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.
Michelle has been providing bookkeeping services for 20 years to various businesses in the North Florida area. She spends most of her free time at a ball field or stadium watching her son play sports. She is also the proud mom of a college student but isn’t allowed to follow her around anymore!
MESSY BOOKKEEPING IS A COMMON OCCURRENCE WE SEE IN BUSINESS. USUALLY THE BUSINESS OWNER HAS ATTEMPTED TO DO THE BOOKKEEPING THEMSELVES OR THEY’VE HIRED AN UNQUALIFIED BOOKKEEPER.
No matter how it happened, it’s good to realize the current state of your accounting and get it on track.
If you are a service business, measuring and monitoring your Key Performance Indicators (KPIs) will help you determine if you will hit your business goals. By tracking KPIs you know well ahead of time if you're on target.