Are you satisfied with the accuracy and efficiency of your current fee billing process? If not, have you considered other ways of streamlining your billing and invoicing operations? A fully compliant fee billing solution that incorporates billing software
may be a better option for you.
Fee Billing: Traditional vs Automated
Fee billing is a process that allows the client and the firm to agree on a set fee in advance for services to be rendered. The understanding is that the client will pay the fee once the service is complete. Usually, the business sends out an invoice to the
Traditionally, professional firms charge clients for billable hours. Clients often find this frustrating as the fee is not set, since hours are variable. With fee billing, a flat fee is quoted ahead of time. Changes to this flat fee can be made with authorization
from the client.
Nowadays, more businesses and institutions are using fee billing software to manage their billing processes. Manual billing, as described above, relies on a manual billing process which is time-intensive and often error-prone. This can negatively impact
your firm’s revenues and client relationships.
Automated fee billing allows you to implement a software solution to process your billing.
Fee Billing Software Solutions
With fee billing software you can automate your revenue management and process invoices more efficiently. It helps you to manage your entire revenue calculation, recognition, and collection process more effectively.
A simple and cost-effective billing software solution will ensure your firm’s fee billing process is streamlined to receive payments quickly and accurately. Selecting the right fee billing program for your firm can ensure increased control and scalability.
Reasons to use fee billing software:
Helps to improve the speed and accuracy of the billing process
Ensures secure and error-free billing
Improves timely revenue flow
Eliminates any unnecessary duplication of work
Enables the accurate management of multiple invoicing structures
Reduces administrative time
Reduces the reputational risk your firm faces from billing errors
What to Look for When Choosing Billing Software
When choosing billing software ensure that it:
Supports custom billing scenarios for your firm
Provides a scalable solution to meet your present and future needs
Provides the latest audit and security controls that satisfy compliance and regulatory reporting requirements
Has the ability to identify and flag discrepancies before they reach your client
Can handle local and international billing if required
Is easy to implement and use
Has the flexibility to seamlessly integrate with existing systems across platforms.
Outsourcing your billing software allows you more time to focus on providing excellent service to your clients.
Outsourcing Your Fee Billing Software
Increase efficiency by automating your billing process with a top global management platform.
Redi2 Technologies offers clients hosted fee billing and revenue management solutions. Their latest collaboration with IBM Private Cloud Services aims to provide top asset managers globally, proactive, high-performance
Redi2’s simple and cost-effective cloud-based advisory fee billing software will help you transition smoothly to a new way of fee billing.