3 Reasons Paying Your Bills Early Will Benefit You
If there’s anything we all learned from 2020, it’s that things can change in a heartbeat and that the unexpected can create real havoc. Though there’s nothing you can do to stop fate’s freight trains from barreling down the tracks, there are steps you can take to minimize the stress you feel in its aftermath. […]
Preventing ransomware attacks on manufacturers. 😲 Businesses other than manufacturing are susceptible to cyber crime!
The world’s largest meat production company was recently sidelined by a ransomware attack. The hack forced the company to temporarily shutter plants in the United States, Canada and Australia, affecting the U.S. meat supply and even hurting commodity prices. If it seems like cybercriminals often target manufacturing (including food processing) and distribution companies, that’s because […]
4 Ways to Stop Your Overspending
If opening your credit card bills, your checkbook, or your wallet are traumatic events, you may have a problem with overspending. It’s nothing to be ashamed of, and you’re certainly not alone, but there’s a good chance that it is keeping you from achieving some of your goals. If you have a dream of buying […]
Here’s What Happened in the World of Small Business in June 2021
Here are five things that happened this past month that affect your small business. 1) There’s a tight labor market nationwide these days, and it’s giving workers more leverage. The economy’s recovery is giving low-wage workers more leverage, as “ballooning job openings in fields requiring minimal education” combine with a shrinking labor force. For some, […]
The risks — and rewards — of accepting cryptocurrency payments
To use their ill-gotten cash, criminals must make it appear legitimate. That’s the job performed by money launderers, who increasingly use cryptocurrencies. According to digital currency analytics company Elliptic, crooks use them to launder $3 to $4 billion per year. With over 4,000 digital currencies to choose from, they gain access to a liquid asset […]
The long and short of succession planning
For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve builtup […]
Recordkeeping Tips to Keep the IRS Away
With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records. Receipts – Even though the IRS does not require […]
Cash talks — and fraud experts are listening
Fraud perpetrators take whatever they can get their hands on. But they generally prefer cash because it’s virtually untraceable. Fortunately, fraud experts have the expertise and tools to trace even cashbased theft. Multiple opportunities According to the Association of Certified Fraud Examiners, there are three main categories of cash fraud, which includes checks because they’re easily converted […]
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 […]
