Digital Firm Management Goes Beyond Time and Billing

Firm management software has come a long way in a short time, with technology driving gains in efficiency and client service. As client demands evolve, your firm needs to adjust, and as the landscape changes, you’ll need to keep your eye on the horizon to stay competitive. Digital firm management can transform your traditional processes, making them more efficient. You may even be able to eliminate some of your biggest time-wasters with automation,

Digital firm management goes beyond time and billing. With these five tips, you can truly transform your firm for the better.

Attract and retain your most valuable clients

Take a look at what kind of services you provide your clients. Who are your most profitable clients? Why are they most profitable? Developing these niches for your firm ensures you are taking on clients that you are best equipped to handle. Knowing these profitable areas can also inform important decisions around M&A activity, helping you find other firms that fill a specific, profitable, niche area.

Identify your problem clients

If you can identify problem clients, you can take steps to make these relationships more worthwhile. Select standard metrics to measure client profitability and commit to a review of clients. Shed unprofitable clients when necessary.

Reduce cycle time, improve cash flow

Consider the length of time between performing a service and receiving payment. Slow-paying clients are relatively common, but something as simple as providing an invoice at the same time as the work product can increase cash flow dramatically.

Create a culture of learning

In addition to training new staff on your processes and procedures, best practices and basic software knowledge, look for ways to coach your new staff on business development and selling. And remember, training shouldn’t be limited to new hires. Staff should revisit training regularly to ensure everyone is following best practices and using software effectively. Whether its legislative changes or software enhancements, there are always new opportunities for learning for employees at all levels.

Find your star performers

Metrics on project completion, lead time, cycle time, average number of review notes per type of project, and average age of review notes are a different way to look at employee skills and training needs. Employees who are falling behind on the selected metrics often do so because they have not received proper initial or update training. On the other hand, employees who are consistently ahead may be good candidates for additional leadership training and promotions.

Digital Firm Management Uncovers Key Strengths

Digital firm management software can help you uncover key strengths within your firm. This information may already be available in your digital firm management software – you just need to know where to find it.

Firm management has changed, and your firm needs to keep up. For more tips on how to move your firm into the future, download the Future of Firm Management infographic.

AUTHOR

Aimee Hall

Product Marketing Manager at Wolters Kluwer Tax & Accounting

All stories by: Aimee Hall

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