Money makes the world go ‘round. This simple fact is why proper money management is the single most important aspect of your firm’s success. As the owner of an accomplished law firm, I make sure I know where every cent is going and you should too.
Proper money management isn’t optional to the success of your firm; it is a necessity. Everyone in your firm MUST understand how their role impacts the flow of money in your office. As the famous saying goes, “Time is money.” It’s a phrase I live by and you should too.
What You Need To Know
The money going through your firm can be divided up into two types:
- Coming in – sales, recurring collections, and accounts receivable collections.
- Going out – payroll, bills, transient costs, and business expenses.
Knowing the difference and dividing your finances into these two categories will allow you to begin taking proper control of your firm’s cash flow.
It’s easy to make mistakes due to a lack of financial literacy, which is why you look to invest in a bookkeeper. They are trained to make sure every penny is in place on the way in or out. Investing in one is a smart investment in your law firm’s success and future.
I’ve let my years of experience help law firms grow their business and bottom line resulting in great achievement. If you need help finding how to manage your money or any other aspect of transforming your firm into a success, contact me right away. Let my experience and knowledge guide you to success.