The Matter Balance Summary report offers a concise view of the financials associated with each legal matter. This report is crucial for managing client accounts, tracking financial performance, and ensuring that all matters are billed accurately and efficiently.
Insights Expected from the Matter Balance Summary Report
This report delivers important insights that help law firms maintain financial clarity and operational efficiency:
Outstanding Balances: It provides a snapshot of the current balance for each matter, including outstanding amounts, helping law firms prioritize collections.
Financial Health per Matter: Law firms can assess the financial health of each case by reviewing balances, and unbilled amounts, which is essential for ensuring profitability.
Billing Accuracy: This summary ensures that no matter is overlooked in the billing process, making it easier to track both billed and unbilled time and expenses.
Client Financial Management: Helps firms provide clients with transparent and up-to-date financial information, which can improve client trust and satisfaction.
To generate the Matter Balance Summary report:
Navigate to the Dashboard
Click on Reports
Scroll down and choose 'Matter Balance Summary.'
You can refine the details by applying various filters. The report can be exported for further analysis, allowing law firms to review financial performance at the matter level and ensure accurate, timely invoicing.