10 Tips for Better Budgeting
If you already have a budget, it’s probably been difficult for you to stick with it for the last several months. Unless you provide products and/or services that have been in great demand since the COVID-19 pandemic took hold, you’ve had to adjust your budget significantly. Better days are ahead, though, and now is a […]
Don’t Fall Behind in Saving for Retirement
Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important that they continue making contributions to their savings as quickly as financially possible. Still other people have simply been ignoring the need to save for their retirement, which can have an […]
W-2 or 1099-NEC: Which Form Should Your SMB Use for Which Workers?
Filing annual wage reports is just one of the many end-of-year responsibilities expected of every business. But the task is not as straightforward as some would think. The reports get sent to the people who have received wages, and at the same time they get filed with the Social Security Administration (SSA) or the Internal […]
Beware: These Tax Return Red Flags Could Catch the Eye of the IRS
Tax time can be one of the most hated times of the year. Just preparing the forms is enough to be an irritant, and if you owe the government money there’s a good chance that you’re downright annoyed. But neither of those things compare to the feeling that accompanies an envelope bearing an IRS return […]
The 4 Myths of Managing Your Firm’s Finances
If you ask around, you’ll hear a lot of advice out there about how to run your business and handle your finances. And just armchair legal advice, most of it is wrong! Here are the four biggest myths I hear all the time along with the truth you need to know: You can do your […]
Here’s What Happened in the World of Small Business in April 2021
Here are five things that happened this past month that affect your small business. 1. President Biden announced tax credits for COVID-19 vaccination paid time off. The President announced on April 21st “tax credits for certain businesses that pay employees who take time off to get COVID-19 shots, a new effort to involve corporate […]
Kpi framework: client acquisition
Acquisition In any industry, clients will come and go. Depending on what kind of law your practice, you may have long-term relationships with them and work with them for many years. Alternatively, your clients may be dealing with temporary problems and be on their way once they’re resolved. In either case, bringing in new clients […]
Law Firm KPI Framework: Tracking your profitability
If you’ve been around me for very long, you know how much I love profit! If you’re not making a profit, you’re not running a viable law firm and you won’t last very long. In the simplest terms, profit is the difference between your revenue and your expenses, so you always want that number to […]
Law Firm KPI Framework: Evaluating Firm Culture
As firm owners, we can sometimes cringe at the mention of company culture. Ask us to track productivity, and we jump right on board. Customer satisfaction is a no-brainer. But mention the culture and satisfaction of our employees and a little piece of us dies inside, I think for two reasons. Number one, we know […]
Law Firm KPI Framework: Measuring Client Experience
When it comes to tracking metrics for your firm, you may be used to cold, objective numbers with dollar signs in front of them. But right here in the middle of our KPI framework, there’s a category that’s much more subjective and a little bit different from the rest: client experience. We all want to […]
Law Firm KPI Framework: Tracking Client Development
If there’s one missing link that keeps most law firms from accomplishing their goals, it’s tracking KPIs (Key Performance Indicators). That’s why Silver Peaks Accounting uses a framework of KPIs with every client to identify strengths and weaknesses and fix any hidden problems. These KPIs are law firm specific and have been shown time and […]
3 things you MUST review when you get your law firm’s financial statements
Ok, so you’re working with an accountant and you’ve just gotten your monthly financial statements. What do you do? Do you scour them for hours looking for hidden information? Do you just file them away and hope there’s nothing there that you need to know? Are you even sure what you’re looking at? Financial statements […]
Get 90 Days Closer to Your Goals in Business and in Life
In life and in business, it’s so important to have goals. You always want to be moving forward and growing, and the only way to make that happen is to set clear, achievable goals so you know where you’re going and when you get there. Unfortunately, too many people set a goal and never reach […]
Can Your Law Firm’s Billing Process Help You Make More Money?
The numbers are in. Study after study has shown that one problem keeps topping the charts and plaguing law firms: collections. Now, when I say “collections,” I’m not talking about shakedown phone calls from a debt collector. I’m talking about the entire end-to-end process of making sure you actually collect the money due on your […]
“What the heck is the difference between a budget and a forecast?”
If you’ve heard people throwing these terms around, you may be wondering what the difference is and if you need one or both. One of these things is not like the other A budget and a forecast are two different things. A budget is your goal for the year. You can create a master budget […]
Could this one number equal a huge increase in profitable revenue for you? (these are the numbers most people don’t think about)
If you know me, you know how much I love to talk about financials. I am a CPA, after all, and it’s my job to love those numbers. But there’s another number in the Clio Legal Trends Survey that could have a HUGE impact on your revenue and profitability. It could boost your revenue by […]
Is your law firm losing $1,570/day in revenue?
What would you do if you found out someone was stealing $1500 from your firm every day? What if you discovered that an employee was embezzling $1500 from your firm every single day? Contracts terminated, charges filed, and probably some new security measures in place? That’s what I thought. Now, what if I told you […]
Your Firm is probably earning more than you realize. here’s why…
Going into a new year, everyone has big goals and big dreams. You want to increase your profits but that can be a scary proposition and it can feel unachievable. Where do you even start? Luckily, there are some simple steps you can take and you’re likely already bringing in more than you realize. Let […]
3 Mistakes that are reducing your law firm profits
Although non-lawyers like to think that attorneys swim in pools of cash, most law firms’ profits aren’t nearly as high as they should be. Sometimes, it’s a major failure causing the problem. In many cases, it’s the little things that add up over time. Here are three strategic mistakes I see all the time that […]
3 Things You Need to Hit Your Profit Goals This Year
Okay, it’s actually four things you need. Because the first thing you need is a GOAL! If you’re striving for a certain number of billable hours or a certain revenue number but don’t have a target profit margin, you need to get one. How will you know if you’re on track if you don’t have […]
Where did my profit go?
Where did my profits go? One of the most common questions I get is “Where did my profits go?” Typically, I’m asked when I’m going over financials with a client and they notice the profit on their Profit & Loss statement looks nothing like the balance in their bank account! Let’s talk about why that […]
Do you have to spend money to make money?
Do you have to spend money to make money? It’s an age-old question, but I think it may be the wrong question. It can lead us in the wrong direction and get us focused on the wrong things. So let’s take a lot at this question, try to answer it, and also answer all the […]
3 Tips to ensure your trust accounting isn’t keeping you up at night (and a free template!)
Trust Accounting Tips Trust Accounting…we know, the only two words that can strike pure terror in the minds of lawyers. We get it, you aren’t accountants but are required to keep impeccable accounting records. Here are three tips to help ensure your trust accounting is done correctly! Trust Accounting Tip #1 Monthly Reconciliations Ensure that […]
Well, it looks like it is final, PPP expenses are not deductible (Just Kidding, they are now deductible!)
1.7.21 Update: The stimulus bill passed in late 2020 made the PPP expenses deductible, Yippee! The IRS dropped the official guidance (again so we knew they were serious) we have been waiting for…the portion of a PPP loan that is forgiven is not deductible for tax purposes. This means you can not reduce your income […]
