I am an accountant by trade with a lot of experience in legal billing.
One problem that faces Lawyers and Solicitors is that their billing is very cyclical, and one week of the month is hectic as they try to lock in the revenue numbers to hit targets. The rest of the month has a lot of downtime, where productivity is probably not 100%.
That got me thinking that the whole billing and collections process for many companies, especially for smaller ones who do a lot of this themselves. For many, focusing time on generating more revenue would be a better option. Some people find the concept of asking for money (and chasing up payments) very awkward, so having a third party tackle this could be addressing a particular pain point.
For business owners/entrepreneurs out there - would you outsource your billings and collections to a third party for a fixed fee per month?
I know some people really enjoy this part of the business, as it gives some closure to projects you have worked on, but I am sure there are others out there that would gladly outsource this to get it off their plate.
Looking for feedback!
One problem that faces Lawyers and Solicitors is that their billing is very cyclical, and one week of the month is hectic as they try to lock in the revenue numbers to hit targets. The rest of the month has a lot of downtime, where productivity is probably not 100%.
That got me thinking that the whole billing and collections process for many companies, especially for smaller ones who do a lot of this themselves. For many, focusing time on generating more revenue would be a better option. Some people find the concept of asking for money (and chasing up payments) very awkward, so having a third party tackle this could be addressing a particular pain point.
For business owners/entrepreneurs out there - would you outsource your billings and collections to a third party for a fixed fee per month?
I know some people really enjoy this part of the business, as it gives some closure to projects you have worked on, but I am sure there are others out there that would gladly outsource this to get it off their plate.
Looking for feedback!
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