Timeslips does not have a formal year-end procedure, however, there are few things that you should consider doing:
At a minimum, you will want to run some basic Timeslips reports such as
- Aged Accounts Receivable Balances by Date to get the total Amount of unpaid invoices at end of the year
- Invoice Listing for the Year
- Payment Register/Distribution for the Year
- Aged WIP report to determine the value of unbilled slips and how old they are
- Timekeeper Contribution and Collection Reports
You might also be interested in determining which clients generated the most revenue for your firm. It is a simple matter of printing the Slip Summary listing sorted by Client. Print the report to Excel and then sort the revenue column from highest to lowest.
This is a good time of year to clean up your database. Here are a few things you will want to review:
- Abbreviations: Print a report to list all abbreviations. Delete redundant abbreviations or improve the ones you already have
- Timekeepers: Review the list of Timekeepers. Any timekeepers that are no longer with the firm should be marked "Inactive"
- Reports: Review all the reports you have set up. Chances are you have a number of customized reports. Create new Report Groups and save your customized reports to a Report Group that best describes the report function. It could be something simple like "Jane's Reports" or more descriptive like "Month-end Reporting"
- Clients: I'm leaving the best for last. Some firms change the client/matter status on a regular basis to keep their active client list fairly clean and pertinent. If you are someone that does not, a simple User-Defined client report can be created that will show "Last Bill" date and A/R Balance. Once again you can print this report to Excel and sort by date. If you haven't billed someone in 10 years, chances are you can at least make that client "Inactive" if not "Closed"
- MyLists: Make it easier for your Timekeepers to enter their time. Create a "MyList" of all the client/matters that they normally work on.
- Custom Fields: Review your custom fields. Think about ways that adding or changing information in the custom fields could help you improve your billing and reporting.
If you can accomplish all these things, you will have a nice, clean database to start the New Year.
If you have any questions or need assistance with any of this, please don't hesitate to contact me: firstname.lastname@example.org or (888) 628-5343 x103.
Wishing all of you a happy, healthy, and prosperous New Year!