firmTRAK Twenty

Latest from firmTRAK Twenty

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

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

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

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

 
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

In Feb 2020, founder Rich Marvel was honored to present at the American Bar Association’s techshow.
The ABA Techshow is a rather large conference geared towards introducing those in the legal industry to various tech tools designed to help with all aspects of running a law firm.   Past sponsors have included CLIO, PracticePanther, Price

Rich Marvel explains how data can pinpoint areas of success and weakness to help lawyers make better business choices.
This podcast from 3/26/20 is just as relevant then as it is today. Growing Law Firms have many challenges. Those challenges are related to managing due dates, legal activities, tasks and other process management at the

 
Perhaps you’ve heard the phrase, “don’t step over a dollar to pick up a penny.”  It refers to the idea of doing all you can to save money, yet costing yourself more in the end.  Unfortunately, this happens with many law firms regarding accounting and bookkeeping.  This can come crashing down in a hurry

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As a small business owner, you’re likely always looking for ways to achieve more. Maybe you made a New Year’s resolution about it. You might have resolved to make more money, find more clients, or grow your business. It’s fantastic to have an idea of what you want to do, but how will

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If you’re like most small business owners, you spend the majority of your time managing daily operations, keeping customers happy, and looking for new ways to grow. Spreadsheets, cash flow analysis, and financial projections are probably not your first passion.However, measuring profitability, creating realistic budgets, and planning ahead for the future are crucial

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It’s natural for small business owners to think that they won’t be victims of cyber attacks. Most of the news surrounding hacking and data breaches involves large corporations, but that is because that’s where a high number of victims are affected. Hackers may find they have an easier time going after small businesses

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Running a small business is hard work. Entrepreneurs know they have to put in long days and give up personal time in pursuit of success. There’s a line, however, between putting in some extra time and becoming addicted to work, and it’s important to know the difference between them.
Being addicted to work—sometimes