E-billing has been around in the legal world for a while, and it offers many advantages. The biggest is that it allows an in-house legal department to catch billing errors much earlier in the invoicing process, thus facilitating the saving of time and money. These systems can have a positive impact on the efficiency and profitability of any office.
Time is money in the corporate world, as the saying goes, and that is especially true for the legal department. The simple act of checking invoices thoroughly and automatically means that budgets are respected, and that alone can save a legal department large sums every year. E-billing is also an important tool to utilize for data analysis. It allows a legal department to see trends in how money is spent, which provides a clear picture of how budgeting should be handled in the future. E-billing has revolutionized the way that legal departments process invoices and compile budgets.
Benefits of E-billing?
Ask yourself this question: How many hours have you and your coworkers spent looking through detailed charges sent in by outside attorneys? How many crosschecks are needed to identify repeat entries? How many times have budgets been exceeded, or sometimes downright ignored?
All of this is eliminated with electronic billing. It is a system that simplifies the invoice review process, saving countless hours that are wasted by bureaucratic error and evaluation. E-billing streamlines the process, saving in-house counsel hours, if not days of valuable work time.
Bill Submission, Rejection, Approval & Payment
The electronic billing software comes with a number of preset rules for you or a coworker to apply against any invoice outside counsel sends for payment. The system lets you make your own rules as well. All you’ve got to do is assign a matter to your outside counsel, and let the system handle the invoicing review process.
The invoice can be for any matter type, not just litigation. This is where a robust e-billing system really shines. The system automatically checks the invoice for errors, applying a variety of predfined rules. This includes budget limitations, duplicate entries, bundled time entries and any other parameters set by the legal department. If any line item(s) is unacceptable, the invoice is routed back to the outside counsel for correction. Once the errors are remedied, the invoice is resubmitted. The system is also capable of flagging invoices for manual reviews. Upon approval the invoice is sent for payment.
By creating a streamlined electronic proces, e-billing increases the work effeciency resulting in cost savings.
How to adopt Electronic Billing
In reality, there are no major barriers to electronic billing. Most law firms are familiar with the processes involved in submitting an e-billing invoice. It is now the legal department’s turn to take charge and get streamline their invoice process mechanism once and for all.
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