Law firms use their incoming payments to cover expenses, like overhead, payroll costs and software. Cash flow, the amount of payments coming in and when they arrive, is important in order to cover these expenses without needing to dip into the firm’s savings. Send out timely invoices Send an invoice as soon as work is completed. If you wait too … Read More
What is the statement of cash flows for law firms?
The statement of cash flows, sometimes alternatively referred to as the cash flow statement, shows law firms where the cash is coming in and where it’s going. On the report, the cash flow statement will list inflows and outflows into helpful line items. It includes cash from investing returns, operating activities and financing/borrowing. This statement provides firms with a short-term … Read More