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 […]
4 Myths About Your Law Firm Finances
Law Firm Finances Myth #1 Myth #1 – You can do your accounting yourself Unless you have an accounting background, I realize some lawyers may have an undergrad in business and might have taken some accounting classes, you really are not qualified to do your own accounting. Additionally, you shouldn’t be doing it because it’s […]
4 Headaches That Can Be Cured with a CPA Specializing in Law Firms
Work with a CPA Specializing in Law Firms Working with an accountant that specializes in accounting and tax for law firms can take away a lot of your headaches. 1. Do you find yourself explaining how your trust (IOLTA) account works to your accountant every year at tax time? As you know, trust accounts are intended to […]
3 Simple Ways Law Firms Can Improve Cash Flow
Are you wondering why you don’t have more cash in your checking account? Struggling to pay yourself? Find yourself using your business line of credit too often? Try these three tips to increase your cash flows and sleep better at night knowing you have money in the bank. Ways Law Firms Can Improve Cash Flow […]
Disaster Response Tracking 101
Disaster Response Tracking 101 No matter what the disaster is, whether it is a fire in your offices or something on the scale of the Corona Virus, proper expense tracking is critical disaster response tracking task for a few reasons: 1. You may need this information to provide to your insurance company. 2. Federal Grants […]
3 Things I Learned In the Last Decade
3 things I learned in the last 10 years Happy New Year! New Years is my favorite holiday. The sense of starting fresh and the excitement of new goals and plans always has me looking forward to January 1st. 2020 is extra special with the start of a new decade! The last decade was huge […]