MEASURING BILLING AND COLLECTION …

MEASURING BILLING AND COLLECTION efficiencies Ellen Freedman, CLM 2005 Freedman Consulting, Inc. A number of years ago I wrote an article about the types of financial reporting which were important for management to monitor at law firms. (See Financial Reporting Essentials in the Winter, 2000 issue of the PBA Solo and Small Firm Section Newsletter, or contact me for a reprint.) If your firm has already implemented those reporting strategies, I d like to take it up a notch in sophistication by exploring how you can measure your BILLING and COLLECTION performance. Those of you who have heard me present a seminar recall that I frequently assert that good business decisions are made based on solid analysis and data. In the absence of data, one is merely shooting from the hip, which may or may not work out. Before you can conclude you are doing a good job in BILLING and/or COLLECTION of receivables, you should be able to measure your performance, and then compare those measurements to benchmark data.

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