Has there ever been a time when the pain of paper-based proforma management processes was more evident? Unlikely. Law firms that have made the transition to digital are experiencing little to no disruption as a result of working from home. Those who are still transitioning are feeling the impact in spades, driving many to conclude that now’s the time to prioritize digital billing. Here are the top reasons why:
1) Greater speed and accuracy of bill preparation
Collecting input from timekeepers on a timely basis can be difficult, leading to delays in billing and inaccurate invoices that are rejected by clients. With Wilson Proforma Tracker firms gain a controlled workflow and a simplified user interface accessible from desktop and mobile devices. The software enables the timely and accurate preparation and validation of proformas wherever your people are, in the office or working remotely. The software integrates with Elite Enterprise and 3E to provide access to real-time time and billing data, reducing manual input and minimizing the inaccuracies caused by the re-keying of information by multiple users.
2) Less paper, lower costs, and improved billing service
A digital proforma management process speeds up the bill generation, distribution, and review process by enabling finance teams to track and manage all stages of the billing life cycle. Lawyers can quickly review and markup proformas 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
Billing delays lead to increased write-downs. Therefore, firms can significantly improve financial health and performance by simply streamlining the work-to-bill life cycle. There is less work in progress (WIP) at the end of the month and more time included in each proforma. Plus, digital proforma collaboration improves visibility into the overall status of the firm-wide billing life cycle. That means finance teams can take appropriate action when necessary to identify and remove bottlenecks and get bills out the door more quickly.
4) Better compliance with clients’ billing rules
Many clients have complex billing requirements, which can be difficult for lawyers and staff to follow. Additionally, with 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. 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 – literally and figuratively? Clients appreciate the timelier delivery of accurate invoices that comply with billing rules, which should translate to quicker cash collection and improved realization rates for your firm.
Making the transition to paperless processes can be challenging without the right technology and a realistic change management plan. To learn more about how your firm can accelerate its transition to digital proforma management, please contact us today.