Why relying on A/P and invoice approval software is a dangerous game
Corporate law departments often hire and manage numerous outside vendors – primarily law firms. Effectively tracking spending and legal matters with each vendor is therefore of the utmost importance to efficiently managing even a small legal department. Accounts payable (A/P) software is capable of tracking spending by cost center and vendor, but is unable to track spending with the type of detail necessary for the legal department to project and report on the true value it provides.
While the invoice processing and reporting capabilities of most A/P software and invoice approval software may be sufficient for business units within a company, a well-run legal department requires more. There is likely a need for granular and accurate reports specific to the legal department, customizable approval and review processes and the various other matter-management tools that can’t be replicated by A/P software or invoice-routing software. In short, law departments using only an A/P system are probably wasting time and money that could directly go to the company’s bottom line.
As a new white paper from Serengeti highlights, when the legal department is investigating e-billing and matter management solutions that dramatically drive down costs, they are often met with resistance from certain departments that incorrectly believe legal spend is already being adequately tracked with current A/P and invoice-approval systems.
To learn more about how e-billing and matter management solutions can help legal departments and to download the white paper, visit serengetilaw.com.