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Consider P-Cards to Directly Enhance the Bottom Line
The economic environment is driving a healthy review of cost structure and process across all industries, and law firms are not exempt. In our industry, reduced acceptance of pass-through expenses by clients, staff reductions, and revenue/profit pressure are catalysts for change in how law firms interact with their suppliers. In efforts to increase transparency, manage demand, and streamline back-office operations, law firms are looking at automation opportunities within the procure-to-pay cycle. A well-defined Purchasing Card (“P-Card”) program is one tool available to law firms which requires little or no upfront investment, yet yields many of the controls, efficiencies, and transparencies that law firms and their clients seek.
P-Cards are a form of a corporate credit card that provides organizations with flexibility and convenience to purchase goods and services with greatly enhanced control and reporting capabilities. Law firms may use P-Cards as the payment method for all types of expenditures, including court room services support, courthouse fees, office supplies, IT hardware, travel, and other overhead expenditures. P-Cards streamline purchasing and payment, automating traditional paper-based purchase order, invoice, and check creation without loss of visibility or control.
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