Sponsored Content: Gain Clarity and Control Over Your Firm’s Finances

Without a reliable financial framework, attorneys risk overspending or failing to bill for recoverable costs. To address these challenges, firms need the following systems:

Automated expense tracking ensures that every cost is recorded, reducing administrative burdens while improving financial accuracy.

• Automatic transaction matching links firm expenses to bank records in real time.
• Expense reassignment tools allocate costs to specific client matters, ensuring all billable expenses are invoiced.
• Built-in receipt storage ensures all case-related expenses are properly documented for reimbursement.

Spend management solutions provide real-time purchase insights and customizable spend controls.

• Pre-set spending limits allow firms to set budgets by card for individual attorneys and staff.
• Virtual and physical purchasing cards can be issued for specific spend categories, making it easy to assign cards for designated expense types.
• Real-time transaction oversight enables administrators to track purchases as they happen, ensuring transparency and accountability.

Built-in tracking and reconciliation tools help firms monitor transactions, verify records, and make informed adjustments as needed.

• Real-time financial dashboards provide a current view of all purchases.
• Automated reporting tools help firms to review spending patterns and adjust budgets.
• Three-way trust reconciliation and automatic bank reconciliations ensure client funds are properly maintained.

To avoid missed billable hours, late invoices, and payment delays, firms need tools that simplify time tracking, automate invoicing, and streamline payment collection. Here are tips to improve efficiency:

Automated time-tracking tools ensure that every task is accounted for. Passive tracking features run in the background, identifying billable activities. Expense-to-invoice automation ensures all reimbursable costs are accounted for.

Automated invoicing ensures invoices are generated and sent on time. Digital payment options streamline the process by allowing clients to pay instantly.

Offering multiple payment methods (credit, debit, scheduled payments) makes it easier for clients to pay on time, helping firms maintain steady cash flow.

Detailed financial reports and case analytics help firms make data-driven decisions. With real-time dashboards, attorneys can monitor cash flow and identify trends that impact growth.

Profitability reports allow practices to analyze which cases and clients bring in the most revenue, helping them prioritize high-value matters. Accounts receivable reports provide a snapshot of outstanding balances, helping firms stay on top of unpaid invoices.

Tracking tools help firms identify which marketing efforts yield the most valuable leads. Revenue reports tied to lead sources allow firms to measure the ROI of specific marketing campaigns, ensuring resources are allocated to profitable channels.