Artificial intelligence (AI) has a huge impact on the corporate world, and it is no different when it comes to billing compliance and timekeeping. AI can help with this by providing an automated system to track and monitor employee time and billing information. This system can be used to check for any discrepancies and alert employers to potential compliance issues. Additionally, AI can be used to monitor employee workloads and time spent on specific tasks to ensure that billing is accurate and timely allowing employers to verify that their employees are working the hours they are being paid for. AI-powered timekeeping and billing compliance can also reduce the chances of costly legal action as well as boost employee morale and productivity. In the last five years, the use of AI in legal firms has grown by 20%, according to a Deloitte analysis. The survey also indicated that the use of artificial intelligence in legal firms can increase billing accuracy by up to 40%, which leads to higher revenues and better client relationships. Look at the process of how AI can help you ensure accurate billing compliance and timekeeping in more detail.
AI-powered solutions for billing compliance are designed to analyze your clients’ invoices, identify anomalies, and generate reports to help you understand the root cause of any inconsistencies. They can take some of the challenges out of the process and ensure you are compliant with regulations. Such solutions can monitor your team’s time entries, identify trends, and send notifications when anomalies are detected, thereby lessening physical labor and simplifying timekeeping. 41% of in-house respondents revealed that they have terminated a law firm because the firm ignored client instructions or billing guidelines, according to a survey by Legal Pricing & Project Management of 2020. The survey also reported that 59% of respondents terminated a law firm due to inadequate communication, 57% due to poor service, 56% due to excessive billing, 46% due to inadequate planning and budgeting, and 43% due to an inability to use technology efficiently. Automation can support businesses to save time and money while focusing on other aspects of their business. The following diagram illustrates how AI can support precise timekeeping and billing compliance:
AI-based technology can also be used to analyze customer data and provide insights into customer preferences and satisfaction levels. Using this, one may improve customer experiences and offer more individualized services. Furthermore, this can be used to optimize marketing campaigns and target more relevant audiences, leading to increased sales and improved profitability. According to a survey by Accenture, 71% of businesses believe that AI-enabled customer service will result in increased customer satisfaction and loyalty. In addition, the same survey found that 67% of businesses believe that AI-enabled customer service will result in improved profitability. AI-powered solutions help firms identify areas for improvement with a 360-degree view of operations. AI-supported timekeeping solutions can be integrated with any type of software to help you manage your team’s time. Firms can also use AI to achieve accurate billing compliance and accurate timekeeping. Learn more on how billing guidelines compliance can improve client-firm relationships & firm revenue.