170 likes | 273 Views
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
E N D
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 • Global Clients and experience • Innovative approach • Offices in … • Melbourne • Sydney • Brisbane • Perth • Auckland • Boston • Leaders in facilitation, collaboration and inspiration
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.
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
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.
Addressing the Challenges with Billfiler Best Practice? … a business reality
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.”
Best Practice BillFiler Bringing the firm Closer to Clients
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
Presentation of Document • Leverage your existing Bill Formats • Use bPay, electronic signatures and other advanced features … just faster! • What about Letterhead? …
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
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!
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
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