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Revolutionizing Revenue: How ‘Invoice to Cash’ Innovation Rescues Firms from Billing Woes

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How ‘Invoice to Cash’ Innovation Rescues Firms from Billing Woes | Law.com
















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Invoice

BEST PRACTICES

More and more, firms are understanding that it’s the firm’s ability to convert its agreed rates through billing and collections to collection realization that really counts. So why is it such a challenge for firms to solve it?

March 19, 2024 at 10:55 AM

6 minute read

By Milan Bobde |
March 19, 2024 at 10:55 AM

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What You Need to Know

  • In 2023, the collection cycles lengthened by 5% — the second consecutive year firms have experienced this trend.
  • The strategy of just focusing on raising rates to impact firm profitability is weakening.
  • Invoice-to-cash applications put the entire billing and collections cycle under a single pane of glass to gather, disseminate, track and analyze data and make invoice-to-cash processes more efficient and effective.

In 2023, the collection cycles lengthened by 5% and, in fact, this was the second consecutive year firms have experienced this trend in collections (see, Citi Hildebrandt 2024 Client Advisory).

Should this trend be treated as a cause for alarm or a mere cost of doing business?

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