TimeSolv
is
a
cloud-based
timekeeping
and
billing
platform
tailored
specifically
for
law
firms
and
other
professional
services.
Since
its
inception
in
1999,
TimeSolv
has
been
helping
legal
professionals
increase
their
billable
time
and
streamline
their
billing
processes.
The
most
prominent
administrative
challenges
lawyers
face
are
accurately
tracking
time,
invoices
going
unpaid,
and
managing
the
logistical
aspects
of
their
cases.
TimeSolv
provides
a
solution
for
all
of
these
issues.
It’s
All
About
Time
Lawyers
know
that
timekeeping
extends
beyond
hourly
billing.
TimeSolv
allows
legal
teams
to
track
every
minute
spent
on
tasks
and
gain
valuable
insights
into
potential
inefficiencies.
TimeSolv
provides
resources
for
the
firm
to
evaluate
the
profitability
of
flat-rate
legal
fees
and
set
matter
time
budgets
to
protect
profitability.
Users
can
see
their
daily,
weekly,
and
monthly
time
billed.
See
Figure
1.
Figure
1:
TimeSolv
summarizes
performance
related
to
time
entries,
showing
monthly
total
hours
billed
and
the
value
of
those
hours.
Users
see
their
billable
totals
for
each
day
and
week.
Team
members
can
create
time
entries
manually
in
the
application
or
via
widget
timers,
capturing
time
as
they
work
rather
than
trying
to
recreate
how
they
spent
their
day.
TimeSolv’s
mobile
app
works
seamlessly
with
the
desktop
application,
allowing
lawyers
to
use
the
built-in
timers
to
track
activity
in
real
time,
even
when
they
are
not
connected
to
the
internet,
providing
a
seamless
data
sync.
Users
can
employ
abbreviation
codes
for
long
descriptions
and
use
their
phone’s
voice-to-text
functionality
for
quick
and
accurate
data
entry.
The
mobile
app
is
available
for
both
iOS
and
Android
devices.
The
in-depth
reporting
assists
teams
in
understanding
how
hours
are
spent
and
analyzing
productivity
and
project
allocation.
Setting
time
budgets
allows
case
administrators
to
keep
projects
profitable
and
create
alerts
when
billing
approaches
a
preset
limit.
TimeSolv
offers
an
interactive
time
tracking
demo
to
increase
user
success.
TimeSolv
also
helps
track
expenses
efficiently,
allowing
users
to
attach
receipts
to
matters
and
invoices,
set
limits
on
tracked
expenses
per
matter,
and
see
a
calendar
overview
of
expenses
(daily,
weekly,
monthly).
Firms
can
also
set
up
daily,
weekly,
or
monthly
recurring
expenditures.
These
tools
enable
the
firm
to
keep
track
of
expenses
and
prepare
accordingly.
Billing
and
Invoicing
TimeSolv
automatically
formats
invoices
to
meet
the
exact
specifications
of
the
LEDES
billing
system,
ensuring
compliance
and
reducing
the
risk
of
errors.
TimeSolv
supports
multiple
LEDES
formats,
including
LEDES
1998B,
LEDES
1998BI,
LEDES
2000,
and
LEDES
1998BV2.
This
flexibility
allows
a
firm
to
choose
the
format
that
best
meets
its
needs.
A
firm
can
customize
invoices
to
match
their
style
and
branding,
including
all
necessary
details
like
time
entries,
expenses,
trust
balances,
and
more.
Whether
billing
hourly,
flat
rate,
or
on
a
contingency
basis,
TimeSolv
adapts
to
each
firm’s
needs.
Users
can
view
draft
invoices
and
filter
by
client
or
date
range
on
the
draft
invoice
screen.
See
Figure
2.
Figure
2:
A
listing
of
all
invoices
prior
to
final
billing
shows
the
clients,
individual
invoice
amounts,
and
total
amount.
Additionally,
users
can
view
draft
invoices
without
downloading
by
clicking
on
the
magnifying
glass
on
the
far
right.
Editing
can
be
done
by
clicking
the
dollar
amount
and
modifying
line
items,
descriptions,
rates,
and
other
details.
Trust
accounting
is
critical
for
law
firms
to
manage
client
funds
accurately
and
ethically.
Track
all
financial
transactions
related
to
client
trust
funds
in
TimeSolv,
ensuring
compliance
with
legal
requirements.
TimeSolv
automates
trust
transactions
to
pay
invoices
directly
from
trust
accounts
and
monitors
trust
account
balances.
When
funds
fall
below
the
designated
level
(minimum
balance),
TimeSolv
automatically
replenishes
them.
Each
matter
can
have
unlimited
trust
accounts
(IOLTA
or
COLTAF).
Conveniently
manage
client
funds
across
different
cases
within
a
single
interface.
If
a
firm
handles
multiple
cases
for
a
client,
moving
client
funds
between
trust
accounts
is
seamless.
Precise
fiscal
management,
including
accurate
monthly
reconciliations,
ensures
accuracy
and
compliance.
Detailed
reports
help
firms
analyze
trust
activity,
identify
discrepancies,
and
maintain
transparency.
TimeSolv’s
trust
accounting
software
adheres
to
legal
trust
accounting
rules.
Payments
Getting
paid
is
critical
to
any
firm’s
success.
TimeSolvPay
is
a
built-in
feature
that
assists
with
collecting,
recording,
and
allocating
payments.
Firms
can
easily
enter
payments
and
credits,
whether
checks,
cash,
or
credit
cards,
and
allocate
them
to
specific
invoices.
Clients
can
make
payments
directly
through
the
secure
client
portal,
simplifying
the
process
for
everyone.
Payments
are
seamlessly
synchronized
to
QuickBooks
or
Xero
using
TimeSolv’s
best-in-class
synchronizing
features.
The
client
portal
is
a
centralized
platform
enabling
clients
to
manage
and
make
payments
conveniently.
Clients
can
receive
and
view
electronic
invoices
directly
within
the
portal.
It
supports
various
payment
options
like
eCheck,
credit
card,
virtual
card,
and
digital
wallet.
Clients
can
check
their
account
status,
view
payment
history,
and
access
relevant
documentation
like
sales
orders
and
contracts.
Clients
have
the
flexibility
to
make
payments
at
their
convenience,
reducing
the
need
for
manual
intervention.
The
advanced
portal
offers
features
for
clients
and
accounts
receivable
teams
to
leave
questions
and
comments
directly
on
invoices,
facilitating
faster
dispute
resolution.
TimeSolv’s
AR
calculator
helps
law
firms
and
other
professional
services
understand
and
improve
their
accounts
receivable
(AR)
management.
The
AR
calculator
helps
determine
additional
revenue
that
could
be
made
using
TimeSolv’s
Zero
AR
process.
Users
enter
their
current
collection
rate,
the
average
number
of
days
it
takes
to
collect
payments,
and
the
average
amount
billed
per
month.
The
calculator
then
shows
the
potential
revenue
gain
by
implementing
TimeSolv’s
Zero
AR
process.
It
provides
a
comparison
between
the
current
collection
total
and
the
possible
total
with
a
97%
collection
rate.
Firms
can
see
an
improved
cash
flow
by
understanding
and
optimizing
the
AR
process,
driving
efficiency,
and
providing
financial
insight.
TimeSolv’s
AR
calculator
is
valuable
for
any
firm
looking
to
enhance
its
revenue
management
and
streamline
its
billing
processes.
Case
Management
TimeSolv
offers
centralized
document
storage
to
keep
all
case-related
documents
in
one
place,
eliminating
the
need
to
juggle
multiple
repositories
or
search
through
scattered
files.
Teams
can
create
customizable
folders
based
on
case
type,
client,
or
other
criteria.
Documents
can
be
found
through
searching
by
keywords,
dates,
and
file
types.
Automating
repetitive
tasks
related
to
document
creation
and
management
saves
legal
teams
time,
drives
efficiency,
and
reduces
errors.
This
translates
into
reduced
time
drafting
routine
documents
and
increased
time
to
focus
on
client
needs.
Firms
can
save
time
and
money
by
efficiently
managing
case-related
tasks.
Teams
can
track
tasks
and
monitor
deadlines,
court
appearances,
and
other
critical
events.
Workflows
can
be
developed
based
on
firm
protocols,
with
automatic
tasks
triggered
by
dates
or
events.
TimeSolv
provides
tools
to
manage
case
expenses
to
stay
within
budget
and
facilitates
communication
among
team
members
working
on
the
same
case.
Dynamic
dashboards
provide
real-time
insights
into
key
metrics
like
billable
hours,
accounts
receivable,
matter
profitability,
and
more.
See
Figure
3.
Figure
3:
The
dynamic
dashboard
empowers
legal
professionals
by
providing
actionable
insights
to
help
them
make
informed
decisions.
It
offers
interactive
visualizations
to
analyze
revenue
trends,
compare
expenses,
and
easily
review
billing
and
payment
statistics.
Seamlessly
integrated
with
TimeSolv’s
time-tracking
software,
the
dashboard
becomes
a
centralized
hub.
Manage
tasks,
deadlines,
and
project
progress—all
in
one
place.
Integrations
and
Security
TimeSolv
has
integrations
with
document
management
platforms,
online
payment
software,
Office
365
Outlook,
and
common
accounting
software
used
by
lawyers,
including
QuickBooks.
TimeSolv
employs
256-bit
AES
(Advanced
Encryption
Standard)
and
SSL
(Secure
Sockets
Layer)
encryption,
ensuring
that
data
transmitted
and
stored
within
TimeSolv
remains
confidential
and
secure.
Hosted
on
AWS
(Amazon
Web
Services),
TimeSolv
is
SAS
70
compliant,
ISO
9001
certified,
and
PCI
DSS
compliant.
Pricing
TimeSolv
is
billed
on
a
per-user
basis
with
discounts
based
on
the
number
of
users
and
additional
savings
available
by
paying
on
an
annualized
basis
rather
than
monthly.
Pricing
starts
at
$49.99
per
user
for
1
–
4
users,
$47.49
per
user
for
5
-14
users,
and
$44.99
per
user
for
15+
users.
Contact
TimeSolv
for
full
pricing
details.
Who
is
ProfitSolv?
ProfitSolv
is
a
comprehensive
suite
of
billing,
payment,
and
other
software
solutions
designed
specifically
for
professional
services
firms.
ProfitSolv
offers
solutions
tailored
to
the
needs
of
small
boutique
firms
to
large
practices.
Based
out
of
Knoxville,
Tennessee,
ProfitSolv
employs
almost
250
professionals
across
the
US.
TimeSolv
was
created
in
1999
by
Thomson
Reuters
as
one
of
the
pioneering
online
time
and
billing
platforms
available
specifically
for
lawyers.
As
part
of
ProfitSolv,
TimeSolv
continues
to
evolve
and
provide
key
services
for
law
firms.
Latest
Developments
and
Updates
-
New
reports
based
on
the
Logi
Report
framework.
All
previous
reports
and
report
loading
times
were
updated
and
improved,
particularly
for
companies
with
higher
data
volumes.
Users
now
have
the
option
to
go
back
to
the
previous
version
of
a
report,
while
the
new
version
is
enabled
by
default. -
Multiple
sessions
are
now
supported,
enabling
users
to
open
numerous
reports
simultaneously. -
Enhanced
flexibility
with
invoice
customization.
Word
templates
for
retainer
invoices:
users
can
define
the
styling,
formatting,
and
placement
of
elements
in
their
Word
template,
providing
greater
flexibility
in
modifying
retainer
invoices
to
meet
their
needs. -
UI
and
performance
enhancements
across
the
application,
including
invoice
generation,
time
entry,
expense
entry,
time
search,
LEDES
invoices,
and
dashboards.
Why
Buy
TimeSolv?
-
Efficient
and
accurate
time
tracking
and
billing
accessed
from
anywhere,
at
any
time. -
Case
management
features
that
link
timing
and
expenditures
to
billing. -
Online
resources
and
a
catalog
of
YouTube
videos
provide
users
with
on-demand
support.
See
TimeSolv
Today!
Schedule
a
demo
today
to
learn
what
TimeSolv
can
do
and
how
law
firms
are
making
time
and
billing
services
more
efficient!
TimeSolv
also
offers
a
free
trial.