Enhanced Billing in Actionstep offers a broad range of new features and enhancements to Actionstep’s billing functions, all of which have been developed in direct response to client feedback. The new features are easy to use and add billing functionality and new productivity reports.
Enhanced Billing is automatically enabled for new clients by default. If you would to upgrade your system, please contact us, and we will help you get set up.
Set and forget it. Fixed-fee billing allows you to setup a fixed-fee arrangement for a matter, then Actionstep will bill that amount automatically.
You can bill the same amount, or schedule bills to be created for different amounts for different dates.
Track time against a fixed fee matter, then run productivity reports to show how much time has been invested, and calculate the effective hourly rate.
Fixed fee billing is automatic, even in mass billing runs. You can customize the bill to show or hide the itemized work.
Actionstep’s streamlined billing process makes it super easy to bill all your clients at once.
You can choose to bill multiple matters by practice area, responsible attorney, or selected matters. Set billing parameters, so only matters with a certain amount of WIP are billed. Fixed fee files can also be included in mass billing. Matter selections for billing can be saved as templates, significantly reducing the time it takes to get your bills out and get paid.
Draft bills can be edited before they go to the review process. Once they are ready to send, you can either print, or automatically email them all at once, or individually.
New productivity reports have been designed to show strategic and tactical insight into your firm. You can analyze the work, billing and collections across your whole firm, practice area, timekeeper or attorney.
The new report filters allow you to organize data the way you want, and concise summaries give you a clear picture of how different areas of your firm are performing.
Set discount on matters, and it gets automatically applied to a bill when it is generated. Discounts can be set as a percentage of fees, or a fixed amount. The client bill will show the full amount, and the discount applied. You can also apply a discount at the time of billing.
Discounts are detailed on productivity reports so you can see an overview of your firm’s discounts.
Many firms provide clients with a quote for legal services. With Actionstep, you can track this on the matter, and get the system to alert you when creating bills – allowing you to adjust the fees if necessary.
You can also display the quoted amount on draft bills to make it easy for the reviewer to see.
Set a minimum retainer replenishment (evergreen retainer) on a matter to help improve cash flow and reduce risk. When the matter is billed, the invoice automatically calculates and displays the remaining balance.
You can also track monies that are deposited into your non-trust bank accounts. Deposits can be associated to matters, and when a bill is created, the funds will be applied automatically against charges. The bill details the receipt, and the application of those funds.
Not all clients are billed the same way, so you should have a system that is flexible enough to allow for custom billing.
Billing options in Actionstep allow you to bill a matter by hourly or fixed fee basis. You can specify different hourly rates, use different bill templates and choose if you wish to have a discount on the bill. You can even dictate how fee revenue is to be distributed between lawyers.
When creating time entries, you can change rates on the fly without creating new categories. You can also specify the entry in hours or a flat-rate dollar amount (e.g. $400 for a court attendance), but still track your time against the flat-rate work.
You can specify whether the fees should appear on the bill and whether they should show as “no charge” or not at all.
Easily write up or write down charges on the bill. The adjustments increase or decrease outstanding fees, expenses and taxes (if applicable). It can also be used to reallocate fees between different timekeepers.
This allows you to:
Easily track fee revenue by timekeeper using different methods, including: