Maximize Profitability with Expense Tracking

Do you know how much your firm spends on office supplies every month? What about CLEs? Are your filing fees getting charged to your client accounts? If you don’t know the answers to these questions, your firm could be losing money.

There are a number of ways to track your expenses. You can use a simple Excel spreadsheet, an accounting program, or a combination of both. The important thing is to find a system that works for your firm.

Once you have your system set up for tracking your expenses, you will need to review them regularly. This helps you identify areas of unnecessary spending, enabling you to cut costs and increase profitability.

It is also important to be sure that relative expenses are being charged to the correct client. Client advances add up extremely quickly. If they don’t get billed out, it can result in hundreds of thousands of lost dollars each month, depending on the size of your firm.

Effective expense tracking is essential for any law firm that wants to maximize its profitability. By tracking your expenses closely, you can identify areas where you can cut costs and improve your bottom line. Shadburn Bookkeeping specializes in tracking expenses for law firms and ensuring your client advances get billed out appropriately. Visit shadburn.llc/book-online to get started today.

Chrystal Shadburn has been working with TABS3 and its modules since 2013 She has been a legal bookkeeper since 2016.

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