Enterprise Law Firm Improves Cash Flow, Recovers $360K in Receivables, and Ensures 100% IOLTA Compliance
Goals and Objectives
The firm sought to stabilize and scale financial operations while maintaining full IOLTA compliance. Leadership aimed to improve cash flow by identifying and collecting outstanding client balances, ensure all trust accounts were fully managed and reconciled, streamline accounts payable, and gain timely, reliable financial reporting—all without increasing in-house staffing costs.
Results
In the first year, bookkeeping costs dropped by 60 percent, saving $285,378 annually. The firm collected $360,000 in previously uncollected receivables, directly improving cash flow. All trust accounts were fully managed and reconciled, strengthening IOLTA compliance and reducing regulatory risk. Accounts payable became more accurate and timely, and leadership gained real-time visibility into the firm’s financial position. These improvements allowed the firm to operate more efficiently and profitably without adding internal headcount.