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Best Software Technologies For Boosting Realization

By James J. Hammond
November 01, 2004

[Editor's Note: A&FP's July edition included an article describing how one large firm methodically improved collections with due regard for the delicacy of client relationships. To that same end, this new article by Jim Hammond explores software technologies that help focus and streamline a firm's collections efforts.]

The most direct and effective way to enhance profits is to improve realization ' getting clients to pay their bills and pay them faster. The longer an invoice ages, the less likely the firm will get paid in full if at all. Further, WIP building against a delinquent account puts the firm at additional financial risk. Collecting smartly and swiftly is therefore essential to profitability and overall firm vitality.

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