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
firmTRAK Blogs
Latest from firmTRAK
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
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
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
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
‘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
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
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
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.
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