Want to improve the Profitability of your Legal Business?
Good Legal Practices show a return to partners and owners of 35% of Revenue based on benchmarking and industry analysis we have undertaken.
Whilst these represent good returns, pressure is on profit margins which have steadily declined over the last five years due to rising wages and other operating costs.
One of the areas where there is pressure on costs is in the administration processing where it can be hard to find good quality, competent staff.
When staff are available, we are aware that they are seeking significantly higher salaries that reflect the relatively tight labour market and the expensive Auckland cost of living.
This has created a demand for outsourced solutions.
Outsourcing has become the perfect answer for a tight, expensive labour market whilst having the benefits of improving the quality and timeliness of information. Better, more timely information drives the objective of improved profitability. One of the other significant benefits of outsourcing to an expert is that you know you are going to get best practice in the delivery of your administration services.
Too often, upon review of administration services provided in professional services firms, we see that they are being carried out in an inefficient manner. Administration staff can often develop their own peculiar process that suits them but does not necessarily provide the best result for the partners. This often results in slow, expensive, inaccurate information.
Outsourcing the administration services can overcome these problems and acts as a good review of current systems and processes used, to determine if they are best for the business.
Some tasks that are ideally suited to outsourcing include:
• Debtor follow up and collection
• Accounts Payable processing
• PAYE Returns
• GST Returns
• Monthly Reporting
• Bank Reconciliation process
If you are interested in considering outsourcing options and to look at ways to improve your profitability, leave your details and we will contact you for a no obligation discussion on ways to enhance your business.
Don't get left behind. Contact us to discuss your business.