Keep Up with the Trends and Best Practices of E-Billing Carlos Seoane, General Manager, ebillinghub

Transcription

1 Keep Up with the Trends and Best Practices of E-Billing Carlos Seoane, General Manager, ebillinghub

2 QUICK INTRODUCTORY NOTE ebillinghub does will not share any firm or clientspecific information All data presented here refers to US or international firms who are currently using ebillinghub to submit their electronic bills The data shared in this presentation is a sampling of the data available within our system and should not be construed as being representative of any particular client or law firm. Copyright. All Rights Reserved. No part of this document may be reproduced without Thomson Reuter's express consent. 2

3 ebillinghub ebillinghub takes a very central position in a firm s ebilling process T&B Syst LAW FIRM BILLING STAFF e-billing VENDORS CLIENT 3

4 ebillinghub IN NUMBERS 330+ Large Law Firms 4,600 Billing Professionals Using the system 3,500 Clients Mapped 1,909,776 ebills Processed in last 12 months $19,600,000,000 dollars submitted in the last 12 months 4

5 EBILLING GROWS, GROWS, GROWS Number of Clients per firm 20% per year increase AVERAGE NUMBER OF CLIENTS BILLED <500 Between 500 and 1000 Greater Than 1000 BROKEN OUT BY BILL BAND 5

6 AVERAGE NUMBER OF CLIENTS PER FIRM 2010 Growth 2011 Growth 2012 Growth <500 20% 21% 6% Between 500 and % 38% 15% Greater Than % 19% 19% 6

7 AVERAGE NUMBER OF INVOICES SUBMITTED AVERAGE NUMBER OF CLIENTS BILLED <500 Between 500 and 1000 Greater Than 1000 BROKEN OUT BY BILL BAND 7

8 AVERAGE NUMBER OF INVOICES SUBMITTED YOY GROWTH 2010 Growth 2011 Growth 2012 Growth <500 9% 17% 9% Between 500 and % 21% 8% Greater Than % 32% 9% 8

9 INVOICE AMOUNT Average Monthly Value of Invoices sent through The Hub growth tapering $12,000, MONTHLY $ BILLED $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 <500 Between 500 and 1000 Greater Than 1000 BROKEN OUT BY BILL BAND. 9

10 INVOICE AMOUNT 2010 Growth 2011 Growth 2012 Growth < % 17% 9% Between 500 and % 71% 6% Greater Than % 16% 18% 10

11 GROWTH MOVING DOWNMARKET CLIENT GROWTH: 2010 Growth 2011 Growth 2012 Growth <500 20% 21% 6% Between 500 and % 38% 15% Greater Than % 19% 19% INVOICE AMOUNT GROWTH: 2010 Growth 2011 Growth 2012 Growth < % 17% 9% Between 500 and % 71% 6% Greater Than % 16% 18% 11

12 NEW CLIENT SET-UP MONTHLY AVERAGE 120 New Clients Setup Total NEW CLIENTS ADDED TO THE HUB S LIBRARY MONTH BY MONTH 12

13 NEW CLIENT SET-UP MONTHLY AVERAGE Year Average YTD

14 A LOT OF THE GROWTH IS INTERNATIONAL 7/1/11-7/1/12 7/1/12-7/1/13 Conv Rate USD Conv Rate USD AED $394, AED $454, AUD $496, AUD $624, BMD $1,170, BMD $941, CAD $86,358, BRL $321, CNY $9, CAD $154,810, CSK $33, CNY $47, EUR $63,017, CSK $151, GBP $153,974, EUR $94,286, HKD $4,491, GBP $179,425, MXN $9, HKD $4,028, STG $1,195, MXN $234, TWD $59, QAR $379, USD 8,793,688, $8,793,688, SAR $8, SGD $10, $9,104,899, STG $2,086, TWD $4, USD $12,577,773, VND $ ZAR $53, $13,015,642,

15 FIRMS ARE GETTING MORE EFFICIENT JULY SNAPSHOT July July Average number of billers per firm: 18, YTD invoices 1.1M Average number of billers per firm: 19, YTD invoices 1.4M 15

16 REJECTION RATE COMING DOWN AVERAGE REJECTION RATE % 15.47% 16

17 KNOW YOUR VENDORS!!! Rejection % By Vendor PERCENTAGE OF BILLS REJECTED 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Total Avg 15.5% TOP 22 VENDORS 17

18 BILLING PROCESS IMPROVEMENTS IMPACT CASHFLOW TOTAL NUMBER OF BILLS THROUGH THE HUB DAY OF THE MONTH 18

19 BILLING PROCESS IMPROVEMENTS IMPACT CASHFLOW 500 NUMBER OF BILLS THROUGH THE HUB (EACH FIRM) DAY OF THE MONTH 19

20 BILLING PROCESS IMPROVEMENTS IMPACT CASHFLOW Percentage (%) of invoices rejected Percentage (%) of Logins resulted in no submission Linear (Percentage (%) of invoices rejected) 80% PERCENTAGE OF BILLS REJECTED 70% 60% 50% 40% 30% 20% 10% 0% 20

21 A WELL FORMATTED INVOICE DRIVER OF PROFITABILITY Top 15 Most Validated Expense Codes E101 - Copying Rate E104 -Fax Charges E106 - Online Research E105 - Phone Charges E103 - Word Processing BlockBilling (looking for semi-colons) E108 - Postage Charges E109 - Local Travel Expenses E107 -Delivery Services Charges E124 - Other Invoice Date E110 - Out of Town Travel E111 - Meals 21

22 A WELL FORMATTED INVOICE DRIVER OF PROFITABILITY Top 9 stop words that will trigger a rejection Prepare Review Work on file Research Scan & Miscellaneous Trial Preparation Work on discovery 22

23 THE RESULT MORE EDITING ON THE HUB, MORE TIME AND MONEY SPENT, LATER PAYMENTS Edited % 23

24 24

25 25

26 FORMATTING IS NOT ENOUGH TRAIN YOUR CLIENT! Invoices 85% 15% Rejected Invoices 17% Approved Rejected 83% Clerical Reasons Invoice Content/ Format Issues Clerical Reasons 50% 50% Matter Set up 1. Budget Exceeded 2. Incorrect/Missing/ Expired Credentials 26

27 Carlos Seoane General Manager