With another year in the books, your law firm’s finance teams are emerging from their most challenging billing period: the marathon of complex invoicing, last-minute corrections, and the compounding pressures of closing out the year that test even the most resilient professionals.
In the final weeks of the year, any inefficiencies and bottlenecks in your firm’s billing processes can feel compounded — and even reveal missed opportunities for your lawyers and clients.
The real cost of billing friction
While these year-end challenges are likely well-known at your firm, they may feel like an insurmountable problem, an inevitable seasonal rite of passage, or simply a cost of doing business.
But solving these challenges can deliver major benefits to your lawyers, your clients, and your firm’s economic health. Imagine preventing the snowball effect in your financial period closing processes by eliminating the following:
- Incoming WIP hours not being included in prebills
- Manual partner prebill reviews slowing down invoicing
- Complex billing requirements leading to disputed bills and delayed realization
- Mounting pressure to accurately and efficiently close out the fiscal period
Breaking through billing barriers
So what if your billing process was more than just a fiscal period-end scramble? What if it could instead become a strategic advantage? Imagine a billing process that:
- Proactively identifies non-compliance with client requirements
- Dramatically reduces prebill review and approval times with collaborative workflows
- Ensures invoices are efficiently produced and sent meeting client requirements
- Results in less billing disputes and lock-up days, plus increased client satisfaction
Going beyond traditional solutions
Whether your partners are still marking up printouts or using the prebilling module in your FMS, Intapp Billstream offers a better way for your firm’s partners to review and approve prebills. And its collaborative workflows and integrations with Intapp Time and Terms make Billstream more than a tool — instead, it’s a comprehensive solution for removing inefficiencies in billing processes that harm your firm’s economic health.
The tangible impact and the path forward
By equipping your finance team and partners with Intapp Billstream, your firm can transform prebilling from a painful process to a strategic function. You can streamline the close of each financial period by reducing invoice preparation time from weeks to days — substantially decreasing billing disputes and more quickly converting WIP into realized revenue.
As you reflect on the challenges of the past year, consider opportunities for transformation. The billing challenges that have frustrated your team don’t have to define your future financial performance. And remember, every challenge presents an opportunity for improvement — in this case, reimagining your prebilling processes and moving from a reactive, stress-inducing approach to a proactive, strategic methodology.
Are you ready to transform how your firm approaches prebilling? Contact us to learn more about Intapp Billstream.