Practice management software can take the place of billing, accounting, and lead nurturing software. It can greatly reduce the number of disparate and inaccessible spreadsheets and other pieces of software that are often preferred by individuals within an organisation, and it can streamline business processes meaning that costs are reduced and revenue increased. While different firms will want different things from their practice management software, there are certain processes and features that most firms could benefit from.
Modern businesses have to deal with large volumes of mission critical data. From client to case specific data, billing and accounts information, and even data on fee earners and their results, it is important that all of this information is not only retained but is accessible and can be converted into meaningful and beneficial reports. This requires reliable data retention and accurate data storage techniques, all of which can be employed through modern and high quality practice management software.
Most law firms will have a number of lead generation channels. Fee earners will bring in their own leads, while firm based marketing can bring in leads using local and national, traditional and digital, marketing and advertising methods. Information on all of these leads not only needs to be recorded but it should also be easy to access. Legal practice software allows for all lead data to be stored, and communication and nurturing processes can be automated to help ensure an optimal conversion process and the best possible conversion rates.
Communication with leads is important, but so too is communication with existing clients. It helps ensure that you fulfil your contractual commitments, and good communication can also encourage clients to advise others to use your services while retaining them as clients for other services in the future. Customer retention should be considered important, because repeat customers have lower associated marketing costs, take less nurturing, and are more likely to spread the word of your positive services and their positive experience.
Billing And Invoicing
Practice management software can incorporate billing and accounting software into the features that it provides. Time spent on certain tasks can be monitored, and a billable figure attained. This can be combined with fixed fees, administrative costs, and consultancy figures, in order to create an accurate and enforceable bill. Invoices can be automatically generated, sent directly to customers via their preferred communication method, and payments can be tracked and traced. All this information can then be automatically stored with client details, reports run to determine which fee earners are generating the most business, and processes implemented to take advantage of the data that has been collected, and all with minimal human interaction.
The automation of business processes is an area where businesses of all types can benefit. Automating routine processes means fewer mistakes are made, less time is spent on these processes by fee earners and other important team members, and revenue is increased while expenditure is reduced.
Modern and effective practice management software from Redbrick Solutions can improve your business processes, automate repetitive and tedious tasks, and reduce expenditure and resource commitment while increasing client retention, efficiency, and income.