Proforma review is an important step in closing the books on every matter that a law firm handles. It’s essential to ensuring that invoices are accurate and critical to receiving payment from the client in a timely manner. Any law firm finance professional will tell you that rejection of inaccurate or otherwise unacceptable invoices is one of the top cash flow inhibitors.
One of the biggest challenges for the attorneys being asked to review the proforma is finding the time. Between attending to client matters and business development, they have precious little time to keep up with administrative tasks. Some lawyers take the physical proforma documents to court or home with them so they can review the documents during any downtime they may have, but doing so comes with its own set of risks.
Perhaps most importantly, there is a considerable amount of sensitive — if not proprietary — information in billing documents. From client names and contact information to potentially confidential details of matters in progress, proforma documents must be handled with the highest level of care. If these documents were to be lost for any reason, the damage that could result — and the potential liability to the firm — is incalculable.
Consider the move to an automated solution
In order to keep the process moving so the firm can get paid for its work, lawyers need a way to securely review proformas anywhere and at any time, without having to lug around the physical documents. Many firms are turning to automated online proforma review solutions that provide this very type of capability. There are a number of advantages to using an automated solution.
Let’s take a closer look at a few of them:
- Added security: Accessing proformas via a secure server allows lawyers to conduct reviews without the risk and inconvenience of carrying paper documents.
- Up-to-the-minute information: Online proformas show all the updates, changes, questions, and other notes from the rest of the review team in an organized and readable manner.
- Less time: Without the need to slog through other reviewers’ notes and changes, the entire process goes much more smoothly.
- Reduced cost: The clean interface makes proforma review faster and easier. The streamlined approach and eliminating the need for paper saves the firm money over time.
How Paperless Proforma can help
3E Paperless Proforma from Thomson Reuters gives lawyers and other legal professionals the flexibility they need to conduct their reviews in a secure environment at a time that is convenient for them. The anywhere-anytime access streamlines an otherwise cumbersome process and helps the firm issue clean invoices that get paid faster.
Contact a representative to learn more about Paperless Proforma and how it can help your firm shorten the work-to-cash cycle. Request your demo today.