Set up Billing & AutoTime for Real Estate

To set up Billing & AutoTime for Real Estate matters in LiraDocs, we can adapt similar principles that were available in Smokeball, ensuring the process is efficient for real estate firms in Kenya. Here’s how to configure AutoTime and Billing to track time and generate invoices based on real estate transactions:

How to Set Up Billing & AutoTime for Real Estate in LiraDocs (Kenya)

1. Set Up Default Billing Rate
   • Configure Your Billing Preferences: In the Staff & Users settings, set up your default billing rates for each type of matter (e.g., residential buy, residential sell, commercial transactions). You can also specify hourly or flat-fee rates based on your firm’s structure.
   • Activity Tracking: Ensure that the AutoTime feature is enabled to track all activities related to real estate matters, including non-billable tasks (e.g., research, client communication, document drafting).
   • Track All Activities: Set up LiraDocs to track every action performed within a matter and generate non-billable time entries automatically, so you can understand your real-time workload.
2. Create Time Entries for Flat Fee or Hourly Charges
   • Flat Fee Matters: If you’re charging a flat fee for certain services (e.g., property sales), create time entries specific to the services you’re providing. These time entries will be classified based on pre-set Activity Codes (e.g., Sale Negotiation, Document Review, Property Transfer).
   • Hourly Charges for Additional Work: If additional work is required beyond the scope of the flat fee, you can generate hourly time entries, ensuring you only charge clients for the actual time spent.
   • Set Up Activity Codes: Use activity codes to categorize services (e.g., Property Closing, Contract Review, Due Diligence). These allow you to easily track time spent on each part of the transaction and prepare accurate invoices.
3. Generate Invoice with Detailed Breakdown
   • Creating Invoices in LiraDocs: After tracking the time spent on each real estate matter, you can generate invoices directly from the system. Include both billable and non-billable time entries, showing your client a comprehensive view of all services rendered.
   • Invoice Example: In your invoice, you will display:
     • Flat fee charges for the matter (e.g., property sale or purchase)
     • Hourly rates for any additional services or consultations
     • Non-billable activities such as internal reviews or administrative tasks, giving your client a clear view of all work performed.
4. Review Performance and Profitability
   • Performance Reporting: In LiraDocs, under Activity > Performance Reporting, you can analyze your matter profitability. This helps you understand which real estate matters are more profitable, and whether the time you spent aligns with the fees charged.
   • Adjusting Your Fee Structure: By reviewing the time spent and comparing it to the flat fee or hourly charges, you can adjust your future pricing models, ensuring that you remain profitable and that clients are billed accurately.

Benefits of Using AutoTime for Real Estate

• Transparency: AutoTime helps you maintain a transparent billing system, ensuring your clients are aware of all services rendered, both billable and non-billable.
• Improved Client Communication: By providing detailed invoices, you help clients understand the breakdown of charges, which can enhance trust and satisfaction.
• Cost and Profitability Insight: AutoTime and performance reporting give you a detailed overview of your time spent, enabling better decision-making regarding pricing and resource allocation.
• Flat Fee Adjustments: If you find that certain transactions exceed your flat fee, you can adjust future rates or charge for additional hours, ensuring that the matter is adequately compensated.

Example of a Real Estate Invoice:

1. Matter Type: Residential Sale
2. Flat Fee: KES [Amount]
3. Hourly Charges (if applicable): KES [Amount] for additional tasks (e.g., legal consultation)
4. Non-Billable Entries:
   • Research and due diligence: 3 hours
   • Internal coordination: 2 hours

By implementing AutoTime and Billing features in LiraDocs, you can optimize your real estate practice, track time accurately, and ensure that billing is fair and transparent for both your firm and your clients.