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How the financial recording systems used by legal practices help the partners to manage & control the business |
how the financial recording systems used by legal practices help the partners to manage and control the business finances. They allow each transaction to be placed in a database to control information flow. If a financial report is needed they pull out the data, if information on charity transactions, costs per employee, per customer, per department, etc can be pulled out for reporting purposes, employee evaluations, tax purposes. The information could be used to determine the most profitable legal services, to help determine profit margins on the fly, determine how many hours associates spend doing what, and predict trends. These are things a custom financial app would do, but if you were thinking of a financial app a corporate enterprise would implement, it would do more. |
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