System and Method for Inter-firm, Inter-office, Inter-company Billing and Financial Processing and Transfer Postings

Abstract

The present invention consists of an improved System and Method for raising inter-frim invoices, processing transfers and postings. The system and method provides for raising invoices and processing transfers for processing directly between two entities, or through a plurality of entities all in one streamlined system. With this improved system and method, associated businesses or organizations may collect their cost sharing expenses across multiple entities seamlessly. Further, each entity may specify the frequency to receive invoices from other entities. With such an improved System, Inter-frim transfers and postings can be readily accomplished immediately, processing hundreds of thousands of time entries in less than one business day.

What is claimed is: 
     
         1 . An improved System for the creation of inter-firm invoices and the transfer and settlement of transactions, wherein the firm is provided with an account and password for access to the System for timekeepers and personnel; the System is provided with a CPU and data storage; the improvement comprising an option for timekeeper to indicate code for local and billing firm. 
     
     
         2 . The improved System for the creation of inter-firm invoices and the transfer and settlement of transactions, according to  claim 1  further having means by which the user firm may select frequency of receiving invoices. 
     
     
         3 . The improved System for the creation of inter-firm invoices and the transfer and settlement of transactions, according to  claim 1  further having means by which the user firm may select a one line summary of invoice or aggregate of a plurality of invoices in said one line summary. 
     
     
         4 . The improved System for the creation of inter-firm invoices and the transfer and settlement of transactions, according to  claim 1  further having; means by which the user firm may select requirements of supporting documents for invoices. 
     
     
         5 . The improved System for the creation of inter-firm invoices and the transfer and settlement of transactions, according to  claim 1  further having means by which the user firm may raise at least one invoice for at least one legal entity. 
     
     
         6 . The improved System for the creation of inter-firm invoices and the transfer and settlement of transactions, according to  claim 1  further having means by which the user firm may provide an invoice utilizing at least one intermediary entity. 
     
     
         7 . The improved System for the creation of inter-firm invoices and the transfer and settlement of transactions, according to  claim 1  further having the means to comply with local statutory reporting requirements. 
     
     
         8 . The improved System for the creation of inter-firm invoices and the transfer and settlement of transactions, according to  claim 1  further having the means to apply discounts when collecting payments from legal entities. 
     
     
         9 . The improved System for the creation of inter-firm invoices and the transfer and settlement of transactions, according to  claim 1  further having the means to raise invoices adjusted with losses calculated into the invoices through the expenses and costs entered into the system associated with each matter or timekeeper. 
     
     
         10 . The improved System for the creation of inter-firm invoices, according to  claim 1  further having means to update postings in company ledgers in real time accounting for disbursements to be made to another entity. 
     
     
         11 . An improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having the steps of providing for a user to indicate a company code at at least the local and billing levels. 
     
     
         12 . The improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having means of  claim 11  further having the step of; providing for the user firm for selecting the frequency of receiving invoices. 
     
     
         13 . The improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having means of  claim 11  further having the step of: selecting a one line summary of invoice or aggregate of a plurality of invoices in said one line summary. 
     
     
         14 . The improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having means of  claim 11  further having the step of: selecting requirements of supporting documents for invoices 
     
     
         15 . The improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having means of  claim 11  further having the step of: raising at least one invoice for at least one legal entity. 
     
     
         16 . The improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having means of  claim 11  further having the step of: providing an invoice utilizing at least one intermediary entity. 
     
     
         17 . The improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having means of  claim 11  further having the step of: complying with local statutory reporting requirements. 
     
     
         18 . The improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having means of  claim 11  further having the step of: applying discounts when collecting payments from legal entities. 
     
     
         19 . The improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having means of  claim 11  further having the step of: updating postings in company ledgers in real time accounting for disbursements to be made to another entity. 
     
     
         20 . The improved Method for the creation of inter-firm invoices and transfer and settlement of transactions and postings comprising the steps of: providing the firm with an account and password for access to the Method; providing a CPU and data storage; providing the timekeeper's or personnel's account; further having means of  claim 11  further having the step of: updating postings in company ledgers in real time accounting for disbursements to be made to another entity.