TimeSolv Eliminates Accounts Receivable With Zero AR

TimeSolv, which works in web-based software for legal billing and time-keeping, has announced a new accounting process, called Zero AR, which will boost collection rates and do away with accounts receivable (AR) via batch invoicing and digital payments, according to a press release.

TimeSolv’s batch invoicing process allows for payments to be instantly run for as much as hundreds of invoices. The release stated that when integrated with the company’s electronic payments, the process can save time and resources.

Zero AR was created with attorneys in mind. Firms that take eChecks and credit cards get paid sooner and get a higher percentage of the value for their billable work, according to the release.

The software works to ensure that trust accounts are protected from impermissible withdrawals like credit card fees. Fees are deducted for the operating accounts instead of trust accounts. Users have the option to set up automated recurring billing, payment plans and evergreen retainers, allowing clients more diverse ways to pay.

“Even before the pandemic, many law firms have struggled to collect all the legal fees they’re due, leaving a portion of their earned revenue behind,” said TimeSolv CEO Raza Hasan. “We’ve created a patent-pending process that will revolutionize firms’ accounting process, improving both cash flow for the business and efficiency for back office staff.”

Digitization is on the minds of companies these days, with organizations hurtling at full speed on new digital roadmaps. Dave Robertson, managing director of Payment Advisory Services at Deluxe, told PYMNTS that companies are in need of new ways for transitional services, as change couldn’t be expected as fast as it was needed when the pandemic set in last year.

B2B organizations could have a particularly rough time of it, with their discounting arrangements, promotional pricing and other factors unique to AR processes. Important roles will be played in the future by data mining and integration, he added.