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E-Invoicing: A Client Perspective
Our legal department at Atlantic Bank of New York was looking for an electronic invoicing system to make our outside counsel billing process more manageable. What we found was new technology and software that enabled us not only to improve the overall efficiency of our system but also to implement an invoice discounting policy that saves us money and gets our outside counsel paid quickly. Because the new invoicing system lets us turn invoices around so quickly, we have achieved such significant savings that we expect the invoicing system to pay for itself within just a few years.
The technology that made this possible is DirectInvoice.com from Tripoint Systems Develo- pment Corporation. Previously, a bill would come into the legal department and be sent to the business contact for the matter. The business contact would then prepare a payment request form and do some data entry to keep some of the billing information in the business unit. Next the business contact would take the bill and the form and send it to the legal department, where we would do our own data entry. The invoice was finally sent to our accounts payable area, whose personnel would complete another round of data entry and finally send out a check.
DirectInvoice enables our department to receive all invoices from outside law firms electronically. Once invoices are received, they are routed, adjusted and approved with invoice information stored in an online financial repository. The electronic billing system essentially makes it a paperless process. No manual data entry is required because we receive an electronic file that is sent securely via the Internet from our outside counsel.
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