Accounts Receivable Software System : Premium Billing Software
Accounts receivable software system, premium billing software Foundation Software Laboratories Inc. provides sophisticated financial management applications and quality customer service to law firms and professional services organizations throughout the US and Latin America. Management solutions include legal time billing, general accounting, trust accounting, escrow administration software, and other practice management applications.

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Accounts Receivable Software System
ACCOUNTS RECEIVABLE

COLLECT MONIES OWED TO THE FIRM QUICKLY AND EFFICIENTLY

KEEP ON TOP OF PAYING CLIENTS

IMPROVE CASH FLOW AND OVERALL FIRM PROFITABILITY

Accounts Receivable Software System, Our Premium Billing Software

PRODUCTS - Accounts Receivable

FSLI’s Accounts Receivable software module is fully integrated with the Time and Billing software module to track invoices and payments.  The combination of on-screen and hard copy reports is designed to ensure the firm gains greater control over the process of tracking and collecting outstanding receivables.

The Accounts Receivable software program tracks invoices created in Time and Billing, allows for manual creation of invoices, enables the reversal of accounts receivable system invoices, allows for late charge calculations of overdue payments and handles compensation based on cash receipts.  FSLI’s Accounts Receivable software module accommodates the routine daily input of different kinds of cash including:

Payments
Deposits, Retainers, Credits
Non-A/R cash
Transfers
Refunds
Reversals

Each AR transaction will have specific audit trail information such as Payment Number, Sequence Number, Transaction Date, Transaction Type, Invoice (if appropriate), Reversed Date and Reversed Period. The system can generate all of the expected management reports normally required by law firm managers such as:

Detailed Cash for The Day
Cash Summary by Client Matter by Date Range
Cash Summary by Resp Atty by Date Range
Cash Summary by Orig Atty and % by Date Range
Monthly Cash Receipts by Type
Aged AR Reports with AS OF DATES

These are only a few examples of this premium billing software.  FSLI’s philosophy of storing the maximum amount of detail at the transaction level translates into unlimited management reporting capabilities including such dimensions as client, matter, office, department, type of law, attorney, date range and accounting period.

PD Partner supports the entry of deposits and retainers that can be automatically used by the billing system to reduce invoice balances.

Fee Credits (Professional Compensation): FSLI includes a complete database inside the Accounts Receivable software module for generating detailed fee credit information.  The database works with payment data utilizing parameters set up at installation.  Automatic or manual allocations can be made routinely.

The FSLI fee credit database can be modified, copied, deleted and regenerated at any time without changing payment or billing history.

Collections: The PD Partner Collections Program was designed to help the firm efficiently manage its outstanding accounts receivable.  Collections has four major components:

Collections Query - This program provides an attorney or a collections manager with an easy to use query tool that will display clients with delinquent AR.  Invoices can be queried based on any aspect of the bill including: date range, client, matter, billing or responsible attorney or any combination of the above.  The system will provide the current balance as well as last payment date for each client with drill down queries for matters and invoices.

Collections Tickler - Once a user has taken some action on behalf of the firm, such as sending a letter or calling the client, it can be noted in the collections system.  A follow-up action can be scheduled which will automatically appear on a collections calendar at a future date.

Statements - PD Partner provides a robust AR Statement generation program for creating AR reminder notices.  Statement templates are unlimited and firm definable, providing varying levels of detail to meet client requirements.

Interest Calculation - Firms can charge interest at a firm defined rate to selected clients for their delinquent AR.