Is your lawyer still handling your business debts?

Bence Badinszky
Profiles
November 21, 2022
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4
minute reading time

Our research and experience so far shows that it is still a common pattern in this country for in-house in-house lawyers or external lawyers to play a kind of "all-rounder" role in companies - in the noblest sense of the word and not degrading them. If you need a contract, if you owe us money, if you have a legal question: call the lawyer! But thanks to the conquest of digitalisation, there is finally a whole new approach to this.

Digitalisation is taking away the work of lawyers

This is not true. So it is worth nuancing the answer. We see digitalisation as transforming traditional and familiar processes and making them more efficient. Payee does not aim to eliminate the legal profession, on the contrary - we free up lawyers' time so that the knowledge and skills they have acquired over many years as lawyers are not "wasted" on tasks that can easily be done by software, such as digitising the collection process.

This leaves more time for lawyers to take on assignments that really require deep legal knowledge - the work that really adds value.

In other words, we are digitising legal processes that lawyers don't like to deal with anyway - an experience that has been echoed by several prominent law firms who have welcomed our project.

Save on legal costs

It's simple: you should only entrust your lawyers, in-house lawyers and legal department with those tasks that really require in-depth legal expertise.

The template-based, automatable tasks that you can already do digitally in a self-service way should be left to financial assistants and office managers, who with minimal training will be able to manage your company's overdue receivables in one platform. With this mindset, you can save on legal costs on two fronts:

  1. you don't have to pay the high hourly rates for lawyers - which are high for understandable reasons, since it takes them a lot of time to manually put together what you already have access to automatically.
  2. no time is wasted on tracking and reporting recoveries - no need to regularly query lawyers on statuses and tasks, as you can see them in real time, summarised in one place.
Thanks to digitalisation, the service our service fees are on average significantly lower than market prices.

The transition must be difficult

Fortunately, this is not the case. It's as easy as ordering a pizza online.

You can start using our platform (or your finance or assistant) immediately, without installation, with minimal training, hundreds of businesses are already using it, no paperwork, we contract digitally at registration.

Look at the fact that you've probably already gone through similar transitions, you just might not have noticed: just as you're already successfully managing billing, communication and many other areas of your business online, you can now outsource the management of overdue receivables to the cloud.

Another part of your business will be digitised with just a few clicks.

What's in it for me?

If you take this area and digitise it by opening an account and starting to add your unpaid bills today, you can:

  • You save on legal costs - as explained above.
  • Time. Time. Time. - Payee is 10X faster than lawyers
  • Focus - your overdue claims will be in one place and with experts, you'll always be up to date.
  • Competitive advantage - you manage your liquidity professionally, beating traditional instruments.

So?

Digitalisation is a normal process in business life. While it requires flexibility on the management side to avoid sticking to our previous - often outdated and outmoded - processes, a smooth transition can deliver benefits, even in the short term, that will result in a more sustainable and professional company.

It is definitely worth looking into. We wish you the best of luck in managing your lei bills online from now on, so you can run a financially healthier business.

We would like to conclude this article with a thought from Veronika Pistyur:

"The digital world is now the air."

Source: https://forbes.hu/tamogatoi-tartalom/a-digitalis-vilag-ma-mar-a-levego/

Bence Badinszky

He is currently building the ecosystem as co-founder and Head of Business Development at Payee. Otherwise, he is a business IT specialist, entrepreneur and a big fan of fintech and lawtech. He graduated from Corvinus University of Budapest with a degree in Business Informatics, where he was more interested in the business side. He has taught at the Budapest University of Economics, worked at a startup developing human diagnostics software, at an international digital marketing agency and has also tried his hand as a business analyst in the corporate sector.

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