Daily Reflection: Why It's Important & Easy, To Look at Your Financial Data Every Day

There’s usually just one time every year, when law firm owners review their revenue and profitability.  That’s at the end of the year – otherwise known as the time when you can’t do anything about your revenue numbers, that you don’t like. 

 

So, the better strategy is to review your revenue and profitability, on a regular & recurring basis.  You know, so you can actually do something about what you see.  Like quarterly, or monthly.  Better yet: weekly.  How about: daily.  Yeah, that’s more like it; the more regularly you review your law firm finances, the better.  It will be easier to spot trends, and to correct things quickly, when necessary.



Now, you may be saying to yourself: that sounds like a lot of work, to find and render all that information! 

 

Only, it’s not. 

 

A profit & loss statement is one of the most easily accessible reports in any financial system; and, every case management or billing software known to man offers a revenue report. 

 

With modern softwares, traditional reports can also be added to your system as dashboards, that you can pin to places in the interface, where they’ll be in your face, at all times. 

 

So, maybe you can actually check your law firm finances more than once per day. 

 

. . . 

 

If you want to find better ways to stay on top of your law firm financial data, let’s talk! 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, National Creditors' Bar Association members have access to experienced law practice management consultants at a special discount rate.

To get started, visit Red Cave's NCBA landing page, and start running your law practice like a business.

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