There are plenty of hurdles for firm owners to jump while running a competitive law practice without tripping over excessive operational costs. It’s a fast-paced industry that requires resourcefulness and refined spending habits. Simplify saving with these tried-and-true tips that help keep budgets on track and goals within reach.
Expense Tracking & Reviewing
The imperative first step in lowering the overall cost of operation is expense tracking. A practice cannot determine where it’s capable of going until it takes a look at where it’s been. By tracking financial activity, firms can ascertain:
- Areas of flexibility within their budgets
- More accurate financial forecasts
- Opportunities for savings
- Negative spending trends that need to be addressed
Careful law firm expense reporting will paint a more lucid picture of the future that firm owners can capitalize on.
Corporate Credit Card Programs
Corporate credit card programs are the perfect complement to law firm expense reporting. Eliminate the guesswork with 24/7 access to account activity and a variety of customizable functions like:
- Alerts to monitor how firm money is being spent
- Categorized reports that summarize expense activity
- Reward programs that honor points accrued through spending
And because not all law practices are the same size, neither are corporate credit card programs. Choose a plan that fits the firm’s future objectives.
Successful budgets require resourceful thinking and a watchful eye. A plethora of vendors want to establish a place within a firm's budget. By considering all options and having patience enough to shop around, firms will find that less expensive things come to those who wait.
- Partake in memberships to reap savings on bulk buying (e.g., Sam’s Club or Costco).
- Join reward programs offered by office supply chains that accumulate perks with every purchase.
- Search for sales, clip coupons, and order online for extra savings.
Committing to an earth-friendly practice is both trendy and cost-effective. Technological advancements have provided firms with a variety of alternative avenues for conducting business that contribute not only to a smaller environmental footprint, but to a smaller price tag as well.
- Save money on paper by sharing documents in electronic format.
- Utilize email instead of paying for the postage accrued with regular mail.
- Turn off computers, adjust the thermostat at night, and use energy-efficient light bulbs to reduce utility bills.
- Invest in a water filtration system to eliminate the waste and spending on plastic water bottles.
Savings can be found in any budget if firm owners know where to look. Mandate law firm expense reporting, shop smart, and jump on the green initiative to rake in the savings and map a more profitable future for the firm.
- 10 Things to Look for on Your Expense Management Shortlist (And Why Chrome River Needs to Be on It)
- Three Questions to Ask About End-User Support
- Why is Your Company STILL Doing Manual Expense Reporting?
- Why Are Manual Expenses so Inefficient?
- How I Did it: Eliminating the Risks of Paper-Intensive Expense Processes
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.