Oddr Announces the Release of the 2024 Invoice-to-Cash Survey Executive Report

Global News

14
Nov
2024

Editor

Oddr, the legal industry’s only AI-powered invoice-to-cash platform, today announces the release of the 2024 Oddr Invoice-to-Cash Survey Report. This executive report examines the current state of billing and collections practices in law firms and highlights critical inefficiencies caused by outdated processes. The findings offer a roadmap for firms looking to modernize and improve their financial operations.

“Law firms today are navigating increasingly complex billing cycles, leading to delayed payments and cash flow challenges,” said Saurabh Mehra, Oddr’s Chief of Product. “The 2024 Invoice-to-Cash Survey Report provides not only a clear picture of the issues but also actionable solutions that firms can adopt to enhance efficiency and client service.”  

The report underscores the importance of modern invoice-to-cash (i2C) platforms in addressing these challenges. Firms that embrace automated, integrated solutions such as self-service client portals and secure payment links experience quantifiable efficiency, enhanced transparency, mitigate risk and an increase in realization.

Ward and Smith Director of IT, Charles Collins, comments: “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, adds: “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 This data underscores the industry-wide priority of evolving beyond outdated processes to achieve measurable efficiencies and strengthen client relationships.”

Key Findings of the 2024 Invoice-to-Cash Survey Report:

•  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.  

“The data makes it clear that firms using modern i2C platforms see reduced collection cycles, improved cash flow, and stronger client relationships,” Saurabh continued. “Our mission is to empower firms to shift away from fragmented systems and embrace solutions that streamline the entire invoice lifecycle.”

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, go here.