Key benefits for your firm
Productivity is On RecordLaw firm employees are operational assets. Practice area, attorney service, and client billing all can have an impact on firm productivity and profits. Key performance indicators (“KPIs”) and report creation tools enable controllers to capture attorney productivity and client billing rates on record. firmTRAK’s Visualize dashboard monitors KPIs such as: attorney or Staff time worked, billed time, customer billing, outstanding payments, and collected time. Our product offers more in the way of continuous account reporting than other similar competitor integrated software solutions.
Financial Planning and ControlWith firmTRAK Visualize, law firm controllers have the measured insights they need to make financial decisions. Identify new opportunities for business growth, while simultaneously cutting AR related costs, with the support of Visualize dashboard KPIs. We provide law firms with the analytic capabilities they require to maintain control over their accounts and increase cash flows (i.e., liquidity) for the purpose of reinvestment. Build a better financial model for your firm’s profitable future. Subscribe to firmTRAK Visualize and experience the benefits of continuous reporting of the accounting record.
Metric Reporting of AR RecordMetric KPIs provide up-to-the-minute insight about factors contributing to the effectiveness of a law firm’s AR billing cycle. With firmTRAK Visualize, utilization rates are turned into realization rates. Graphical illustration of work-in-process (“WIP”) indicators show where there may be gaps in client payment for hours previously billed. Issues present within the accounting process itself can also be identified and corrected, such as credit sales conversion rates crucial to the turnover of operational cash flows, that might otherwise have negative effects on firm liquidity and profitability if left unchecked. We give law firms the data they need to estimate the opportunity costs of doing business upfront.
How firmTRAK works with Clio
firmTRAK integration with Clio is part of the Visualize subscription. firmTRAK has direct API access to Clio for reporting insights and the creation of filterable and downloadable reports. Benchmark reporting of account KPIs, informs a firm of its comparative industry performance and potential for profitability over time. Realize the potential of law firm financial control by reducing the number of outstanding client account collections in the AR record. Take advantage of firmTRAK integration with Clio, and firmTRAK Visualize solutions to gain insight on common accounting challenges in the law firm practice environment.