Dealing daily with clients requires much time and dedication on the part of businesses. Whether it's constant communications, updating information frequently or in-person meetings at offices, companies are required to be focused on their clients. In some cases, firms must bill their clients for hours, expenses incurred and other related components. To manage these processes, many businesses rely on manual procedures, choosing to enter data themselves and calculate costs based on their assessments. However, this strategy often leaves companies open to errors, as manual methods can easily be overlooked and incorrectly counted. To avoid these types of situations, firms can use client billing software
to accurately add expenses and ensure clients are charged the right amounts.Companies lack sufficient billing software
There are many businesses that still have not integrated client billing technology
into their operations, although the importance of correctly assessing expenses is vital. According to a recent study by BMO Financial Group
, a significant number of firms have not adopted the necessary tools for successfully managing client billing and expenses. The research revealed that 87 percent of companies still use manual processes to enter client billing information into the systems they currently use. This has led to an increase in the amount of time it takes for businesses to be reimbursed, as well as charging expenses that are not authorized by clients.
The study also found that the No. 1 reason why firms have not yet implemented billing software is because their various clients often have different policies and regulations in place pertaining to what can and cannot be billed. Approximately 51 percent of respondents stated this was the main obstacle to effectively managing client billing expenses.
With client billing technology, businesses can ensure that all clients' billing specifications are being followed, as the systems allow for easy tracking and management based on companies' different policies.Billing software provides flexibility
Billing technology has the flexibility needed to maintain a variety of client billing processes, including more up-to-date methods. The Nashville Post reports
that law firms are taking notice of "alternative billing," which consists of clients being billed for flat or fixed rates in place of the more traditional hourly strategy. Billing software is giving businesses the resources to use these other options for their clients, resulting in higher revenues and increased satisfaction.