Modern law firms are increasingly turning to technology to improve their cash management and overall financial stability. Cash management is an essential component of running any law firm. Unfortunately, it is often a time-consuming and error-prone process. From tracking accounts receivables to manually processing payments, to meeting regulatory compliance requirements, the daily operations of a law firm can present unique cash management challenges.
In this article, we will explore how Ceviant assist law firms streamline their cash management operations and improve their overall financial stability. We will examine the common pain points that law firms face in their cash management operations and how Ceviant’s solutions can help mitigate them. From managing multiple bank accounts and receivables to handling supplier payments and establishing escrow accounts, Ceviant offers a range of solutions tailored to the unique needs of legal professionals. With Ceviant, law firms can improve their cash management, make informed decisions to protect and grow their liquidity, and ultimately, run their business more efficiently and effectively.
Pain point #1
Multiple Bank Accounts: Client fund segregation and tracking retainer fees across multiple clients can be time-consuming and costly for law firms. This can lead to lost revenue, inefficiencies, and expensive and burdensome individual bank account setup.
Ceviant’s Solution
Virtual accounts: Ceviant offers Virtual Accounts to easily manage client and vendor payments. Through the use of unique pay-in account numbers, payments are mapped directly to client accounts in your ERP for real-time reconciliation. There are no monthly fees and accounts can be created quickly and efficiently for each customer.
Pain point #2
Managing Receivables: Errors in account information, client reference numbers, name spellings, and amounts can cause confusion and delays. Reliance on external data sources, such as bank tellers and reference data, can lead to the need for manual tracing of funds and disruptions in system reconciliation.
Ceviant’s solution
Smart API connectivity: With Ceviant, you can access real-time data and multi-bank account positions through its bank-connected API platform, streamlining the reconciliation process. Ceviant also enables instant cash movement utilizing bank payment rails, providing flexibility and convenience.
Pain point #3
Supplier payments: Payment complexity increases exponentially when dealing with multiple clients, suppliers, and other payments for legal services for specific projects—it’s easy to become overwhelmed. Ceviant offers the perfect solution to help your organization keep track and simplify the process.
Ceviant’s Solution
Ceviant’s API platform allows for seamless integration with your ERP or other back-end systems, providing real-time data within seconds, eliminating the need for manual uploads. This allows for faster decision-making and improved accuracy by delivering the necessary information directly to the teams that need it.
Pain point #4
Escrow accounts: Legal firms often handle real estate transactions, client funds, and other financial transactions that require the use of escrow services and project-specific accounts. Timely establishment of these accounts is crucial as any delay can negatively impact the firm, the client, and the transaction itself. With Ceviant, legal firms can quickly and easily establish project-specific accounts, ensuring smooth and efficient handling of financial transactions.
Ceviant’s Solution
Third Party Managed accounts: Ceviant offers Third Party Managed Accounts (TPMA) to help law firms effectively manage client funds, such as trust accounts or escrow accounts. By utilizing a third-party financial institution, rather than managing the accounts in-house, it ensures proper handling and oversight of client funds, providing an added layer of protection for clients’ financial assets. TPMA also offers transparency and record keeping for compliance with legal and regulatory requirements. Commonly used for transactions such as real estate closings, personal injury settlements, and other financial transactions that involve a transfer of funds, TPMA through Ceviant can help law firms to manage these financial transactions with ease and efficiency.
Overall, Ceviant provides law firms with the tools they need to effectively manage their cash flow, improve working capital, manage billing and collections, comply with regulations, forecast for the future, and improve profitability.
Discover how Ceviant can help your law firm streamline cash management and improve financial stability. Contact us today to learn more. www.ceviant.co and hello@ceviant.co
