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
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firmTRAK is an organization that provides analysis and insights primarily focused on business, financial, and regulatory developments affecting small businesses and the broader economy. Their content covers topics such as government policy changes, tax and payment system reforms, economic forecasts, and regulatory updates impacting business operations. They offer detailed explanations of legislative changes, financial system modernization, and economic trends, aiming to clarify complex issues for business owners and professionals. firmTRAK's publications often address practical implications of federal and state policies, including tax compliance challenges, automation impacts, and business registration processes.
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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…
Don’t Step Over A Dollar to Pick Up A Penny
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…