As with any business, there are times when errors will be made and and discrepancies will occur, whether these happen on purpose or accidental. This is why many companies implement best practices for detecting these types of issues, so they can save themselves from any negative consequences that could arise. However, these procedures can often overlook various elements, meaning that firms are still open to risk. For this reason, many businesses are implementing technology to help catch all mistakes. When it comes to billing for services rendered, it is vital for all financial and hourly information to be correct, and time and billing software can greatly help companies avoid threats. In addition, these platforms ensure that firms are following all regulations pertaining to legal accounting compliance, further removing themselves from violations.
Catch misappropriation with technology
To catch types of situations where improper billing has occurred, businesses and organizations can use time and billing software to ensure that no errors are being made and all regulations, policies and practices are being correctly followed. One issue that took place in Illinois could have been avoided with the use of technology. The Chicago Sun-Times reports that a part-time inspector general, who only had a budget of $60,000 annually, entered hours and time worth $305,000, which was passed on to taxpayers. However, instead of being relieved of his position, the individual has been given strict ground rules to ensure that his billing processes do not get out of hand again, the news source notes.
Software manages changes in time and billing
Besides giving companies the ability to control any potential errors, time and billing technology also allows firms to make changes to any billing practices. For example, Paul Staley, a lawyer in California, does not bill his clients by the hour but instead has implemented fixed prices. Staley says that his firm uses this approach due to the unstable economy, and he hopes it helps his clients.
Different strategies such as this can be incorporated effectively with time and billing platforms. One effective tool that has proven to be successful for many companies is Sage Timeslips. The software has been given many awards for its efficient and accurate controls over time and billing processes. These awards include being voted the Best Time and Billing Software Company in both Texas Lawyer's 2011 Texas Best Survey as well as the 2011 New York Law Journal Rankings Survey.