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TOTAL PRACTICE SOLUTIONS

Client Development

We used the tool to help target clients that have bad payment history to improve cash flow predictability.

David Smith, Dir. of Finance
Ford and Harrison
 

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Redwood Analytics® Business Intelligence-Billing and Collections

Redwood Business Intelligence software delivers comprehensive, sophisticated solutions with full reporting and analytical capabilities, designed to give firm leadership insights into the growing number of business issues facing law firms today. The Redwood Business Intelligence software includes multiple modules and the Billings and Collections content is designed to help firms analyze attorney and client work effort trends, and manage inventory patterns by utilizing historical billing and collection patterns.

Benefits


The Billing and Collections software module revolutionizes the way firms track attorney work effort, client billings and daily and total inventory balances. While most firms analyze inventory based on standard aging hurdles, the Billing and Collections module identifies additional collection opportunities based on deviations from historic client behavior patterns.
Find opportunities to reduce inventory

Traditional collections efforts at law firms today  target older receivables with no insights into problems that may be taking place with some of your better paying clients. With the Redwood Business Intelligence Billing and Collections module, target your problematic invoices earlier, avoid future problems, and reduce your overall inventory balances.

Identify historical client collection patterns

The Business Intelligence Billing and Collections platform allows law firms to identify collections opportunities earlier, collecting more cents on the dollar. The historical payment patterns of your clients are quickly analyzed allowing you to make better informed decisions about which clients should be targeted

Report proactively on volume/pricing fluctuations to law-firm management

Gathering the required data and then identifying the potential rate/volume issues within a law firm’s specific practice areas or client segments can be time consuming and provide limited results for the required effort. With the Redwood Business Intelligence Billing and Collections platform, you will be able to target these pricing and volume issues quickly as they occur across all segments of the firm’s business.

Track monthly billing trends by billing partner

Identify billing opportunities by client and billing partner with the content available in the Redwood Business Intelligence Billing and Collections platform.

How can we help your firm? For more information about our solutions for law firms:

For more information

How can we help your firm? For more information about our solutions for law firms:

Call 630-371-4559 or email us now