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.
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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
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
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
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
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
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
American Bar Association hosts firmTRAK
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
Understanding Your Metrics with firmTRAK’s Rich Marvel
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
Does Your Do-It-Yourself Accounting Have You On Course for An 18 Month Suspension?
Do-it-yourself bookkeeping is on the rise. The promise of easy-to-use bookkeeping and time-saving sounds great, but often ends up not fully coming to fruition. It becomes easy to miss some financial aspects since your expertise is law, not accounting or