E-billing solutions give you a robust system for monitoring legal spend management, billable hours, and legal matter expenses in real time. For many firms, the move to an e-billing platform also provides advanced features like comprehensive financial reporting, matter management tools, and integrations with accounts payable systems. This visibility is extremely valuable in a competitive legal market, where any inefficiency can hinder law firm performance and profits.
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When moving from manual workflows to electronic legal e-billing billing, you will eliminate certain manual steps. That’s why creating a standard process now can ensure consistency and avoid confusion moving forward. Financial management is a foundational skill, according to the CLOC 12 Core Competencies. Every legal department should have a strong financial management focus so they can effectively manage the budget and identify potential cost-saving opportunities.
The biggest hidden cost of all
Understand which format works best within the company, as the finance department may want a certain format over another. Taylor Dahlem is the Senior Product Marketing Specialist at PracticePanther, the all-in-one law practice management software company. He is on a mission to deliver technology solutions that provide the most value to legal professionals daily through exciting and impactful go-to-market campaigns. Founded in 2008, Rocket Matter is an all-in-one legal practice management platform designed for small and unearned revenue mid-sized law firms.
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- They offer a discount for clients who pay for the entire year up front.
- Quickly analyze and compare legal costs against crucial benchmarks, including past data and industry standards.
- First and foremost, your document management and automation system should serve as a repository.
- It is our experience that about 90% of buyers fall into the second category.
- These invoice requirements will provide consistency for your firm (for a more efficient billing process) and your clients (for a better client-centered experience).
The better option is to look for a vendor that provides e-Billing, case management, contract management, document management and spend management as a unified suite. If an invoice is non-compliant the system may flag the discrepancy and notify the in-house counsel or return the invoice directly to the law firm for correction. The process starts with the outside counsel, who will simply upload the invoice to a highly secured web site. Once the invoice is uploaded, it will be transferred electronically to the Legal department’s in-house e-Billing database. In this exclusive guide, we break down the six essential reports every law firm needs to gain full visibility into their financial health.
Faster Payment of Invoices
When it comes to technology, regular evaluations are always encouraged to ensure you’re getting maximum return on investment. Access real-time intent data to measure your success and maximise engagement. The software also automates line item-to-inventory matching, ensuring consistency across your database. This prevents issues like mismatched or misspelled line items and keeps everything organized. Vendors and customers often send invoices and documents through different channels.
Lean on expert implementation services to get your system up and running quickly—and ensure your team understands how to use it. Some solutions might integrate seamlessly with your existing accounting platform or matter management system, while others could require significant overhaul. Expert software selection support helps you evaluate different products, AI in Accounting weigh pros and cons, and pick the option that delivers maximum value.
Implementing eBilling: Tips for Success
Introduced some 20 years ago, the first legal e-billing systems were used to track and audit these invoices, which often accompany insurance claims. These systems, once introduced, were a significant step up from manual processing that had previously been used to usher an attorney invoice through the payment process. Provide your legal team, finance staff, and vendors with clear instructions on how to use the platform. Offer hands-on practice sessions and create simple guides they can refer to later. The more comfortable users are with the software, the smoother the adoption process will be. Gather and update vendor information, past invoices, and billing guidelines.
