Improving Accounts Receivable Management at McNamee Hosea
Natalie Burns, Assistant Firm Administrator at McNamee Hosea, shared her frustration with their previous AR and collections process: “It was time-consuming and lacked parameters for when a client should be contacted.” Burns sought a solution to streamline collections and improve the firms’ financial management overall.
Challenges
Manual Collections Process: The firm’s AR and collections processes were entirely manual, leading to inefficiencies and inconsistencies. The team lacked standardized parameters for client contact, which delayed collections and complicated tracking.
Time-Consuming Procedures: Manual tasks consumed significant staff time, leaving less room for higher-value projects. This inefficiency extended the billing cycle, delaying payments and affecting cash flow.
Fragmented Financial Data: Accessing comprehensive financial data was difficult, requiring constant drilling down of information to get meaningful insights. This fragmented view hindered effective financial management.
The firm turned to BillingQ to transform its collections process and address these challenges.
Solution Benefits
Once our attorneys saw the automated emails and how we could customize them to say whatever we needed them to, they were all on board.”
Automated Billing Workflows
“BillingQ has significantly reduced our billing cycle time, freeing up staff time for more valuable projects,” says Burns. The automated workflows streamline redundant manual tasks, ensuring timely and accurate billing processes.
Improved AR Notices
BillingQ generates professional AR notices based on workflow settings. These notices feature combined PDF attachments with Statements of Account linked to detailed outstanding bills. They can be reviewed and edited before approval, ensuring accuracy and professionalism.
Attorney Buy-in
As with any new technology or process, there was concern about getting the billing attorneys to buy-in. “Once our attorneys saw the automated emails and how we could customize them to say whatever we needed them to, they were all on board.”
Email capabilities
In McNamee Hosea’s case, they wanted all client communication to be CC’d to the billing attorney. Previously, this was a manual task, now automated by BillingQ. In addition, Burns uses the Email Queue as quick review of the A/R notices before they’re actually sent.
Comprehensive Financial Dashboards
BillingQ integrates DataQ’s client/matter dashboards, providing a 360° view of all financial information, including AR aging, WIP aging, payments, write-offs, and more. “Recently, an attorney asked for a client’s billing account statement. With BillingQ, I was able to send it to him in less than five minutes,” Burns notes.
BillingQ exceeded our expectations, delivering continuous improvements.”
Impact of BillingQ
Faster Collections: The firm has significantly reduced AR turnover, improving overall cash flow.
Streamlined Operations: BillingQ’s automation and integration with the firm’s financial management system have streamlined operations, reducing billing cycle time, allowing staff to focus on higher-value tasks, and improving overall productivity.
Client-Centric Approach: Professional AR notices and comprehensive financial dashboards have delivered a better experience for attorneys, staff, and clients.