February 2014

How to Decide Whether Today’s Bank Deposit is Sufficient to Make Budget?

  • Thursday – February 27, 2014
  • 2:00 PM EST

Click here to view the webinar recording. Click here to view the webinar notes.

We all budget revenue monthly – to measure progress toward achieving budget for the year – and it isn’t practical to budget daily cash collections. But without daily revenue targets, how can we – as law firm managers – respond to the age-old question: “With today’s deposit are we on track to making budget for the month?”

This webinar will focus on a simple-to-use financial model designed to track the law firm’s daily collection “pace” taking into account the firm’s daily revenue collection patters (e.g. Mondays typically feature higher collection totals than Fridays) and vagaries inherent in the monthly calendar (i.e., some months have more Mondays than others).  After the webinar presentation, participants will receive a link to an Excel spreadsheet (and useful memo) so they can use the financial model in the comfort of their own firms.

The webinar presenter Mike Marget is a CPA, AICPA member, and member of the Illinois Bar.  Mike is also the Senior Managing Director of 4L Law Firm Services LLC, an affiliate of Orion Law Management Systems, Inc.  4L performs outsourced bookkeeping and billing services and provides a managed IT solution for small and midsize law firms.  These services utilize Orion’s financial management and practice management software and later decided to delegate some billing and other back office accounting tasks to 4L.