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 client.

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 billing solutions.

Redi2’s simple and cost-effective cloud-based advisory fee billing software will help you transition smoothly to a new way of fee billing.