We’ve come across client transactions that have already happened by the time we find out about it. That means there is very little tax planning that can take place, which means it can be hard to reduce any tax owed.
There is one thing that separates your firm from a well-oiled machine. No, it’s not marketing, or branding, or even customer service.
Summer is upon us. You know what that means? Our year is halfway over. Now is the perfect time to review your financials, celebrate your wins, and readjust if needed.
Remember six months ago when you set your goals for the year? Are you on track to reach them? Let’s look at where you can improve? Or if, you didn’t set goals, let’s think about what goals you want to set for the rest of the year.
Five areas that you need to consider in your tax saving strategies for your law firm.
Law school may have taught you how to be a great lawyer but it didn’t teach you how to evaluate and understand your financials. Why is this important?
Overwhelm is the #1 reason I’ve seen law firms not have a strategic plan, or even think about developing a strategic plan. They don’t know where to start, so they don’t start at all.
Let’s face it, you went to law school to practice law, not to do accounting. Accounting for law firms can seem overwhelming and time consuming. Actual it is both of those, but it’s a requirement and there are standards to follow if you want to keep your license and ability to practice law.
When growing a business, one of the most important things you can do is understand what your financial statements are telling you.
Understanding your financials will help you spot trends, make decisions, and be more profitable because you will be more proactive in making changes.