From Time Tracking To Invoicing: How TimeSolv Transforms Legal Practice
Increasing billable time and more.
TimeSolv is a cloud-based timekeeping and billing platform tailored specifically for law firms and other professional services. Since its inception in 1999, TimeSolv has been helping legal professionals increase their billable time and streamline their billing processes. The most prominent administrative challenges lawyers face are accurately tracking time, invoices going unpaid, and managing the logistical aspects of their cases. TimeSolv provides a solution for all of these issues.
It’s All About Time
Lawyers know that timekeeping extends beyond hourly billing. TimeSolv allows legal teams to track every minute spent on tasks and gain valuable insights into potential inefficiencies. TimeSolv provides resources for the firm to evaluate the profitability of flat-rate legal fees and set matter time budgets to protect profitability. Users can see their daily, weekly, and monthly time billed. See Figure 1.
Figure 1: TimeSolv summarizes performance related to time entries, showing monthly total hours billed and the value of those hours. Users see their billable totals for each day and week.
Team members can create time entries manually in the application or via widget timers, capturing time as they work rather than trying to recreate how they spent their day. TimeSolv’s mobile app works seamlessly with the desktop application, allowing lawyers to use the built-in timers to track activity in real time, even when they are not connected to the internet, providing a seamless data sync. Users can employ abbreviation codes for long descriptions and use their phone’s voice-to-text functionality for quick and accurate data entry. The mobile app is available for both iOS and Android devices.
The in-depth reporting assists teams in understanding how hours are spent and analyzing productivity and project allocation. Setting time budgets allows case administrators to keep projects profitable and create alerts when billing approaches a preset limit. TimeSolv offers an interactive time tracking demo to increase user success.
TimeSolv also helps track expenses efficiently, allowing users to attach receipts to matters and invoices, set limits on tracked expenses per matter, and see a calendar overview of expenses (daily, weekly, monthly). Firms can also set up daily, weekly, or monthly recurring expenditures. These tools enable the firm to keep track of expenses and prepare accordingly.
Billing and Invoicing
TimeSolv automatically formats invoices to meet the exact specifications of the LEDES billing system, ensuring compliance and reducing the risk of errors. TimeSolv supports multiple LEDES formats, including LEDES 1998B, LEDES 1998BI, LEDES 2000, and LEDES 1998BV2. This flexibility allows a firm to choose the format that best meets its needs.
A firm can customize invoices to match their style and branding, including all necessary details like time entries, expenses, trust balances, and more. Whether billing hourly, flat rate, or on a contingency basis, TimeSolv adapts to each firm’s needs. Users can view draft invoices and filter by client or date range on the draft invoice screen. See Figure 2.
Figure 2: A listing of all invoices prior to final billing shows the clients, individual invoice amounts, and total amount. Additionally, users can view draft invoices without downloading by clicking on the magnifying glass on the far right. Editing can be done by clicking the dollar amount and modifying line items, descriptions, rates, and other details.
Trust accounting is critical for law firms to manage client funds accurately and ethically. Track all financial transactions related to client trust funds in TimeSolv, ensuring compliance with legal requirements. TimeSolv automates trust transactions to pay invoices directly from trust accounts and monitors trust account balances. When funds fall below the designated level (minimum balance), TimeSolv automatically replenishes them. Each matter can have unlimited trust accounts (IOLTA or COLTAF). Conveniently manage client funds across different cases within a single interface. If a firm handles multiple cases for a client, moving client funds between trust accounts is seamless. Precise fiscal management, including accurate monthly reconciliations, ensures accuracy and compliance. Detailed reports help firms analyze trust activity, identify discrepancies, and maintain transparency. TimeSolv’s trust accounting software adheres to legal trust accounting rules.
Payments
Getting paid is critical to any firm’s success. TimeSolvPay is a built-in feature that assists with collecting, recording, and allocating payments. Firms can easily enter payments and credits, whether checks, cash, or credit cards, and allocate them to specific invoices. Clients can make payments directly through the secure client portal, simplifying the process for everyone. Payments are seamlessly synchronized to QuickBooks or Xero using TimeSolv’s best-in-class synchronizing features.
The client portal is a centralized platform enabling clients to manage and make payments conveniently. Clients can receive and view electronic invoices directly within the portal. It supports various payment options like eCheck, credit card, virtual card, and digital wallet. Clients can check their account status, view payment history, and access relevant documentation like sales orders and contracts. Clients have the flexibility to make payments at their convenience, reducing the need for manual intervention. The advanced portal offers features for clients and accounts receivable teams to leave questions and comments directly on invoices, facilitating faster dispute resolution.
TimeSolv’s AR calculator helps law firms and other professional services understand and improve their accounts receivable (AR) management. The AR calculator helps determine additional revenue that could be made using TimeSolv’s Zero AR process. Users enter their current collection rate, the average number of days it takes to collect payments, and the average amount billed per month. The calculator then shows the potential revenue gain by implementing TimeSolv’s Zero AR process. It provides a comparison between the current collection total and the possible total with a 97% collection rate. Firms can see an improved cash flow by understanding and optimizing the AR process, driving efficiency, and providing financial insight. TimeSolv’s AR calculator is valuable for any firm looking to enhance its revenue management and streamline its billing processes.
Case Management
TimeSolv offers centralized document storage to keep all case-related documents in one place, eliminating the need to juggle multiple repositories or search through scattered files. Teams can create customizable folders based on case type, client, or other criteria. Documents can be found through searching by keywords, dates, and file types. Automating repetitive tasks related to document creation and management saves legal teams time, drives efficiency, and reduces errors. This translates into reduced time drafting routine documents and increased time to focus on client needs.
Firms can save time and money by efficiently managing case-related tasks. Teams can track tasks and monitor deadlines, court appearances, and other critical events. Workflows can be developed based on firm protocols, with automatic tasks triggered by dates or events. TimeSolv provides tools to manage case expenses to stay within budget and facilitates communication among team members working on the same case. Dynamic dashboards provide real-time insights into key metrics like billable hours, accounts receivable, matter profitability, and more. See Figure 3.
Figure 3: The dynamic dashboard empowers legal professionals by providing actionable insights to help them make informed decisions. It offers interactive visualizations to analyze revenue trends, compare expenses, and easily review billing and payment statistics. Seamlessly integrated with TimeSolv’s time-tracking software, the dashboard becomes a centralized hub. Manage tasks, deadlines, and project progress—all in one place.
Integrations and Security
TimeSolv has integrations with document management platforms, online payment software, Office 365 Outlook, and common accounting software used by lawyers, including QuickBooks. TimeSolv employs 256-bit AES (Advanced Encryption Standard) and SSL (Secure Sockets Layer) encryption, ensuring that data transmitted and stored within TimeSolv remains confidential and secure. Hosted on AWS (Amazon Web Services), TimeSolv is SAS 70 compliant, ISO 9001 certified, and PCI DSS compliant.
Pricing
TimeSolv is billed on a per-user basis with discounts based on the number of users and additional savings available by paying on an annualized basis rather than monthly. Pricing starts at $49.99 per user for 1 – 4 users, $47.49 per user for 5 -14 users, and $44.99 per user for 15+ users. Contact TimeSolv for full pricing details.
Who is ProfitSolv?
ProfitSolv is a comprehensive suite of billing, payment, and other software solutions designed specifically for professional services firms. ProfitSolv offers solutions tailored to the needs of small boutique firms to large practices. Based out of Knoxville, Tennessee, ProfitSolv employs almost 250 professionals across the US. TimeSolv was created in 1999 by Thomson Reuters as one of the pioneering online time and billing platforms available specifically for lawyers. As part of ProfitSolv, TimeSolv continues to evolve and provide key services for law firms.
Latest Developments and Updates
- New reports based on the Logi Report framework. All previous reports and report loading times were updated and improved, particularly for companies with higher data volumes. Users now have the option to go back to the previous version of a report, while the new version is enabled by default.
- Multiple sessions are now supported, enabling users to open numerous reports simultaneously.
- Enhanced flexibility with invoice customization.
Word templates for retainer invoices: users can define the styling, formatting, and placement of elements in their Word template, providing greater flexibility in modifying retainer invoices to meet their needs. - UI and performance enhancements across the application, including invoice generation, time entry, expense entry, time search, LEDES invoices, and dashboards.
Why Buy TimeSolv?
- Efficient and accurate time tracking and billing accessed from anywhere, at any time.
- Case management features that link timing and expenditures to billing.
- Online resources and a catalog of YouTube videos provide users with on-demand support.
See TimeSolv Today!
Schedule a demo today to learn what TimeSolv can do and how law firms are making time and billing services more efficient! TimeSolv also offers a free trial.
