Aderant: Friday Feature – BillBlast historical accounts receivable
Welcome to our “Friday Feature” series: a space to highlight exceptional features unique to Aderant products. Check back every Friday as we introduce new ways to improve your firm’s efficiency and ease of operations.
Today, Aderant Product Manager Candy Sharpe is discussing the Historical Accounts Receivable feature available to firms implementing BillBlast.
What is the Historical Accounts Receivable feature?
In the world of eBilling, an invoice marked as “billed” in your financial system does not necessarily indicate that it has been “billed” to your client. BillBlast’s Historical Accounts Receivable (Historical A/R) option for evaluating the status of previously submitted invoices allows you to not only immediately identify stagnant submission errors, but also to focus on those invoices that were successfully sent yet not likely to be paid in full.
With Historical A/R, firms can begin to use BillBlast for their outstanding invoices as though they had always been managing them in BillBlast. If previously submitted bills require re-submission, they can be easily actioned for initial submission acceptance processing.
For any historical, outstanding invoices it evaluates, BillBlast will systematically determine if the invoice is successfully on the eBill vendor website and assign it the proper status for the billing team to manage. For example, if the invoice exists on the vendor site but there is an error associated with it, Historical A/R will assign the appropriate error status in BillBlast for follow up, correction, and resubmission. If the invoice exists on the vendor site with applied payment deductions, BillBlast will include the details of the deductions for the user to evaluate and manage.
In short, the Historical A/R option gives firms the added benefit of utilising BillBlast for all their outstanding invoices, allowing them to improve the visibility and accuracy of any existing issues related to submission and payment – issues that the billing team may not even be aware of!
What problem does the Historical Accounts Receivable feature address for Aderant clients?
For firm billing and collections teams, manually following up on the status of each previously submitted eBill invoice is an arduous task. This staffing dependency introduces significant delays in the identification of invoices that require further handling by the billing team to ensure full acceptance and readiness for client payment processing. These delays often result in missed submission deadlines due to lack of awareness that an issue was even present.
Teams currently relying on email notifications or manual eBill vendor verification to identify reduced invoices that require appeals are unable to protect that revenue efficiently and effectively. Lack of visibility into those invoice issues paired with the inability to quantify the fiscal impact of the deduction without a one-by-one review make it impossible to pursue actions to enable timely revenue collection.
What is the overall impact of the Historical Accounts Receivable feature on the legal industry as a whole?
With Historical A/R, firms gain an exact understanding of the health and the position of their current, outstanding accounts receivable being reported by the financial system. Firms can identify revenue currently at risk, hasten the resolution of issues preventing invoice payment processing by the client, identify revenue that requires appeal submissions for payment reconsideration, lower risk and the burden on staff, and increase realisation rates. With Aderant BillBlast’s Historical A/R feature, firms can stop the revenue bleeding!
