Improving the Law Firm AR Cycle
Record of days sales outstanding (DSO) is one of the key performance indicators (KPIs) for determining law firm liquidity. Reporting of DSO rates for a firm’s sales cycle assists in determining the timeframe until outstanding client accounts are paid. By dividing the total of accounts receivables for a period
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What are the key indicators of the health of your Law Firm?
There’s a spectrum of sophistication when law firms and business owners look critically at the performance of their law firms. The first rung on the latter would be what most of us do in our daily lives and check our bank balances on the phone app to see if we have money in the account.
Legal Ramifications of “Piercing the Corporate Veil”
What is the Corporate Veil?
Piercing the corporate veil refers to a court ignoring the limited liability of a particular business entity when there is outright fraud or abuse taking place within a business. Each state has its own case law concerning when the corporate veil can be pierced, but one circumstance that is a
How Law Firms Are Controlling Accounts Receivables Quality: Old vs. New Client Accounts
The quality of law firm accounts receivable (AR) is made possible by way of key performance indicators (KPIs) reporting records of old and new accounts, as well as payment activity, billing collections, and client communications. Metric KPIs permit a firm to evaluate clients who have partial payments, and scale accounts for the determination of which
Does Commingling your funds matter? Or, for law firm owners is it just more work?
Law firms and other business owners can be focused on the action first and the organization second when setting up their business accounts. However, a business needs guard rails to keep funds associated with their business in their business account and take the necessary steps to move funds to and from personal accounts or other
‘Over 60 Days, and you’re not getting paid:’ Proactive Tactics Improve Legal Billing Cycle
Today, law firms can improve their AR collections by subscribing to the firmTRAK reporting solution. This automation can outsource business processes, designed to translate the payment behavior of individual client accounts into KPIs useful for tracking and profitability reporting. A unified approach to doing business accounts receivable (AR) key performance indicators (KPIs) reflect client account
5 Important lessons from ‘the proper way to charge your iPhone to retain 100% battery capacity’ can teach us about running a business.
Many times business owners fall into established routines in their day-to-day. Every so often workflow processes and procedures should be evaluated for efficiency and effectiveness. This is doubly true when it comes to using technology. iPhones in particular have had many different iterations and, as one TikTok user discovered, the charging habits we used to
Planning Your Law Firm’s Workflow Around Collections, Automatic Software Reminders
One of the most effective methods of enhancing law firm billing process performance is automated invoicing and scheduled payment reminders. firmTRAK Solutions can help you set up CLIO, PracticePanther, and Xero accounting software to generate automated invoices and client reminders during the billing process based on invoice terms and account records of payment.
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Improving the Law Firm AR Cycle
Record of days sales outstanding (DSO) is one of the key performance indicators (KPIs) for determining law firm liquidity. Reporting of DSO rates for a firm’s sales cycle assists in determining the time frame until outstanding client accounts are paid. By dividing the total of accounts receivables for a period by the total net credit
AR Concentration Ratio and Diversity Index Reporting A Boost For Firm Performance
Accounts Receivable Risk
Accounts receivable “risk” corresponding with outstanding accounts, can have a negative impact on a firm’s bottom line. When law firms seek solutions for mitigating accounts receivables risk, benchmark comparison of those assets with key performance indicators or “KPIs” are the answer. KPIs afford a deeper dive into AR records, giving insight into
Billing Efficiency and the ‘Time-Value-Money ‘equation of law firm performance
Benchmark estimation of law firm caseload turnover profitability performance is impossible without expert metric reporting. If a firm’s overall operational performance can be measured by its earnings before interest, taxes, depreciation, and amortization or “EBITDA,” the cost of capital required to maintain its assets, the opportunity costs of work process activities correspondent to an attorney
Sourcing KPIs in Accounting Records For Better Firm Revenue
Accounting Data Lead Source for KPIs
Expert CPAs and financial controllers can turn financial analysis of accounting records into a viable data set for purposes of measuring firm performance alongside industry benchmark standards. Metric key performance indicators or “KPIs” are a priority for any law firm seeking to build capacity over time. For instance, analytic
WIP Turnover Signals Law Firm Profits
Law firm competitiveness is more than the efficacy of attorney representation. Optimization of accounts receivables on the ledger with measured benchmark reporting enhance law firm financial control that might otherwise be compromised by outstanding billing collections. When it comes to crunching numbers, firmTRAK Solutions Accounting offers attorney practices the law firm key performance indicators
PracticePanther Now Integrates with firmTRAK
Practice Panther Now Integrates with firmTRAK
firmTRAK set out on a mission to provide the best legal tech services for solo and growing law firms. That mission hasn’t changed, but the platform and the approach has gone through many iterations. firmTRAK started as a way for our founder Rich Marvel to stop wasting time
CLIO vs PracticePanter – Comparing Legal Practice Management Software
First let’s take a look at their listed features on each website’s self-labeled most popular. For PracticePanther this is the Business plan at $79 per user per month, billed annually (~$948). For CLIO this is the Elite plan at $99 per user per month, billed annually (~$1,188).
Here are their listed features. Let’s pick out