Silicon Valley-founded ‘invoice-to-cash’ startup Oddr today (14 November) announces the release of the 2024 Oddr Invoice-to-Cash Survey Report, which examines the current state of billing and collections practices in law firms and highlights critical inefficiencies caused by outdated processes. The report is available for download here.
Key findings of the 2024 Invoice-to-Cash Survey Report include:
– 73.3% of firms rely on over three platforms to manage billing, collections, payments, and reconciliation, creating fragmented workflows.
– 76% of firms continue to deliver invoices via emailed PDFs, with manual processes adding inefficiencies equivalent to two full-time employees.
– 66.67% of firms report sending incorrect invoices to clients, highlighting the risks of outdated processes.
– 83.% of firms rely on email reminders and phone calls to chase unpaid invoices, with only 10% using client portals for follow-ups.
– 50% of firms have seen collection cycles lengthen, with some cycles stretching beyond 90 days.
Ward and Smith director of IT, Charles Collins, said: “The security challenges highlighted in the Oddr Invoice-to-Cash Survey, especially around PDF invoicing and the risk of sending sensitive information to the wrong recipient, are a critical concern for our industry. This report underscores the urgent need for firms to adopt secure, integrated billing solutions that reduce these risks. Prioritizing security in our invoicing processes is essential—not only to protect client data but to reinforce trust and provide a seamless, secure experience for our clients. As firms, we must address these vulnerabilities proactively to uphold our commitment to data protection and client service excellence.”
Dan Watson, CFO of Vorys, added: “The Oddr Invoice-to-Cash Survey Report delivers actionable insights for law firms as we face growing complexity in billing and collections. By moving away from fragmented systems and embracing modern, integrated invoice-to-cash solutions, firms can streamline their financial operations, reduce manual errors, and provide a more transparent and efficient service to clients. This data underscores the industry-wide priority of evolving beyond outdated processes to achieve measurable efficiencies and strengthen client relationships.”
To produce the survey report, Oddr gathered insights from firms across various segments of the legal industry. The data highlights not only the challenges but also the opportunities for innovation within law firm financial operations.
To download the full 2024 Oddr Invoice-to-Cash Survey Report, click here.