MVO Resources | Accounts Receivable

Accounts Receivable

Your management team for accounts receivable

ACCOUNTS RECEIVABLE MANAGEMENT

Accounts receivable are the invoices issued to your clients; your time worked. These are your firm’s current asset. These invoices are a debt your customer has, but payment is deferred to a later date. To increase cash flow, you must first receive steady payment on those client invoices.

At MVO, we start by utilizing the current AR systems you have in place. This is our opportunity to assess the internal systems and procedures for billing. Every billing cycle captures time and expenses that have been billed against the account and we then compile those into client invoices. Expenses are managed and added. If the client has money in trust, we apply that money to the balance due. If a retainer has ran out, we contact the client to have it replenished. MVO is specialized at managing and reporting all trust accounting for law firms.

This information is then input into the billing system applying those funds to rectify the account status.

Sometimes this includes providing client statements specific to that client account.

REDUCE YOUR ACCOUNTS RECEIVABLE BY OVER 70%?!

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Accounts Receivable Management:
Establishing and managing client payment plans

First Party Collections

Accounts Receivable Management is the process in which MVO instills policies to manage the sales offered on credit. At MVO, our policy is that with direct communication and persistence oftentimes payment periods are shortened. MVO will call clients on behalf of the firm, to collect payment on the account. We will also call clients to notify them that they have run out trust account funds or if they have a balance outstanding just from bills. Read more about how accounts receivable and collection management has changed since COVID: here.

We determine the appropriate process of receiving funds into IOLTA versus operating accounts based on state bar regulations.

All billing or financial inquiries pertaining to client invoices and client accounts are directed to MVO, saving your firm time and hassle of managing client billing questions.

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Reporting on Accounts Receivable

Part of our reporting dashboard includes a deeper look into the cycle of accounts receivable, evaluating your cash flow at any given time. Use our financial dashboards to stay on top of retainer usage weekly, if not daily. This level of transparency is what makes MVO the best accounts receivable company for law firms.

Read more about our Top 3 Trust Accounting Systems.

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CLIENT TESTIMONIALS

Danielle and her team will help your firm grow! Two years ago, MVO resources began helping our firm in a bookkeeping capacity. Before long, they were handling a high percentage of our outsourced business management needs, including accounting, payroll, and client collection management. We have doubled in size since MVO came aboard. They have both helped us grow and scaled there services with us to help solve new problems that pop up. We trust Danielle so much that she is a member of our decision making team, sitting in on meetings and acting as a financial officer for the firm. I fully endorse this group, and would be more than happy to chat with anyone who wants to know more.

Christian Denmon, Attorney at Denmon Pearlman Law

Danielle along with her team has helped our firm tirelessly in the past year. They are always a message or phone call away and always ready to assist with any issue. Danielle is so personable you will absolutely feel like the only client of hers. This business is well run and I highly recommend them for your management needs!

Ashli Medwinter

MVO Resources are experts at overseeing the management of our firm. We originally hired them for general accounting services but soon realized that their proficiency, knowledge and experience at managing a law firm became a necessity for the continued well-being and growth of our firm. Danielle and her team provide superior customer service and finesse in their field. We are grateful for their business partnership.

Ken Levey, Attorney at The Levey Law Group

Danielle and her team are absolutely incredible to work with. She makes you feel like you are her only client and has a quick response to every question you may have. I would recommend MVO Resources 10 times out of 10. They have truly made my life so much easier.!

Ashley Boisvert, Legal Assistant, Denmon Pearlman Law

Great company that has a lot of insight and details on working with Law Firms to increase revenue and help improve overall AR policies. Highly recommended MVO for all Law Firm needs.

Eric Amerson