Are you looking to further modernize billing processes and improve your firm’s performance? Assessing your firm’s billing process, from the initiation of a draft bill to revenue realization and cash collection, will help you better understand where there are process gaps, or areas where efficiency can be improved.
Professional firms that have transitioned to digital bill editing are experiencing the benefits of timelier and accurate billing, as well as improved realization. Those who are still using paper or PDF-based distribution, or complicated workflow tools are concluding that now is the right time to adopt digital processes for greater efficiency, better compliance, and improved visibility.
The top 5 drivers that are encouraging firms to modernize include:
1) Greater speed and accuracy of bill preparation
- Collecting input from timekeepers on a timely basis can be difficult and leads to billing delays and inaccurate invoices that are rejected by clients.
- Digital bill editing allows firms to benefit from a controlled workflow and a simplified, coordinated process in which all stakeholders can participate from desktop, laptop, or mobile devices.
- Bills can be edited easily by users working in the office or remotely.
- Integration with your financial system provides essential access to real-time billing data, reduces manual input and minimizes the inaccuracies caused by the re-keying of information by multiple users.
2) Improved visibility into the process
- A digital bill editing process speeds up the bill generation, distribution, and review process.
- It provides better visibility allowing finance teams to track and manage all stages of the billing life cycle.
- Lawyers can quickly review and markup draft bills as part of a coordinated workflow, eliminating the need to print, collate, ship, and recollect paper.
- Billing teams can focus on higher-value tasks such as improved client delivery and service for invoices and collections.
3) Timelier billing leads to better financial outcomes
- Firms can significantly improve their financial health and performance by streamlining the work-to-bill life cycle.
- Billing delays can lead to increased write-downs. Digital bill drafting means improved collaboration and greater visibility into the entire billing lifecycle, enabling Finance teams to take appropriate action when necessary to identify and remove bottlenecks and get bills out the door more quickly.
- Real-time integration with the finance system ensures more time can be included in each invoice,
4) Better compliance with clients’ billing rules
- Complex client billing requirements can be challenging for lawyers and staff to follow. Additionally, with the increasing use of e-billing, firms have to follow more rigorous rules.
- Manually reconciling a high volume of draft bills can significantly complicate and extend billing cycles. Digital bill editing software that natively integrates with your firm’s financial management system and external validation systems makes it easier for your firm to adhere to client guidelines.
5) Improved realization
What’s the bottom-line benefit of making the transition to digital bill editing – literally and figuratively? Clients appreciate the timelier delivery of accurate invoices that comply with billing rules, which translates to faster cash collection and improved realization rates for your firm.
Modernizing your billing processes can be challenging without the right technology, the right expertise, and a realistic change management plan. To learn more about how your firm can accelerate its transition to digital bill editing, please contact us today.