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Paramount among the many analytic challenges facing Law firm CFOs and their financial staff is accurately forecasting cash. Relying on the law of large numbers, most firms assume that prior averages will hold, so they use history-based, firm-wide performance ratios to obtain cash flow projections.
Simplistic Forecasting
Accurate information is essential for effective forecasting, however, and historically many firms have taken a simplistic approach to getting at this information:
For example if we budget $100 million of work value at standard, historically bill 96% of standard, and historically collect 98% of billings, then we will budget collections of ($100 million x .96 x .98) = $94 million. If in January of this year we obtained 10% of our annual collections, we will budget collections for January of next year at $9.4 million.
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