Better Track Firm Profitability With Firm Central's Enhanced Reporting
Having a robust billing system – such as Firm Central Time & Billing - is vital for law firms to track their billing activity in an efficient and accurate manner. However, having a reliable billing system is not enough! Law firms – especially those without a sizable support staff – need the ability to generate reports to determine which clients are paying their bills (and, more importantly, which clients are not), and the outstanding balances for each client. Reporting also enables law firms to evaluate their profitability; i.e., what clients and practice areas are most profitable. This, in turn, allows law firms to evaluate not only their overall profitability, but also make informed decisions about where they should dedicate limited marketing resources.
To accomplish these goals, Firm Central is releasing significant enhancements to its reporting features. Specifically:
- Firm Dashboard
In Firm Central, there will be a separate reporting tab that will have a visual dashboard for the entire firm, providing year-to-date information on your top clients by revenue, revenue by practice area, overall revenue, and your aging accounts receivable. Providing at a glance consumption of the financial data. - Flexibility in Exporting Reports
Exporting billing data to Microsoft Excel offers opportunities to sort, filter, and evaluate that data. However, it can be difficult to quickly read and understand data in a spreadsheet. Have you dreamed of having the ability to automate more digestible power point slides with financial data? Firm Central now offers the ability to export reports in pdf, xlsx, xls, csv, doc, xml, and PowerPoint formats. Exporting report data in PDF or PowerPoint will make that data appear more professional, readable, and understandable. - Option to Preview Reports before Exporting
Sometimes you may find yourself in a situation where you don’t know precisely what data you need before generating a report. Firm Central now offers the ability to see your report on the Firm Central website itself before you export the report in pdf, xlsx, xls, csv, doc, xml, or PowerPoint format. If the report data is not sufficient, you can adjust their reporting options before exporting. - Option to Customize Reports
Instead of restricting users to static/inflexible report options, Firm Central will soon offer the ability to customize your reports – i.e., select the specific information you wish to include in the report (removing/hiding unwanted data), and sort/filter column headers.
By enabling you to evaluate your overall profitability, identify practice area trends, and track your client’s payment activity, these reporting enhancements are invaluable in setting your firm up for continued success in 2018 with Thomson Reuters Firm Central!
Hear what Firm Central customers have to say, and start your free trial today.
If you’re attending the ABA TECHSHOW in Chicago, stop by booth 211 to learn more about Firm Central’s enhanced reporting.
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