Sarah PrevostCo-Founder, The Proper Trust, The Accountants Law Lab, and Co-host of The Accountants Law Pod podcast

Law firm financial statements: Four items you must review monthly

21 Jun 2021 · 1 min

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The video introduces attorneys to using QuickBooks Online Advanced to produce high‑level financial reports for their firms. It outlines key monthly review items: analyzing accounts receivable to manage cash flow, determining whether sufficient funds exist to hire additional attorneys or staff, evaluating marketing metrics to gauge the effectiveness of client acquisition efforts, and calculating the realization rate to assess overall profitability. The speaker positions these practices as essential for informed decision‑making and invites viewers to read the full article for detailed guidance.

Chapters

In this article, we talk about how you as an attorney can generate high-level reports using QuickBooks Online Advanced and all its amazing features. We talk about how to analyze your accounts receivable, which is always a major pain point for most law firms. And also, when you're reviewing your records, how do you calculate when it's a good time to maybe hire another attorney or a staff person? Are there even funds available to do that? We dive into best practices around calculating metrics regarding marketing your law practice, and of course, calculating that ever-important realization rate. Click the Learn More button below to see the full article.