Timeframe and TranslatorHQ

The importance of Trust Data breaches, corporate re-structuring and collapses have alerted business to the value of an intangible ... trust. We are big advocates for the use of email as a communication medium rather than the paper documents of the past. Working in law firms and accounting firms though has always been at odds with "Paperless" and environmentally responsible communication. I believe that as a profession it is no longer possible to ignore paperless processing. The time has come to embrace the challenges and implement features like electronic payments WITH the requisite controls. Unfortunately we see a focus on the problem and not the solution. Electronic control systems can close fraud options that are available now. A recent article in New Zealand is a case in point. OpenEFT  would have prevented this fraud. The conclusion that Lawyers and clients should be careful with emailed instructions could have been ensure you have systems and policies in pla...

Billing quick wins How you bill your clients makes a big difference to cash flow. The way you bill has everything to do with how payment will be made. Are you giving your clients an easy excuse to not pay you?   1. State the payment terms Firms traditionally offer credit easily. Whilst new clients are accepted through a risk analysis process the voice of the Credit Controller is not heard enough. These processes should identify potential risks through references to available searches and past history including the firm’s own records. Before you offer credit make sure you agree and negotiate the terms of payment. You do not have to accept the 30 days from the end of the month the invoice was received. You are allowed to ask for a shorter term. What is important is that the client understands the terms and agrees to these terms before you start the matter. As a reminder, always ensure that the payment terms are listed on every bill. State the actual due date wh...

I am heartened by the many Collections projects we were involved with last year. These projects will have made a major difference to these firms final collection numbers and more importantly the effort required to collect these amounts. Law Firms Press to Get Bills Paid by Year-End http://online.wsj.com/news/articles/SB10001424052702304773104579270470475326780 The critical number in here was the drop in total recovery rates have dipped from 90% in 2007 down to 83.5% in 2013.   There are some simple measures to improve your Collections which firms can implement :- 1) Review payment terms. Consider 7 and 14 day accounts. 2) Look at your payment options do you make electronic payment easy? 3) Do you deliver bills electronically as PDF? They are faster and match the expectation of clients for quality and authorization. 4) Have you reviewed your client payment requirements? Some bill consolidation services are too expensive in the long run. Negotiate accordingly or leave...

Are you ready for  Much More Easier European Business? February 1st, 2014 is a day of great significance for banks and other organizations in the euro zone– it’s the deadline for single euro payments area (SEPA)-compliance, and it’s approaching fast. SEPA aims to create a single domestic market for euro payments through standardization and the development of common financial instruments and procedures. This will create a simplified, harmonized bank transfer system for the 32 SEPA countries, helping to reduce costs for all and improve the efficiency and speed of payments. Hopefully, your organization is already well underway with compliance preparations – such as replacing current account numbers with the common format of International Bank Account Numbers (IBAN), identifying areas and processes that will be affected by SEPA, and implementing message format changes for payment instructions and reconciliations. Timeframe’s Electronic Payment Solution OpenEFT, anticipated the...

Well with the demise of Microsoft's CEO I am being praised for seeing something as if I was the only one who could guess that the disease that had set in to one of the worlds largest sofware companies was somehting unusual. REDMOND, Wash. — Aug. 23, 2013 — Microsoft Corp. today announced that Chief Executive Officer Steve Ballmer has decided to retire as CEO within the next 12 months, upon the completion of a process to choose his successor. In the meantime, Ballmer will continue as CEO and will lead Microsoft through the next steps of its transformation to a devices and services company that empowers people for the activities they value most.  “There is never a perfect time for this type of transition, but now is the right time,” Ballmer said. “We have embarked on a new strategy with a new organization and we have an amazing Senior Leadership Team. My original thoughts on timing would have had my retirement happen in the middle of our company’s transfor...

Well I can guess this is not everyones light reading but in Microsoft's Earnings statement the Surface RT seems to have been as much a problem for others. So how many tablets does $900 Million buy? Cost of revenue grew $1.4 billion, or 35%, primarily reflecting product costs associated with Surface and Windows 8, including a charge for Surface RT inventory adjustments of approximately $900 million , higher headcount-related expenses and increased online infrastructure expenses, offset in part by decreased traffic acquisition costs. http://www.microsoft.com/investor/EarningsAndFinancials/Earnings/PressReleaseAndWebcast/FY13/Q4/default.aspx

Culture: An obstacle to success for law firms? Reda Bennani : Consultan t The global financial crisis that truly impacted every economy, made a lot of radical changes in the way businesses operate and generate revenue. Those that anticipated ever-demanding customer needs thrived despite competing in very tough industries. Others however lagged far behind in terms of structuring a business model that understands the realities of the global economy and corporate clients’ behaviour. There is a consensus that many big corporate law firms aren’t built to run like modern businesses. The tough reality is that modern corporations are allocating fewer resources to legal work, and establishing more strict measures to verify the efficiency and productivity of the law firm engaged. This changing environment has penalized law firms, which are already punished by their culture and structure. The Partnership structure aims to look after the partners as the ultimate financial goal. They ...