Am I Retaining Enough Income In My Business? At the end of the month, quarter, and year, business owners and executives review the profit and loss statement to determine the net income the business earned during the specified timeframe. Net income represents the...
Core Financial Terms to Know Below are essential financial terms that every business owner should understand. Revenue, Expenses, and Profit Revenue: The total income generated from the sale of goods or services. Expenses: The costs incurred to operate the business,...
Modern CPA for Business Owners: The Strategic Advantage You Didn’t Know You Needed Why Traditional CPA Firms Fall Short As a business owner, you’re constantly juggling a million priorities: increasing revenue, making payroll, hiring new talent—and more. While...
When hiring, you may find yourself considering whether to hire a new employee as just that, an employee, or hire them as a 1099 independent contractor. Before you make a decision, know that there are specific guidelines surrounding each type and what your...
Budgeting for Businesses: How to Create, Review, and Revise Your Budget Effective financial management is crucial for any business, and learning how to create a business budget is a foundational part of that process. A well-structured budget allows businesses to...
How to Use Financial Statements to Improve Business Performance Many businesses rely on accounting software such as QuickBooks to manage their finances and generate financial statements like the balance sheet and income statement. But simply having these reports isn’t...
How the CFO Role Is Evolving: From Financial Overseer to Strategic Business Partner When you think of a Chief Financial Officer (CFO), you might imagine someone who tracks monthly debits and credits, oversees financial statements, and advises executives on the...
Many people have heard of a Chief Financial Officer (CFO), and they know that this person deals with numbers, but they often question what exactly it is and whether or not it would be beneficial to their business. CFO Advisory is a Chief Financial Officer at a...
5 Time-Saving Tips for Busy Professionals and Working Parents I’m in full swing with the busiest season of the year for my business. It’s stressful, rewarding, and I genuinely love it—but one thing I won’t sacrifice is family time. To make that happen, I have to be...
Why Law Firm Strategic Planning Matters Many law firms struggle with strategic planning because they feel overwhelmed and unsure where to start. Without a clear plan, firms often react to challenges instead of proactively shaping their future. A well-defined strategy...
Tracking the Right Metrics to Increase Law Firm Profits Monitoring key performance indicators (KPIs) in your law firm is essential to achieving financial goals. While reviewing your Profit & Loss statement provides historical data, it does not allow you to take...
Outsourced Accounting for Law Firms: When and Why to Make the Switch As an attorney, your time is valuable. You are constantly pulled in multiple directions, and accounting often gets pushed to the back burner. Many law firm owners think, “I’ll get to that later,” but...