According to a 2018 study, 23% of a lawyer’s workload is automatable – now imagine what that statistic must be for a legal firm’s finance team. No matter the scale of your business, you have both office money and client money to take care of. Between payroll, supplier payments, and managing payments for clients, chances are you have plenty on your plate.
Thankfully, there’s an easier way to handle your payments and cash position. With AccessPay, you can wave goodbye to tiresome and risk-laden manual processes for good, providing you with extra time, resources, and reduced risk. We help both local and international legal firms automate their workflows, providing easy wins across the board for you and your clients.
Right now, we’re willing to bet the following rings true for you…
➜ Manual Processes are Getting You Down
Handling both internal and external payments can be a chore.
You’re faced with banking portal logins and the manual typing-in of payment details.
When cloud-based payments such as AccessPay’s are around to trim the fat from this process, there’s simply no need for the faff.
➜ You’re Facing PMS Issues
Often, the Practice Management Systems (also known as ERPs) used by law firms present a series of difficulties.
While they don’t need to be as complex as those used by other industries, they still risk putting a splinter in your banking operations.
For example, some systems don’t generate payment files, and others like Elite and Aderant have a reputation for complexity.
And, ultimately, the core problem still remains: they don’t natively connect to banks, meaning you’re stuck using cumbersome banking portal logins.
➜ Automation Seems Like a Pipe Dream
For larger firms, automation is a must. Firms with dedicated treasury teams will understand plainly the issues with manual processes, as processing both payroll and clients’ / supplier payments become increasingly critical as a business scales up.
A system that offers payment and cash management automation often seem out of reach, but this isn’t the case.
Given that you likely spend a considerable amount of time paying the same clients and checking your cash positions for incoming or outgoing funds, the thought of this being possible with as little work as possible brings obvious appeal.
This multinational law firm has embraced payment automation to improve efficiency, security, and reduce the risk of manual errors among their busy global finance teams.
Making more than 20,000 transactions a month, the firm process several payment types through AccessPay, including payroll and supplier payments via Bacs, large pay-outs via CHAPS and SEPA transactions to European clients.
The ability to speed-up operational processes – accurately and securely – has been paramount to the global top 10 law practice as transactional volumes continue to grow.Read More