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User Defined Fields Another Tool Available in Elite Billing Manager
The robust Elite Enterprise financial management system provides advanced tools to automate the entire invoicing process, allowing firms to achieve better billing practices and a stronger bottom line. Now, with the release of Enterprise 3.8, firms can streamline their financial management even more with the availability of user-defined fields or UDFs for use when processing invoices. By creating and storing data with Invoice UDFs, firms can track information at the invoice level, provide more identifying features on invoices and retrieve data to gain better visibility into their billing management.
By setting up UDFs, users can store specific invoice information not already included in the system, such as a specific account number or the name of the entity making a payment on behalf of the client, which can assist financial departments to better manage open invoices and improve client service. Users can populate UDFs so firms can track information such as billed client, payor client, payment arrangements, paper vs. electronic invoice and more. By having this data available, firms can gain better visibility and insight into financial operations and implement changes in order to shorten the billing cycle.
All of the Elite Billing Manager robust capabilities are available by the user when setting Invoice UDFs. UDFs are activated through the proforma process and are available on single proformas, joint proformas and separate multi-payor records in single and joint. For firms and clients that have multiple clients in a matter or are paying on behalf of a client, this information is important in order to easily identify and properly manage invoices. Because UDFs are integrated with Elite Billing Manager, UDFs are printed on proformas and bills using new functions available for use on the templates.
Users have several options in setting up UDFs, including whether or not to use them at all at the firm level. If UDFs are required, security and quality control functionalities provide the checks needed to ensure efficient and accurate processes. For example, there are built-in quality control capabilities such as an automatic prevention of generating a bill if UDFs required prior to billing were not populated. A new capability provides users with the ability to track changes made to Invoice UDFs, so auditors can have a complete history of changes made. Users can also modify Invoice UDFs once the proforma has been billed, and a credit payment entry allows the input of UDFs specific to the payment.
As part of the Enterprise financial management solution designed to streamline operations and improve your firm’s profitability, Billing Manager enables firms to automate invoice generation from beginning to end. Now with the availability of Invoice UDFs, firms can improve visibility into critical financial status, make proactive adjustments to shorten billing cycles and deliver high-quality customer service.