Accounting as a Managed Service

“They streamlined and monetized our accounting system” Current LawCFO Client

Management Committees require concise and useable information built on accurate data to make informed decisions.

LawCFOs Managed Services enable our clients to have ongoing access to LawCFOs’ fractional CFO, accounting and finance expertise. Our team acts as the firm’s CFO, implements expert processes and provides strategic insight to your firm and maintains the creation of reliable data, which enables truly informed decisions.

Utilizing LawCFO Managed Services, our clients optimize their accounting and finance operations by utilizing our expert resources. LawCFO provides experts in each area of Accounting and Finance to ensure your firm maintains its optimal state of performance. These resources include experts in:

  • Budgeting, Planning and Management Information Systems
  • Billing Procedures and Management
  • Invoicing Cycle including draft bill review
  • eBilling Specific Processes and Procedures
  • Cash Receipts
  • Aged A/R Management
  • New Client and Matter Procedures
  • Time Management Policies
  • General Ledger Accounting Policies and Procedures
  • Trust Accounting
  • Accounts Payable
  • Recovered Costs
  • Sales & Use Tax
  • Vendor Procedures
  • Cost Recovery

Our on-going services can include full accounting and finance functionality or be limited to certain functions such as: CFO, Corporate Accounting, eBilling or any areas of expertise listed above.

Billing & eBilling

LawCFO eliminates the frustrations and challenges that it takes to ensure each invoice is sent accurate and on-time. Focus on your core competencies of your law firm and get back to running a law firm, not a billing practice. LawCFO understands that time spent on invoicing is time lost on billing, building your business and servicing an existing client. We make you look better by providing professional bills which are accurate, compliant and timely.

Billing solutions:

1. Outsourced Billing and eBilling:

Law firms hand the process over to our proven experts which deliver services with great efficiency and effectiveness. Billing and eBilling as a Service is one way our team delivers additional revenue to our clients.

2. Billing Advisory Services:

LawCFO addresses critical law firm operational challenges such as improving A/R and other ebilling related problems as a consultant to strengthen your internal team.

How & Why It Works:

Improved Profitability With Positive ROI:

LawCFO provides law firms with immediate return on their investment (ROI) as they invest in LawCFO’s solutions. We consistently show ROI to the firms’ we support, tracking this metric is very simple and we provide these analytics as part of our solution.

CFO and Accounting Consulting

“Incredibly loyal, felt like part of the firm” CEO – Current LawCFO Client

LawCFO offers law firms finance and accounting advisory services on an as needed basis prior to utilizing our managed services. Our seasoned industry experts provide your firm with the resources and knowledge you need to run at peak performance, while allowing you to focus where you’re at your highest and best use. We can jump in right away to fill a gap or provide a thorough assessment to better understand your firm and provide initial feedback on areas that could be improved upon.

Knowing where you stand and identifying necessary improvements represents a critical beginning.  The LawCFO assessment process, executed by industry experts, generally starts with a detailed due diligence review of the state-of-affairs within your accounting, finance, HR & Technology operations. The assessment includes policies, processes and procedures and also addresses organizational structure, systems implementation and staffing resources. Management receives a detailed report of strengths and weaknesses across a variety of functional activities.  Included is what is working, what is missing and needed corrections.

Next our team of experts utilizes the Report to serve as the Roadmap on how to reach your optimal state of financial operations. We work with your internal team to mitigate risk, remove institutional barriers and build processes and a team to optimize everything possible about your firm.

If you’re unsure your team can take on the task at hand we’ll provide ongoing resources as a service to provide additional help to get all necessary tasks completed or take on all responsibilities our self. Our team of experts provides you with options on how to run your firm in a way that makes you comfortable to get the results you desire.

Implementation of Best Practices

“We now have detailed processes, that are more refined and we’re able to produce useful reporting”  CEO – Current LawCFO Client (40 Attorney Firm)

Advisory team members implement the best practices that will take your firm to a new level. Many firms are set with the processes and structure they’ve always had, but the best firms are always on a path of improving all aspects of their firm.

Best practices are necessary to create reliable data – the data needed to manage your firm with complete confidence. Decisions are only as good as the data they are based upon. LawCFOs Best Practices create the capability of generating reliable data accurately and timely.

LawCFO expert resources implement changes in your firm to position you for your optimal state of performance.

Need Our Help or Advice?

Don’t hesitate to get in touch @ (800) 756-3044