TimeSolv is a cloud-based, comprehensive time tracking & billing application with robust practice management features. It claims to simplify the billing process, generating Invoices to show such items as new charges, interest, and balances. It also has a feature that produces Statements which, at its most basic, is a list of invoices.Statements are sent out to let clients know where they stand, to remind the client that they need to pay, and to serve as an account summary for clients at a particular point in time. These two types of documents connected with billing complement each other and it’s important to know when to generate invoices and when it is more appropriate to generate statements.
Plan to generate invoices if you –
- Have new time and expense charges to send to a client
- Receive payments for an invoice; or receive deposits for a trust account
- Wish to charge interest on overdue balances
Plan to generate statements if –
- You wish to remind a client of an outstanding balance that has not been paid
- Do not charge interest
- You wish to show a client where their account stands with your business.
In many cases, a billing cycle will have clients who have new charges plus those who have only previous balances. Recently a client of ours indicated that determining which client needed either an invoice or a statement was a cumbersome process, along with a concern that an account might be missed or overlooked. Actually there is a streamlined way of ensuring all clients receive the appropriate billing document. Here’s how:
Step #1: Generate Invoices
We’ve commented on the process of generating invoices in previous articles and there is also a good article in the TimeSolv Knowledge Base that addresses this topic (https://help.timesolv.com/article/304-creating-invoices). Go through the process of creating your draft invoices, make corrections, and send them.
Step #2: Generate Statements
Now it’s time to turn our attention to those clients (and matters) where work was previously performed and billed, but there is no new activity and no payments for the outstanding invoices.This is where statements come in.
- From the Invoices menu, select Statements
- On the Statements window, click on the link New Statements
- Create For – Leave the value set to “All Clients”
- Allow Zero Balance Statements – Do NOT check this box. Leaving the box unchecked will generate statements for all clients and/or matters that have previous balances
- No Invoice Since – Enter the date you used for your invoices
- Click on the Create This will now generate statements for all clients and matters that do not have any activity but do have previous balances. You may then send out those statements to remind clients of the status of their accounts.
- You will be returned to the Statements window. Select the checkbox(s) to download multiple statements and click on the Download button on the top right of the screen if you want copies. Otherwise –
- Specify the delivery method by selecting the Printer/Email/ AutoMail checkboxes, and click on the Send button
There’s a lot to like about TimeSolv – it’s easy to use and, as a cloud-based application, accessible from anywhere. But any application is only as good as understanding it and taking advantage of its features. We can help, with tips, tricks and answers to your questions. Be sure to call us at 877-357-0555 or write to us at firstname.lastname@example.org.
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Dana Riel is President and Founder of Business Solutions, Inc., serving the Washington, D.C. metropolitan area since 1985. Her firm is the authorized training center for the region for Time Matters and PCLaw by PCLaw|Time Matters, PLLC; Timeslips and Peachtree Accounting by Sage Software; and QuickBooks by Intuit Corporation. As a trainer, Dana has provided training services to organizations such as the DOD Defense Logistics Agency, Judge Advocate General’s Office (JAG)/Department of the Navy, University of the District of Columbia School of Law, U.S. Department of Commerce and the U.S. Department of Veterans Affairs, as well as with small‐ to mid‐size law firms in the Baltimore‐Washington D.C. area. In 2009, she participated in the series of day‐long seminars sponsored by the District of Columbia Bar Association Practice Management Section, titled “Basic Training: Learn About Running a Law Office”. Ms. Riel also served as an Adjunct Professor in Georgetown University’s Paralegal Studies Program, having taught the course, “Legal Ethics/Legal Technology” in 2009; and “Legal Technology” for the Spring and Summer Semesters of 2010. She presently serves on the Advisory Board for PCLaw|Time Matters, PLLC.