Many attorneys joke that their (lack of) math skills explain why they pursued a career in words instead of numbers. But even J.D.-holding math whizzes can find that doing your firm’s bookkeeping and tax preparation in-house isn’t the most efficient way to handle these important tasks, especially where a serious fiscal misstep could put your law license at risk. As an attorney, you’re well aware of the risks of noncompliance with laws and regulations.
And unless you have a savvy accountant to keep an eagle eye on your firm’s ledgers, you may find you’re leaving money on the table. From client accounts that go unpaid to eligible tax deductions that aren’t taken, each uncollected dollar owed to your firm can hamper any future expansion plans.
When it comes time to expand, you need a financial management system that is scalable and can support your firm both now and in the future. By having a handle on historic data, you’ll be able to gauge trends and allocate your resources accordingly. Storing this data in an easy-to-access and easy-to-understand format can help you see, at a glance, your strong areas and areas in need of possible improvement.
If you’re not sure your firm’s current financial management systems are up to par, or if they’re not giving you the information you need to make informed decisions about your future direction, consider enlisting Koma Consulting Group as your partner in accountability.