Best Practices for Law Firms

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Are you losing sleep over compliance nightmares? 😱

As legal professionals, you’re experts in the law, not accounting. 

But guess what? 

Sound bookkeeping and accounting practices are your ticket to financial peace of mind!

If you want to avoid costly mistakes, confidently grow your firm AND sleep peacefully at night, you need to master these essentials:

✔️ Set a budget

To succeed financially, you need to know your business and personal goals, set revenue benchmarks, create expectations for cash flow and expenses, and set aside funds for big ticket items such as annual bar dues, malpractice insurance premiums and quarterly self-employment taxes.

✔️ Be consistent

It’s crucial to look at your financial data on a regular basis. If you don’t, you won’t know if you’re on the right track.

✔️ Use financial reporting to identify opportunities

With these figures, you can make data-driven decisions to positively impact your firm, and find opportunities to reduce overheads and for financial growth!

 

It sounds simple, but if it were, we would all be doing it!

Your firm’s growth hinges on organized accounting processes, so really focus on mastering these best practices and you’ll have a strong financial foundation to build on 💡

Need help? Reach out to us 🙏

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