Some legal accounts software packages available for law firms today offer cash flow budget forecasts, but not all offer true cash flow forecasts. Some law firms need both.
A budget cash flow forecast is a summary of likely income and expenditure for a given period.
A true cash flow forecast is the likely timing and amounts of cash inflows and outflows to and from the business bank account(s).
A good Legal Practice Management Software system will provide a law firm with a clear, bird’s-eye view of its cash flow situation so that it can adapt quickly to any unexpected financial changes, and remain focused on achieving its financial goals. Having reliable cash flow clarity from both a budget and a ‘true’ bank account point of view reduces the stress levels for law firm managers by eliminating financial surprises.
LAWFUSION is a comprehensive suite of software modules designed specifically for law firms. It offers functionality for managing every aspect of a legal Practice. The software is fully integrated in the truest sense of the word, and was built by Select Legal Systems Limited with law firm profitability in mind to be flexible, intuitive and excellent value for money.
LAWFUSION is the system of choice for hundreds of UK law firms. For a selection of LAWFUSION case studies please visit our case study page.
For further information regarding how LAWFUSION’s suite of legal accounts software helps law firms manage cash flow, via both cash flow budgets and a firm’s true ‘cash-in-the-bank situation’ please call 01482 567601 between the hours of 9am-5.30pm. At all other times our online enquiry form is available here for all your enquiries.