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Hilton Hotel, Sydney – 14/11/2006

BillFiler. Small change, significant business improvements for legal firms…. Hilton Hotel, Sydney – 14/11/2006. About Timeframe. Formed in 2002 Timeframe provides specialist consulting to professional service firms Australian Based and Owned Elite Alliance Partner

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Hilton Hotel, Sydney – 14/11/2006

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  1. BillFiler Small change, significant business improvements for legal firms… Hilton Hotel, Sydney – 14/11/2006

  2. About Timeframe • Formed in 2002 Timeframe provides specialist consulting to professional service firms • Australian Based and Owned • Elite Alliance Partner • Global Clients and experience • Innovative approach • Offices in … • Melbourne • Sydney • Brisbane • Perth • Auckland • Boston • Leaders in facilitation, collaboration and inspiration

  3. About Timeframe - Clients

  4. About DocsCorp • Australian software company – Business partners and clients across the globe. • Greater than 2,000 organisations rely on our solutions everyday. • Core markets include Legal, Accounting & Professional Services • Market led innovation for new solutions and feature enhancements. • Interwoven & Hummingbird technology partners - solutions integrate with Interwoven/ Hummingbird software.

  5. Addressing the Challenges with Billfiler • Improving Cash Flow • Increase the return upon the investment in Elite • Lower cost to match increasing competition on transactional work • Improve controls through faster, tighter processes • Get closer to your clients

  6. Improving Cash Flow • Cash flow problems are the major source of business failures globally • Average collection period in Professional service organisations is 62 days1 • The chance of bad debt increases with the age. 11% of AR over 120 days is written off. • BillFiler closes the WIP to CASH cycle 1 - IOMA’s 2003 CPA Firm Practice Management Survey.

  7. Addressing the Challenges with Billfiler Best Practice? … a business reality

  8. BillFiler Our solution.. BillFiler “The billing process through paper documents remains a significant obstacle between the provision of professional services and the business imperative of cash flow.”

  9. Outbound Bill Delivery from Elite

  10. Current Practice or Best Practice?

  11. Best Practice BillFiler Bringing the firm Closer to Clients

  12. Benefits – Additional Cash • 2,800 Bills per Month • 40% BillFiler usage • Average Bill Value $1,040 • Debtors Effected $1,164,800 • Interest Rate 6.55% • Interest Saved $10,286 per year

  13. Presentation of Document • Leverage your existing Bill Formats • Use bPay, electronic signatures and other advanced features … just faster! • What about Letterhead? …

  14. So lets look at an example APPLEBY ACSL BILLING • International Invoices • Long delivery times (Middle of the Atlantic!) • Poor Cash collection times • High collection costs

  15. Success! • Appleby's cash collections on their Annual Corporate Administration Billing run is currently at 175% of where it was at the same time last year • up by almost 2 million dollars in collections - in the second week of January! 

  16. BillFiler Conclusion Historically • We have rewarded POSTing a bill • Then put controls around getting it out the door • PLUS we view Debt as a Departmental issue • BillFiler fixes this process

  17. What you can achieve • Less average time to collect payment • Lower Outstanding Debtors • Fewer Billing errors and returns • Lower billing costs and higher productivity • Lower overheads, no more stuffing envelopes and paper handling • Immediate additional return on your investment in Elite Practice Management

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