Thomson Reuters Elite is the leading global provider of innovative business management solutions that enable law firms and professional services organizations to streamline operations, maximize efficiency, and increase visibility into all aspects of their businesses. Elite is focused on enabling firms of all sizes and locations to meet their true potential and provide the best service for their clients. For more information, visit Elite.
Firms are seeing a 22% improvement in the number of days to get invoices paid
July 15, 2016
Thomson Reuters Elite, part of Thomson Reuters Legal, today announced that eBillingHub has made great strides in improving the e-billing processes for many customers by providing firms with lower rejection rates, faster payments, and more diverse portfolios. eBillingHub, the leader in legal e-billing, provides a comprehensive and collaborative approach for preparing, submitting, tracking, and managing electronic invoices.
eBillingHub customers are seeing an improvement in their payment turnaround times. From 2014 to 2015, firms saw a 22% improvement in the number of days it took their invoices to get paid. This applies to small invoices less than $5,000 (going from 48 to 39 days to pay on average) as well as highly scrutinized $100,000+ invoices (going from 74 to 54 days to pay on average).
The faster payment periods are a result of better invoice submission. For the second consecutive year, the overall eBillingHub invoice rejection rate was under 10%, despite a 19% increase in the number of invoices submitted and a 22% increase in the number of different corporate clients being invoiced. This is a testament to the quality of the invoice validation standards applied by eBillingHub to make sure that billing guidelines are met, allowing law firms to successfully submit their invoices.
In addition to faster payment turnaround times, eBillingHub customers are servicing more corporate legal departments than ever before. Because eBillingHub allows invoices and connections to be completed through a single interface, firms are able to work more efficiently and maintain year over year growth in this area. This is particularly true for firms with small invoice volumes. Firms who send out fewer than 500 invoices a month have seen a 52% increase in the number of corporate clients they are delivering to (1,201 to 1,820) with the assistance of eBillingHub. Even large volume firms (1,000+ invoices a month) have seen growth in this area, with an increase of 19% (2,820 to 3,355).
“We’re excited about the market momentum of eBillingHub and its success rate for our customers,” said Elisabet Hardy, vice president of Product Management at Elite. “It’s always been our goal to help transform our customers’ e-billing processes by delivering a solution that is simple, reduces write-downs, and ultimately improves cash flow. By looking at the recent data, it’s apparent that we’re achieving these goals, and our customers are realizing great benefits from using eBillingHub.”
eBillingHub delivers solutions to hundreds of clients, including more than 70% of the Am Law 200 firms, as well as medium and large firms in North America, Europe, and Asia Pacific. eBillingHub is a strong supporter of key industry standards as a member of the LEDES Oversight Committee and ILTA. eBillingHub, part of the Thomson Reuters Elite family of innovative solutions for professional services firms, provides a comprehensive and collaborative approach for preparing, submitting, tracking, and managing electronic invoices. For more information, visit eBillingHub.