E-Billing And Budget Management For Law Firms
The use of technology in the legal market has grown tremendously over the past few decades. One common way in which law firms and in-house legal departments are incorporating technology into their day-to-day lives is through the use of e-billing and budget management services.
Companies such as PCLaw and Accurate Legal Billing provide their clients with the accounting services they need on a cloud-based platform. This software replaces the traditional, paper billing model. Everything regarding a law firm's budget can now be recorded using the services of one of these types of companies.
What exactly do e-billing services provide?
Companies such as PCLaw by LexisNexis include a large amount of services for their clients. They can track company expenses with increased visibility and collect data regarding how and where a company tends to accumulate expenses.
E-Billing makes tracking billable hours easier. They are able to prepare and submit invoices directly for the customer and make sure nothing gets lost between the lawyer, billing department and client. Many software also include automated bill review.
Generally, e-billing provides a streamlined process in which one's law firm or legal department can handle its finances.
Why should you consider using e-billing software?
e-Billing is the easiest and most efficient way to deal with the billing and finances of any company. Using technology decreases the number of invoice reductions.
InvoicePrep, for example, states that their e-billing service are 90% more compliant than a traditional billing model. Clients and lawyers alike want to avoid billing errors. Thus, as the legal market moves towards a more client-centric standard, ensuring customer satisfaction is extremely important and can be increased by minimizing discrepancies in billing.
Time is precious to all lawyers and everyone working in a law firm or legal department. Companies are always looking to use time more effectively and come up with new ways to save time. e-Billing is another way for lawyers to save time, as services are automated and do not require as much time and attention as paper billing.
Overall this saves companies money and maximizes their revenue. With e-Billing there are fewer ways and places for money to get lost or slip through the cracks, since errors decrease tremendously when technology is used instead of a traditional model.
Many people are still rather hesitant when it comes to using technology in general. Legal technology (LegalTech) is popping up across the profession. It can be daunting to stray from the strategies that companies have used for decades, but lawyers should welcome these changes.
e-Billing is a great first step for law firms looking to test the LegalTech waters.
The companies that exist today to provide these services make it extremely user friendly and work to ensure that law firms can employ the software without having to dedicate an excessive
amount of time to learn how the program works. Even the most reluctant and technologically-challenged can be taught the basics of these budget management services. And this small change can lead the law firm down the path of the future, LegalTech.