Universal timekeeping is the one and only key that can unlock the power of the six financial indicators outlined in this article. No lawyer or law firm can afford not to make this investment in sustainable profitability and competitive survival.
As a lawyer with extensive education and training, you are entitled to be paid what you’re worth. But what are you worth? Getting the most out of your time and accurately tracking the time you spend working on cases will ultimately give the most return on your investment (of time).
Your firm’s financial success often depends on your ability to use technology in pursuit of lowering costs, reducing waste, and avoiding unneeded expenses. Understanding how and when to use emerging legal technology is as important as keeping current in case law.
Today, successful law firm owners have to start thinking less like lawyers and more like business owners. These leaders are looking beyond billable hours, implementing business practices and metrics to increase time-billing productivity and the bottom line. Why You Should Measure Utilization Rates, Not Just Billable Hours The utilization rate is the measurement law firms […]
When you disable a client, close a project, or disable a user, the data is not lost and you can still run reports on the time and billable amounts. For example, when running reports, next to your User filter you will see an “Include Disabled” icon which you can click to enable and that will allow you to […]
The Bill4Time Client Portal is your client’s online gateway to your business. Your clients can view invoices, outstanding balances and payment history. Businesses that offer clients convenient online payments options get paid up to 30% faster than when using traditional payment methods. That means, instead of sending a paper invoice via snail mail to your […]
One of the most stressful times for a small business of any size is when cash flow grow tight because payments are not being made in a timely manner. Sometimes the answer is how you invoice and your communication with the customer—setting expectations, defining roles and terms—all of which can create barriers in getting paid on […]
Bill4Time is pleased to share our latest customer tool, the Bill4Time Tour of Features. This new online guided tour is available to every Bill4Time client and offers an interactive adventure for each Bill4Time feature. Maximize your Bill4Time investment by taking a quick tour of the features you use most. Get insight to streamline processes. Learn some […]
For any business, billing is usually the biggest chore, especially for smaller companies that lack defined processes. However, even when the invoice is delivered, there is no guarantee that it will be paid swiftly. To help you create a steady revenue stream and get paid faster, we’ve come up with a few common sense tips. […]
Many small business owners never really master the art of invoicing. Many find themselves spending hours of time creating and sending invoices, then following up to collect payment. An invoice is a statement you send to a customer that details what work you performed, how much it cost and when your payment is due. Even […]