The Great Divide! Structure your Law Firm Data
Divisional Data: A Savvy Law Firm Accounting Strategy of Structuring your Law Firm Data
You SO wanted to hear “you’ve made partner”. You dreamt about it as a child but never thought that you could be the one saying it instead! And it’s all thanks to how you and your accountant that have run the numbers, dividing up the data so you can review how various departments or professionals are doing to bring revenue to the firm.
As you continue to grow and invest in your practice, you may find yourself adding a few additional brick and mortar locations. That divisional data strategy is then empowering you further by giving you a solid understanding of performance by location as well as the attorneys who call those spaces their office.
Divisional Data is a savvy law firm accounting strategy that has worked for many with great success. Don’t worry if you’re new to the concept however. Like everything else in life, simply ‘getting started’ can be the biggest hurdle, and once you’re past it…well, you’re feeling pretty darn awesome!
For those of you just getting started or need a little brush up, I recommend working with applications that support what you’re trying to do. Fathom for instance has the technology that supports this type of reporting, and an article called “Introducing new ways to view your Divisional data” that can help get your mind on track with the concept. Let’s not forget that a savvy law firm also benefits by outsourcing this type of work to a professional, one who’s BEEN THERE – DONE THAT and can expedite the setup or implementation of Divisional Data reporting, saving you a ton of time and money in the process.
“You know that feeling when you wake up in the morning and you’re excited for the day? That’s one of my main goals in life.”
Who would have thought that dividing can be so much fun!?! There are a lot of divides in business right now that, quite frankly, aren’t fun AT ALL. Not the kind of thing that gets me springing to my feet each morning, that’s for sure! Accounting does though! LOL! It’s pretty neat that dividing your financial data into departments, categories, locations and classes etc.. can give you a deeper look at what’s possible so you can grow your practice and career. That’s the kind of thing that fuels a person, ya know?
By the way, QuickBooks Online (QBO) has a lot of really great features as well, to help with filtering data. If set up correctly, QuickBooks Online and the added app, LeanLaw, can also provide you with reports that put departments/classes side by side for you to analyze and benchmark for future growth and planning activities. Remember though, while some divides are fun (data divides)… others can feel painful and make you want to stay in bed – hiding under your covers, groaning about the day ahead. When you find yourself groaning over accounting, contact us, we can help you with your accounting!