Optimization services to make your business more efficient, your operations more profitable, and your peace of mind complete
The scale and scope of routine administration adds to the burden of management in every successful law firm. In particular, the personal nature of billing and collections can be difficult to organize and challenging to monitor. For business process optimization to work, it needs to be fast, flexible and secure: the key characteristics of our service offering.
Business process optimization offerings from Fulcrum include not only billing and collections but also bank reconciliations, accounts payable and other financial processes: everything is made much simpler, reducing the routine demands on lawyers’ valuable time.
Business Process Optimization Services
Billing:
Billing services with built-in workflow to help manage WIP, generate draft bills, make revisions at the direction of your firm and generate final invoices. Our experts are highly skilled and proficient in SAP, market leading eBilling platforms and more, to deliver efficiencies to your billing practices.
Collections:
Using Fulcrum’s collections solution in combination with highly experienced resources, Fulcrum’s collections operations as a service manages A/R processes from handling disputes, creating and following up on promises to pay, and more to increase your firm’s payment realization.
Reporting
Financial reporting, management reporting, financial statement preparation, and more.
Accounts Payable
Fulcrum AP Services follow industry best practices to manage and maintain visibility of available free credits, payable days, purchase order mandates, and Accounts Payable cycle efficiency.
G/L & Journals
Fulcrum adheres to GAAP and other applicable accounting standards and ensures that the results delivered to your business are accurate and meet the required timeline on a cash, accrual, and modified cash* basis. Fulcrum’s process management of your firm’s G/L & Journals is positioned to provided support from G/L postings and reconciliations, fixed assets and intercompany accounting, to general accounting and bank management.
Benefits of Business Process Optimization
Integrated technology and services
End-to-end finance strategy utilizing industry experts in combination with future-proof technology architecture focusing on client experience, continuous innovation, and outcome-based service.
Reduced IT, operational, and people costs
Decommission costly disparate systems that need constant maintenance to manage the business; reduce or re-allocate employees to focus on core competencies or drive value elsewhere, and reduce space requirements for on-premise IT infrastructure.
Industry experience and scalability to meet unique firm needs
Deliver real financial benefits and tangible business value from operations as a service offering. On-shore, off-shore, or near-shore, as well as modularity in service offerings, allows for flexibility and mitigation of internal change management requirements
- Create an agile organization to support business growth and new revenue sources
- Standardization, compliance, control, transparency
- Improved efficiencies in billing and finance activities
- Modular, flexible, scalable
- Reduction in change management and organizational training
Fulcrum services operate through a network of pods – dedicated specialist teams – managed from the US and UK but located globally. They can run your entire system and isolate those elements that you would prefer to manage or supervise internally through a portal directly targeted at the people who need to use it. In this way, lawyers can use their discretion, where necessary, on sensitive client matters, but not sacrifice any control.