Revolutionizing Revenue: How 'Invoice to Cash' Innovation Rescues Firms from Billing Woes
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
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?
For most firms, it is the latter. In fact, the majority of firms (80%) and industry analysts (including Citi Hildebrandt Client Advisory and Thomson Reuters and Georgetown Law State of the Legal Market) find the business impact of lengthening collections cycles to be so significant that fixing this problem is uniformly cited as a top strategic priority for firms of all sizes in 2024.
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