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At a Loss: All A/R is Not Created Equal

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Managing a ccounts receivable is all about timing; and so, you  can’t  view it simply as a lump sum that you are owed .   Ideally,  you’re  running and reviewing  aged  accounts receivable  reports  – which most bookkeepers will do as a matter of course  @ 30-day, 60- day  and 90-day+ intervals .    That will give you a sense about a lot of  things,  related to the  financial management  of your business, including how your cashflow projects, on a go-forward basis.     But, most importantly,  you’ll  get a sense of how those dollars escalate in your law practice .   That escalation, of course, needs to be matched by your collection process .   When clients  don’t  pay you, as they should: you  can’t  just watch the dollars  st ack up .   You need to meet that escalating mountain of cash, with a more aggressive collection pro...
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Bailout: Are Accounts Receivable Sinking Your Profitability?

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Lots of small and solo  law firms  have  staggering  amounts of accounts receivable; and, even if those numbers are not sky high , for you  – smaller amounts are still vexing .   Accounts receivable end up counting against your  profitability, because  these reduce the amount of gross revenue you collect = the top line for your profit margin .   So, the more you collect :  the more you make.   But,  what if you have existing accounts receivable ?   Do you just write them off, entirely ?   Now, while it rarely makes sense to sue your clients for unpaid legal bills – there are a whole host of things you can do short of that, which may help you to recoup (at least, some) of your billing .   And, as with most things related to business management, it starts with a  process – that you  likely don’t  have now .   So, the very first thing you can do is  followup ...
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Duly Noted: Transcription Apps Can Save You Note-Taking Time

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With so many meetings now taking place online, via web conferencing tools – your notetaking responsibilities may have just gotten a whole lot easier.   Yes, lots of attorneys take meeting notes – whether  they’re  talking with  leads, clients, other  attorneys  or referral sources .   It’s   kind of a  thing .   Maybe it  stems from law school outline-making . . . or,  maybe  it’s  just ingrained into an attorney’s psyche .   But, while note-taking is something that lawyers feel compelled to do,  it’s  not often easy .   Maybe you   can’t  read your handwriting .   Maybe it  takes you even more time to  consolidate  what  you’ve  done, after  you’ve   already taken a boatload of notes .   Maybe you  just never want to hold a pen  again, and  are laser-focused on using automation tools to improve your...
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