Law Firm Analytics Reports: Collections
Rocket Matter recently released an Advanced Analytics module with five reports to help law firms increase transparency, productivity, and profitability. We’ll explore how you can leverage each of these reports in your practice. Here’s a discussion of Collections Reports.
INSIGHT: I want to see a breakdown of revenues collected at the billing member and matter level and identify how users, clients, and matters are performing when it comes to collections.
Your employees are hard at work and billing properly for their time and expenses. That’s great. But, how are the matters they’re assigned to doing when it comes to collections? Are their invoices current and paid on time, or are the clients paying late or not at all? With the Rocket Matter Collections Report, you can easily see who’s performing at a glance and which billing members of the firm, clients and matters need some extra attention.
The report gives you an instant dashboard view of which users are associated with which matters, allowing you to keep track of overall billing and involvement. What’s more, the collections report will allow you to see a collections percentage for all invoices ran during a period of time. You’ll be able to see which matters and users are performing when it comes to their collection realization rates, which is the percentage of fees billed that you actually collect.
It’s difficult to manage your practice effectively without a detailed understanding of your firm’s financials and this report delivers crucial information on what, who, and how your firm is actually getting paid. It’s also a great way to keep track of the overall value of your matters over time, so you can see which clients are the most profitable.
How does it work?
To utilize the collections report, you’ll need to select a date range. You can pull the report globally for all users and matters, or dial in by specific client or user. In addition, you can opt to show or exclude credit adjustments that have occurred over the period. The report gives a snapshot of all the vitals, including: the invoice date and amount, amount of billings and fees, and a percentage of total revenues collected.
You’ll be able to spot gaps in performance easily at a glance and keep track of your employees’ bottom line productivity. The Report Summary breaks down the totals and the report exports easily to a convenient CSV file for further analysis.
Are you ready to take your firm’s productivity to the next level?
All of the reports within Rocket Matter’s Advanced Analytics Module allow small to mid-sized firms to keep track of the overall economics of the firm and instantly identify issues. The additional insightful reports within this module include: Origination, Productivity Per Matter, Productivity Per User, and Matter Budgets, each of which, can be easily exported to Microsoft Excel.