This product is currently in early access.
To access the Firm Management dashboard:
- In Practice Management, go to Insights > Business Intelligence. The Insights page is displayed.
- Select Firm Management from the list of options on the left side of the page. The Firm Management Dashboard is displayed.
The Avg Collection Rate bubble chart measures how much of the billed fees are successfully collected from clients. Specifically, the Y-axis data (Collection Rate) tells you how much of your invoices you eventually collect, while the X-axis data (Avg Days to Collect) tells you how quickly you collect it. Looking at one without the other can sometimes be misleading. For example, a high collection rate but slow days-to-collect means you eventually collect, but cashflow is sluggish. Similarly, a fast days-to-collect but low collection rate may mean you collect quickly but leave money on the table through discounts and write-offs.
This visual is based on matter type.
You can click the chart to view the Avg Collection Rate Report for a detailed breakdown of this information.
Avg Collection Rate Report Details:
- Matter Type / Matter ID / Invoice No.: Shows the matter type, any matters for that matter type, and the associated invoice number for those matters.
- Total Invoiced / Billed: Shows the amount billed on the invoice. You can review this amount by going to Reports > Billing Reports > Fee Allocation Per Invoice Report. (You must configure the report to show the Fee Earner Summary (under Advanced).)
- Total Collected: Shows the amount of fees collected. You can review this information on the Receipt Fee Allocation window, which you can access by creating a new client receipt.
- Collection Rate: Displays the results of the following calculation: Collected / Billed x 100
- Avg. Days to Collect: Shows the weighted average days from invoice date to final payment date.
Updated