Download this eBook to learn the five most common legal accounting challenges and how to avoid making costly mistakes. Topics covered in this resource, include:
While your P&L shows revenue and expenses, your balance sheet tells you about assets, liabilities, and equity.
Some essential actions when it comes to auditing your balance sheet are:
By maintaining an accurate balance sheet, you can shave hours off the time you spend working on year-end closing by reducing the risk of last-minute adjustments or corrections.
This is another area where proper practices throughout the year make a huge difference. Run an accounts receivable report and see where your outstanding balances lie, so that you can bill for those and collect on them by December.
Because your chances of collecting overdue balances drop significantly over time, you may want to consider writing off those that are still outstanding by December 31st.
Inefficient billing processes can force you to wait until the 11th hour to input all of your financial information. Implementing timely, streamlined processes, on the other hand, can go a long way to making your year-end more restful.
It’s not too late to make changes. Here are some tips to decrease delays or lags in your billing:
Most law firms must present comprehensive financial reports to their stakeholders at the end of the fiscal year, including partners, shareholders, and even clients. Make sure you can compile these year-end reports with transparency and accountability.
While it’s possible to do your year-end accounting without utilizing dashboards and reporting tools, they make getting the job done a whole lot easier.
Legal-specific software solutions will help speed your processes along by allowing you to:
By harnessing the capabilities of dashboards and reporting tools, you can proactively manage your financials, reduce year-end stress, and make data-driven decisions to keep your firm moving in the right direction.
If you’re tired of dealing with last-minute year-end accounting every holiday season, it’s time to team up with a solution that does the heavy lifting for you, so you can spend the holidays with loved ones instead of staring at a computer screen.
CosmoLex is designed to make every aspect of running a law firm easier. From business and trust accounting to billing, payments, and reporting, we’ve got the tools your firm needs to make year-end accounting a breeze.
Finish the year strong! Start a 10-day free trial of CosmoLex or schedule a personalized demo today.
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