Bill4Time

Legal Time Billing Software

CPA Practice Advisor Review of Bill4Time

CPA Practice Advisor Review of Bill4Time

By Leave a Comment

ratingBest Fit: Professional firms that want cloud-based time and expense management for time and expense tracking and billing, along with mobile apps that simplify daily use.

Strengths

  • Integration with QuickBooks, Outlook and Google
  • Apps for Apple and Android devices
  • Online payment acceptance
  • Management at the client, project and activities level
  • Features for accounting and legal firms

Potential Limitations

  • No accruals management

The cloud-based Bill4Time system offers flexible web-based management of time and expenses, which can be tracked against hourly billing, flat fee billing, projects, or staff. The program also includes accounts receivables management and invoicing features, strong reporting, easy time entry tools, and mobile apps. The system’s project management features give firms the ability to budget and track due dates, along with project and activity-based management tools that can track multiple engagements per client.

Basic System Functions:

The web-based Bill4Time system can be accessed via major browsers and
mobile devices, and is designed to track time, projects, activities and expenses, then includes AR management tools and invoicing functions. System interfaces are user friendly, and the program includes user-level security functions.

Mobile access tools make it easy to management time entry and expense functions, including adding markups and assigning expenses to specific clients, tasks and expense categories. Images of receipts can be uploaded into the program from either the user’s desktop or the mobile apps. Scanned or photographed copies of other documents, such as contracts, can also be attached to client engagement files.

Bill4Time offers versions for accounting or law practices, with WIPs and trust accounting options. Users can easily oversee the status of projects and client billables, with the system offering easy access to scheduling, reporting, accounting and other core function areas.

Users can select projects, staff, work codes and other settings from intuitive screens, and the client selection screen provides a sortable summary of client data, account balances and staff members engaged on a client engagement.

Bill4Time-AdTime Management Capabilities:

Bill4Time provides several methods of time data entry, including timers, summary or detailed data sheets, widgets or the mobile apps. Billable and non-billable time can be entered and tracked, and the program can convert appointments from the calendar into time data entries that are logged against client engagements. The system also includes group calendaring functions. Professionals in areas that have sales taxes on labor can assign and track those taxes automatically.

Project management tools let users create and manage budgets at the client or project level, with showing progress against budgets and offering users the option of setting up alerts that notify them when budgets or client credit limits have been hit. Project-level billing features simplify tracking of multiple engagements per client, with each detailed separately on consolidated invoices. The program allows setting default billing rates at the client, project or staff levels. A separate contact management feature allows having multiple contacts at clients, prospects and vendors.

Bill4Time can also be used to track non-billable tasks, such as staff training and firm development, as well as vacation, sick leave or other PTO, but it does not offer true accruals management capabilities.

Invoicing Functions:

Invoices created through the system can be fully customized with firm logos, and can be electronically delivered (the preferred method, since this system is web-based). Online payment acceptance streamlines receivables management and usually speeds the time in which clients pay invoices. The program also includes client portals that can be customized, allowing clients to log in and securely access related files and documents, as well as paying invoices. The system includes multi-currency support. Expense tracking features enable flat fee or percentage-based markups, as well as tracking travel time. Users can control the level of details, account histories, billing rates and other information that is included on the invoices.

Management Features:

Client budgets and credit limits can be created, and reporting options allow comparisons of budget to actual, WIP summaries and other options. Accounting functions include AR management with WIP reporting, collections, payments and account activity.

The Bill4Time system offers dashboards that provide key business indicators, including pending time entries, projects, billable hours and other information. A broad collection of reports are available from a library that includes options for detail and summary activity, balance and payment reports, as well as WIP summaries, AR aging, collections, write-ups and write-downs, and trust and tax reports. Reporting can be focused on users, clients and projects, expenses, client histories, budgets, and user productivity and efficiency.

Integration & Data Management:

The reports and invoices generated through the program can be saved as PDF, directly emailed to clients, sent to the client portal, or exported to Excel for customization. The program integrates with QuickBooks and QuickBooks Online to transfer labor, expense, payment and adjustment transactions and entries. The system’s scheduling system integrates with Outlook and Google. Client data can also be imported from CSV or Excel format.

Firms can accept online payments from clients via PayPal or credit cards, and payment links are included on digital client invoices.

Help/Support:

Bill4Time includes ample built-in support including field-level help options and links on each page of the program. The company’s online support center includes a knowledgebase, video tutorials, user manuals, webinars and how-to articles. Live technical support is included in system pricing, including email support, a t
icket-response system and by phone.

Summary & Pricing

Bill4Time is a user-friendly web-based time and expense management system that provides additional project and engagement tracking functions. The system integrates with QuickBooks and Outlook, and streamlines online payment acceptance.

The system is available in three general versions, with pricing starting at $15 per month for the Solo version which supports up to two users with 100 clients, 100 projects and 2GB of cloud data storage. The Pro version is $30 per month, with unlimited clients and projects, and 10GB storage, plus additional import and coversheet options. The Enterprise version is $75 per month, with unlimited clients, projects and cloud storage, plus additional reporting, data import and custom invoice template options.

Read the review in CPA Practice Advisor.

Law firm billing: 7 Tips to Successful Invoicing

By Leave a Comment

There’s an easy way to trigger a malpractice lawsuit.

Just sue your clients for non-payment.

According to Attorney’s Preferred Insurance, suing for fees often triggers a bevy of counterclaims against your law firm. Clients feel justified in asserting legal malpractice, breach of fiduciary duty, breach of contract, fraud, misrepresentation, and any other claims they think will stick at you.

Clients are angry when they receive attorney invoices

Not every invoice, just invoices they don’t expect. This is significant when you realize this tied directly to your client’s number one complaint.

Communication.

Research shows clients list “provides clear indication of likely costs/works to fixed fee” and “explains charging system clearly at outset” as two of the most important factors in the client relationship. This shows your client’s most important concerns revolve around money.

You’re concerned about money too, right?

You want to ensure that you’re paid for your hard work and the services you’ve provided to your clients. If you’ve done the work, you deserve to be paid. When clients don’t pay, it’s your right to do whatever it takes to ensure that you’re paid.

Successful legal billing begins with your invoice

If you’d like to ensure your invoices are paid promptly, completely, and consistently, it’s a good idea to focus your attention on the upfront work, the preventative maintenance that’s done before your invoice is sent out. Here are seven tips you can follow to ensure your invoices are paid on time.

Tip #1: Use arbitration clauses in your agreements

If you can, work to avoid lawsuits as it ties up your time and energy dealing with non-billable work. Litigation takes a significant amount of time, effort, and energy. They’re messy, public, and often unsuccessful. Arbitration is an excellent alternative because it’s confidential, closed to the public, and fast.

Tip #2: Identify and set billing guidelines upfront

Reach out to your decision-makers and accounting point-of-contact at the start of the relationship. Work to flush out the full list of billing dos and don’ts.

Work to establish guidelines on:

  • What’s required/permissible
  • What requires approval by the client
  • What’s forbidden/unacceptable
  • Stop words and hidden rules that immediately flag your invoices for review
  • Fee schedules and required retainers

Create a summarized set of billing guidelines. Then, once you’ve learned the rules, the billing guidelines your clients expect you to follow, obey them.

Tip #3: Bill clients regularly

According to attorney Andrew R. Jones, “attorneys who regularly bill their clients are in a better position as the issuing of invoices may create an “account stated” that entitles an attorney to fees.

For example, New York law is clear that an account stated is ‘an agreement between parties to an account-based upon prior transactions between them with respect to the correctness of the account items and balance due.'”

Tip #4: Create a written retainer agreement

This is obvious, but a written retainer agreement can help you avoid any ethics violations that compromise representation. This protects your clients from over-billing. It protects you from any accusations that your bill is too high or out of line.

Your retainer agreement should, at a minimum, include:

  • Specify the legal scope of the agreement, whether follow up will be necessary (appeals, enforcement, conflicts, etc.).
  • A conflict check to flush out any potential conflicts of interest. Your agreement should state that there are no conflicts or that you’ve made your clients aware of any potential conflicts and that they agree to waive any potential conflicts.
  • Fee schedule outlining your fees, expenses, and costs involved with representation.

Tip #5: Establish account stated

This is a callback to tip #3 as firms that bill their clients regularly (i.e., sending invoices out regularly), may create an “account stated” that shows you’re entitled to the fees you’re demanding.

For example, “Under California case law, an account stated is ‘an agreement, based on prior transactions between the parties, that the items of an account are true and that the balance struck is due and owing. Moreover, if a creditor provides a statement/invoice to a customer/debtor and no reply is made in a reasonable time, California law implies an agreement by the customer/debtor that the account is correct as rendered. ‘”

Here’s how that could work (depending on your jurisdiction).

  • You send out and receive payment for, periodic invoices
  • Any payment by your client establishes the implicit premise that a payment is due
  • Your client’s silence concerning a specific or recent invoice may be viewed as an implicit agreement

Of course, any client disputes may nullify the claim of “account stated.”

Tip #6: Choose the right clients

You’ll want to select the right clients ahead of time. It’s a good idea to focus your attention on clients who are both willing and able to pay for your services.

How do you do that?

You can run a credit check to assess your client’s trustworthiness. You can also follow step #3 by requesting and replenishing retainer fees ahead of time. Doing this reduces the odds of a billing dispute dramatically. It makes it easy for clients to trust that you’re looking out for them.

They’re more focused on the value you’re providing and less worried about you cheating them.

Tip #7: Optimize your timekeeping and time entries

Your firm makes money when you: (a.) Map/identify the obvious and hidden rules in your billing guidelines (b.) You verify that all time entries are real-time compliant and automatically recorded as-it-happens and (c.) every time entry, every line item, is specific, detailed, and precise outlining the who, what, and why of a particular task.

This creates structure.

Structure minimizes the invoice review process; collection realization rates go up. Your client is happy. Your staff is happy. Revenue skyrockets automatically, so your partners are happy.

Accuracy is the key to successful invoicing

Clients are angry when they receive attorney invoices they don’t expect. This is significant because it’s tied directly to your client’s number one complaint.

Communication.

When clients believe they’re treated fairly, they’re eager and willing to pay. When they’re ambushed by an unexpected invoice, billing disputes, and malpractice lawsuits are not far behind. What does this mean for you? Successful legal billing begins with your invoice.

If you’d like to ensure your invoices are paid promptly, completely, and consistently, focus on the upfront work and the preventative maintenance that’s done before your invoice is sent out. Create the right billing structure, and you’ll find your invoicing is an automatic success.

Tips to Time Tracking & Billing for Consultants

By 1 Comment

Consulting

A key to a successful consulting business is accurate and timely billing for services rendered. Accurate, detailed invoices are more likely to get paid faster as the client can understand the information. However, if a consulting firm is not able to create prompt, clear and error-free invoices, clients delay or skip payments, questioning the accuracy of the invoice. Firms not only lose valuable data for future resource planning and forecasting, but they lose credibility with a client, which can jeopardize future work.

Small to medium-sized firms often log time on a project and expenses incurred, creating and collating invoices and the final processing of client bills manually. Naturally, these processes are error-prone, inefficient and time-consuming. When consultants try to recollect how much time spent for which project, small increments of time are easily lost. This can add up to big dollars and a huge gap between hours works and hours recorded.

Manual processes can even cause payment delays as clients want the details of the invoice—time, project, work performed, rate(s) and so on. Manually recording and translating this information, and reformatting it for client consumption can be riddled with inaccuracies and omissions, causing the client to doubt the validity of the invoice and refuse payment until issues are clarified.

Some consultants are hesitant about using technology, especially when on-the-go.  But, a cloud-based system can be accessed anywhere, anytime. Plus, a cloud-based solution with a mobile app gives consultants the freedom they demand, plus the accountability they or their employer desires.

Managers and administrators can spend a considerable amount of time collecting and manually entering employee data. Email reminders are repeatedly sent with employees submitting time just under the wire. For some employees, writings on pads of paper are scanned and submitted at the 11th hour. For those that fail to heed the deadline, managers and administrators are then forced to “guesstimate” the time which can lead to legal issues if asked to produce supporting documentation.

A cloud-based system solves the problem of submitting time “on time” as managers and administrators can peruse project data and pull time entries when required. This eliminates sending email reminders to employees to submit time. No more sticky notes or scanned pads of paper. No more frustration waiting for information.  Invoices can be processed on time, based on thorough, up to the minute documentation.

Today, using technology to replace manual time tracking and billing processes has many advantages. Modern, centralized solutions, rather than pencil and paper, offer consultants an alternative that captures time efficiently, increasing productivity and significantly reducing friction. Time is tracked and documented in a streamlined, easy to access cloud-based system. The invoicing process is easier and more accurate leading to an increase in revenue. The client receives an invoice that is easy to digest and any barriers to remitting payment are removed. Everyone wins.

You’ve heard it before: time is money. Make every minute count—and count every minute. Your business depends on it.

Bill4Time offers consultants an easy to use time tracking and billing system—complete with a mobile app so you and your employees can accurately track time and expenses on-the-go. No more email reminders and loud sigh’s from admins. No more guesstimating and client’s trying to decipher what the invoice is all about. Bill4Time makes it simple to track time and invoice clients. Period.

You can even manage  projects, clients and documents in the Bill4Time system. Plus, did you know businesses with convenient online payment options get paid up to 30% faster than with traditional methods? Bill4Time provides a secure client portal where your clients can pay via credit card or PayPal. Give it a try and see for yourself. Register for a free trial today. You’ll be glad you did.

 

Tip of the Week: How to Set Due Dates

By Leave a Comment

Within the program you can set Due Dates to your Projects. First, go to Settings – System tab and click the Edit Settings button. From there, check the box next to “Track Project Due Dates” and click Save Changes.

On the Project Details page you can setup Due Dates. Then on your Dashboard, click the gear icon next to Add Expense. Scroll to the bottom left and pull down the drop down to choose the “Projects Due” widget and click Add. Then scroll up to finish editing. This will then list the projects by due date showing oldest to newest.

duedates2

At Bill4Time, we offer the features you need…and most of all, the features you use. Easy to use, dependable and designed with you in mind—that’s Bill4Time. If you haven’t tried us, register for a free 30-day trial and see for yourself.

Advocates Law Group Reigns in the Cloud with Bill4Time

By Leave a Comment

advocates hero

Virtual Law Firm Chooses Cloud-Based Time Billing App for Effectiveness & Ease of Use  

Profile

The Advocates Law Group provides high quality, cost-effective legal services for businesses and individual clients in the Pacific Northwest. The firm consists of 14 partners with more than 400 combined years of diverse practice area experience. The Advocates Law Group is a non-traditional law firm in that they do not rent high priced office space nor do they pass hidden costs on to clients. The Advocates Law Group keeps overhead expenses low so partners can focus on providing high-quality representation to clients.

Situation
In 2010, attorney’s Dieter Struzyna and George Tamblyn came together to build a unique, cloud-based, client-focused law firm. They enlisted the help of accountant Brenda Mahon to help build and manage the operational infrastructure and select software to run the business. Mahon naturally searched for a cloud-based software system so it would align with the vision of the founders cloud-based law firm. Mahon came upon Bill4Time and researched the product. Soon she presented it to both Struzyna and Tamblyn, who agreed that Bill4Time was the best choice based upon three key differentiators:

  1. Cost effectiveness
  2. Easy integration with QuickBooks
  3. Intuitive and simple to navigate

Results
Implementation of Bill4Time Firm Manager was quick and easy. This legal time billing software has proven scalable as now the firm has grown to 14 attorneys with a total of 20 Bill4Time users.theAdvocatesLawGroup

Time tracking is simple to use and accurately records work performed. Mahon leverages Bill4Time’s invoicing features to send client’s pre-bills and invoices via paper or email through the Bill4Time client portal. Currently, about 20 percent of the Advocates Law Group clients receive invoices through the portal and about 5% pay online via PayPal. Mahon hopes to increase the number of electronic invoices as the firm continues to grow and clients become more environmentally aware.  Mahon praises the integration with QuickBooks as it saves her a tremendous amount of time, eliminating manual entry.

Bill4Time Firm Manager offers IOLTA management features, which  Mahon and Talis Abolins, a partner with the firm agrees is an important feature.

“Bill4Time IOLTA [Interest on Lawyer Trust Accounts] is a key feature as it makes managing trust accounts simple by automatically tracking every transaction,” said Talis Abolins, a partner at the Advocates Law Group in Washington. “Plus, key to managing IOLTA accounts is to never go into the negative. Bill4Time prevents this, ensuring strict compliance and control.”

Mahon’s enthusiasm for Bill4Time has gone beyond the Advocates Law Group. Mahon has converted or implemented five other law firm clients to Bill4Time and is in the process of transitioning a seventh. “It took me a year to convince one law firm to switch to Bill4Time from their practice management software. Prebilling was a terrible experience as it was complicated and difficult to use,” said Mahon. “After we switched to Bill4Time, everything changed. My client asked why we didn’t switch sooner?”

Mahon believes  Bill4Time understands what features are needed to manage a legal business. Plus, it’s simple to use.  For example, the ‘Save & Duplicate’ feature saves her considerable time when managing client accounts. “I love ‘Save & Duplicate’ as I can go through 20 clients in just a couple minutes. Bill4Time doesn’t over engineer the features. It’s easy and simply works. And if I have a question, Bill4Time Customer Support is great.”

Mahon estimates that she processes 400 to 500 invoices each month using Bill4Time which is roughly $400,000 to $500,000 in monthly billings. Once the seventh firm completes the transition to Bill4Time, she expects at least a 50 percent increase each month.

Special thanks to Talis Abolins of the Advocates Law Group and Brenda Mahon, their accountant for letting us share their story.

Talis-AbolinsTalis Abolins is a partner at the Advocates Law Group, located in South King County. Mr. Abolins is rated as a Top Personal Injury Attorney and was awarded the Client’s Choice Personal Injury Attorney in 2012 by Avvo, and was the recipient of the Client Distinction Award in 2013 by Lawyers.com for quality service, value, representation and communication. He can be reached at tabolins(at)advocateslg.com or visit advocateslg.com.

Brenda Mahon is an accountant and bookkeeper in Olympia, Washington focusing on the legal industry.

How Small Business Can Cash In for the Holidays

By Leave a Comment

holiday

 

The Holidays can be a financial roller coaster for small businesses. This is usually due to significant upfront investments in inventory, marketing, additional staff, peaking revenues as the season hits full on, followed by the inevitable drop off in the New Year.

Tie up Financial Loose Ends
The Holidays are not the time to neglect your books. Make sure you are preparing up-to-date financials. Take a look at your cash flow projections (what’s coming in and what’s going out) and options for improving receivables. Also look at your overhead expenses and discover any possible trends. For example are expenses growing faster than sales and if they are, take some time to reassess those expenses and see where you can start trimming.

Offer Discounts & Other Incentives
Send a holiday card to promote your business and build upon your client relationship. Offer loyal clients discounts throughout the holidays to generate business. A ten percent discount can boost sales while making clients feel appreciated. And, make sure to back that service with excellent client support.

Expedite Your Invoicing to Accelerate Cash Flow
Even if you aren’t busy over the Holidays, invoice for any services in advance so that payments aren’t delayed or debts pass onto the next year. Remember to do your invoicing often, not just once a month. When invoices are constantly going out, incoming cash is constantly coming in. One way to streamline invoicing is to leverage invoice templates. This saves considerable time while branding your company.

Focus on Collections
Outstanding customer debt can be the Achilles Heel of a small business. It’s up to the small business owner to follow up on any unpaid invoices. Review any outstanding payments from customers and start following up. Your clients are busy and possibly just need a simple reminder. Sending an invoice or a statement may be all it takes to remind them to remit payment. Alternatively, sometimes it takes a phone call for payments that have been languishing for some time.

Make it Easy to Remit Payment
Your clients buy goods and services every day online. Why? Because it’s easy. Make it easy for them to transact business with you by offering online credit card options and/or PayPal. Through Stripe, you can offer credit card payment options and have the funds directed to the account of your choosing.

Imagine your client viewing your invoice on a mobile phone and while utterly embarrassed at being late in paying, tries to remit payment through the mobile phone and can’t? You just missed an opportunity to get paid. Emailing invoices with a link to a client portal that offers online payments can accelerate the payment process for slow of forgetful clients. In fact, businesses that offer online payment options can get paid up to 30% faster than by traditional methods. But some clients aren’t tech savvy. This is when taking payments over the phone via credit card can pay off as well. Either way you look at it, credit card options are a plus for any business.

Bill4Time offers a complete time billing and online payments system that helps you during the Holidays, and every day of the year. Bill4Time provides an easy way to track time and expenses, from any desktop or mobile device. Then simply email the invoice to clients who in turn, can pay immediately through a convenient client portal using any credit card or PayPal. It’s just that easy. Then easily analyze your business with Bill4Time reporting. Stay on top of your finances from anywhere, on any device.

Ensure your business is ready for the Holidays and every day with Bill4Time. Get a free 30-day trial and see for yourself.