Managing a law firm is time consuming. Not only are you practicing law, you’re worrying about cash flow, hiring and firing, and making all of the other important decisions. Accounting is usually on the bottom of the list.
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.
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!
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.
I see this a lot in business. The owner thinks “I’ll get to that later”, but there always seems to be something more important. Some immediate fire to put out. After a while it becomes a bigger project than you have time for so you continue to ignore it until it’s tax time or your banker needs a financial statement.