aderant PMS system used by the firm.
Electronic billing adoption rates 60%-95%
Electronic invoices have been around for some time now, so why are most law firms still sending out the bulk of their invoices by paper? The problem is that a static PDF is just an image of the paper bill and is of little value to the client. In contrast, OfficeTorque’s interactive hybrid iBill allows clients to interact with a range of functions including payment, query, reminders and even export data, directly from the iBill or client portal.
All the branding of the iBills and Portal are customised to match the law firm’s existing look and feel.
“Clients love the convenience and so the take up rates are very high, typically between 60% & 95%. This translates into big savings in time and costs associated with sending out the bills”, Mr Wickman explains.
Pay Now or arrange a future dated Payment directly from the iBill
When a client is ready to make a payment, they can either “pay now” or set up a future dated payment directly from their iBill. Payment options include credit card, direct debit and even invoice funding services. This function will allow clients to include the amount to be paid, date, and reference information for reconciliation and accuracy.
Reducing outstanding bills by 60%
Professional services businesses often struggle to get paid promptly, and typiclly have higher debtor days than other sectors.
“The integrated AR management provides a highly automated workflow and online communications system to assist with collections while driving down outstanding bills by an average of 60%”, Mr. Wickman told LawFuel.
The system allows you to have a wide variety of different follow up approaches for different profiles of customer. You can have a gentle touch for some clients and a more intense set of reminders for those “professional debtors” in your client base.
Reduce collection effort 50%-75%
Providing customers with an easy way to access and process their accounts, combined with high levels of automated follow up communications immediately reduces the amount of effort your team are currently expending on menial time consuming work. Case studies of CA firms over the last 5 years have shown between 50% and 75% reductions in collection effort.
Is your firm ready to get on board?
The advantages for law firms and clients are obvious in terms of efficiencies, customer service and profitability. The ROI is typically just 6-9 months, and many businesses are now promoting the enhanced customer experience as a point of difference.
If you are interested in finding out more about how OfficeTorque FRM can benefit your firm, contact:
Lance Wickman, CEO, OfficeTorque
lance.wickman@officetorque.com,
+64 9 280 3260
The post OfficeTorque FRM – Making Waves in the Legal Sector appeared first on LawFuel New Zealand.