A big portion of running a law practice revolves around billing, but it goes beyond just time tracking and invoicing. Some key billing reports you can analyze to make better decisions include aging reports, WIP reports, and retainer reports.
- Aging reports show your firm’s balances and which invoices are 30-60-90 days due so that you can come up with a plan to address those overdue invoices.
- WIP reports, also known as pre-bill reports, show you your work in progress — items that you’re going to be billing eventually. You can use this report to review your items before you actually generate those invoices. It helps you make sure all your items are captured accurately.
- Retainer reports are especially important if your retainer is in a trust account because that’s money that you’ll likely earn in the future. These reports will show you what your retainer balances are and if any are close to being depleted so that you can seek replenishment before they deplete.
To learn more billing tips, read the transcript of our conversation from our Ask An Expert series, Better Billing & Faster Payments