Paul W. Carlson, CPA (00:00):
Hi, this is Paul Carlson, CPA with Law Firm Velocity. In this video, we're working within CosmoLex to add time to add expenses and to run daily productivity reports. So just to quickly look at what time entry looks like. It's an existing entry within the system, pretty much standard for everything else. See here, an expense entry, nothing big there.
(00:30):
One thing we like to do with some firms is to add overhead matters, and that way we can track all time for all employees. So in this example, we have a marketing time overhead matter for the example law firm. And here partners spend four hours shooting videos for the website. So once all the time is entered, in CosmoLex, you can run a daily time report. So it's like timekeeper's report. The big trick here is to change this to detail, and we're going to look at entries for just today. Going to download this because the PDF is easier to read.
(01:16):
So what this is a page for each timekeeper. So here we have of council A had two and a half hours, of Council B had two hours, and here we have partner A that they have 2.24 hours of billable time, four hours of unbillable time. So that was the four hours for this video shoot. And we can see that they produced $720 of billable work and we effectively gave up $1,200 to do the video shoot.
(01:53):
Just a big productivity suggestion is to make sure that everyone enters at least eight hours of time every day, and that really solidifies what happens at the end of the day, or where did all of your time go when you look at your billing reports and you could only bill two hours for the day. And if you don't do this, it's just really easy to ignore what happened with the other six hours. Once you have this on the report and you have to look at it for a couple of weeks, it becomes really clear on what you need to change with your time.
(02:25):
And with that, if you have any questions on CosmoLex or need help with accounting for your law firm, please check us out at Law Firm Velocity. Thank you.
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