A Close Look at the Many Benefits of Legal e-Billing Software
Almost all online businesses today focus on minimising costs and maximising efficiency. It is not easy to deal with all the nitty-gritty in making your business a success, which is why more and more businesses are turning towards external solutions. And, the legal landscape is no exception.
Many law firms are adopting legal e-billing software to outsource their billing burdens completely. This not only helps them in cutting the cost but also gives them mental peace that comes with avoiding unnecessary billing hassles. Instant access to the problem-solving expertise of an online billing solution makes the deal even better.
Just a few decades ago, before the advent of digital technology, law professionals had little choice but to draft their bills manually. Procuring details, preparing paperwork, filing it perfectly and maintaining impeccable spreadsheets were the tasks that needed separate and continuous attention. These tedious and time-consuming tasks ate up a major chunk of a law firm’s resources. However, with rapid technological advancements, these have become problems of yesterday.
Billing software for a small business is especially helpful as they often do not have the benefits of exhaustive manpower or resources that larger businesses possess. That is why e-billing software can prove to be a big game-changer for small law firms.
In this article, we will explore many reasons why legal electronic billing software can make your life so much easier.
Why Use Legal e-Billing Software?
Constant and accurate recording of billable hours is part and parcel of the legal business world. The cut-throat nature of the law landscape devoids lawyers of the time to manually produce invoices and track billable hours. The best billing software for law firms solve this problem and then some more such as:
1) Accessibility: All you need to access billing data is your login credentials, a device and Internet access. This can be done at any time, anywhere.
2) Security: Strong encryption algorithms and sophisticated password protection mechanisms ensure that sensitive data cannot be accessed by unwanted external or rogue elements.
3) Organisation: You can create client contact and task lists on your e-billing software, making it easy and simple to track the time spent working for each client, project and task, and generate bills accordingly.
4) User-friendly: It provides an online billing solution that is easy to set up, easy to understand and easy to use. No special training is required to use it.
5) Loss-free: No paperwork means no hassles. Legal e-billing software maintains electronic records of everything, thus calming worries about physical documents getting lost or misplaced.
6) Stress-free: The best billing software for law firms also allows documents to be access-restricted, which means that the documents can be viewed, altered or shared only by the right people.
7) Multi-billing: With the growth of your business, your clientele will also grow, which means more billing activities and consequently, more problems. Even traditional digital modes of organisation management such as spreadsheets and office packages can become quite cumbersome. Legal electronic billing software makes it easy to maintain parallel streams of data, enabling entering financial details and generating bills as simple as a few clicks.
8) Automation: One of the biggest benefits of using e-billing software is the automation that comes with it. Since, how a law firm serves each client is different, what services are provided, what costs are charged, time limit—you can set up custom variables and parameters for each client. For example, you can set up your software to automatically generate invoices at the end of every month or to automatically update the rates everywhere if the billable hours, project scope or rates change. Automation enables a simple alteration to reflect across entire documentation within seconds.
Legal e-billing software can save you a ton of time and resources that you can direct towards growing your business. Although the calculated data will only be as accurate as the precision of the data entered, all the heavy lifting like complex calculations and invoice generation is done by the software. This translates to less billing errors, shorter revenue-collection cycles, increased in-hand budget and enhanced productivity.