Measure up with Billtrader’s Operational Efficiency Assessment
At Billtrader we’re on a mission to maximise the operational efficiency of global IP firms.
Using our Operational Efficiency Calculator and publicly available data we are able to estimate potential cost and efficiency savings across our five pillars of operational efficiency.
The complimentary assessment is then conducted with the relevant data provided by your team, and a detailed report is prepared and presented by the Billtrader team.
01 - Cost Efficiency
Reduce avoidable bank fees
Most banks charge an average of US$20 to wire funds overseas and the receiving banks, on average, take out a further US$20.
When you consider the volume of payments being made and received each year between IP firms, the estimated international bank wiring fees on every payment is significant.
Using the Billtrader Operational Efficiency calculator we estimate that the IP industry is paying over US$50m per year in bank fees that are avoidable.
Billtrader has bank accounts around the world. Invoices are paid and payments are made from a bank account in your country, in your local currency, avoiding international wire transfer fees.
02 - Operational Efficiency
Reduce staff costs by automating manual tasks
Another factor that eats into firm profits is the sheer administrative burden of manually entering the volume of invoices from multiple countries and then making and reconciling the payments against each client account.
We’ve adapted the latest data capture tools and artificial intelligence to digitally capture all the information from foreign agent bills, and to push that information seamlessly into any accounting system. Billtrader eliminates the need for manual data entry, saving time and staff costs.
Billtrader’s data capture and automation tools are designed specifically for IP firms to eliminate the process of managing and reconciling invoices to and from multiple countries.
03 - Cashflow Efficiency
Manage cashflow efficiency
It is very common for IP firms to wait three to six months to get paid by overseas agents with many firms regularly holding up to half of their annual revenue in unpaid bills.
This can create cashflow headaches and is not sustainable, especially for firms in countries that are net-receivers of work.
At Billtrader, we use best-of-breed supply chain finance solutions to allow us to pay IP firms right away.
Instead of waiting for months to be paid by your overseas agents, Billtrader gives you instant credit for your unpaid bills, cutting payment times down to one week.
04 - Currency Risk
Mitigate currency headwinds
The IP industry exchanges billions of dollars in foreign currency every year very inefficiently, using outdated technology.
For most firms, at least half of their annual revenue has an FX component to it. The impact on firm profitability can be significant.
Billtrader uses FinTech to generate forward currency rates, which allows us to give an IP firm the guaranteed local currency price it needs to pay multiple foreign bills.
We take the guesswork out of the amount firms need to charge their local clients and protect them from coming up short.
05 - System Integration
Maximise efficiency with system integration
The Billtrader platform has been designed for ease of use and flexibility to work as a stand-alone solution for immediate use with options for future integration, creating a seamless and efficient process.
The Billtrader Connect API enables IP firms to automate how you get foreign agent bills into your accounting and IP management systems, to reduce data entry staff costs and errors:
- Removing the need for manual data entry
- Managing payments including system notifications and updates
- Capturing and matching important reference data including matter numbers to streamline reconciliation
Billtrader integrates with a range of IP firm accounting and docketing systems at no cost.