Legal Talk Network - Law News and Legal Topics What’s New in Legal Financial Management? An Expert’s Perspective
Guest Peggy Gruenke is an expert in the accounting management tools tailored to small law firms. Gruenke is the founder and co-owner of CPN Legal, helping small and solo firm lawyers manage and grow their business through legal software solutions and outsourced financial management and bookkeeping services.
Let’s talk about your firm’s finances and profitability: how are you keeping track of your business? Hear what’s new in automated accounting packages – but don’t give up on Quickbooks, and don’t cut ties with your bookkeeper.
Online accounting services are great. But they are not meant to replace a professional, especially as your firm grows. You’re not a bookkeeper, you’re a lawyer. But these tools do help with the basics of money management. The challenge is mixing and matching.
Operational efficiencies and financial planning are part of running a successful firm. Don’t shortchange the importance of bookkeeping and managing your income, marketing ROI, expenses, and taxes. It’s vital you keep your finger on the pulse of your business, and there are tools and people who can help you. As Gruenke says, “Treat your business with respect.”
Questions or ideas about solo and small practices? Drop us a line at NewSolo@legaltalknetwork.com
Topics:
- If you’re a small or solo firm, you’re a business. Every business must track their finances, their expenses, and their taxes. Hear about the latest tools that help you track every part of your firm’s financial life.
- Repeat after us: Lawyers are not bookkeepers. This is why you need not only software but someone who tracks your business performance, watches your bottom line, and keeps you ready for tax time.
- Security, checks and balances, and financial snapshots are all vital. It’s a lot to keep up with, but investing the time and money to assemble the tools you need will help you grow (and profit).
Mentioned in This Episode:
Previously on New Solo, “New From Clio: Legal Practice Management Including Legal Accounting”
Previously on New Solo, “Money Management 101 for Solo and Small Firm Professionals”
Previously on New Solo, “Oh, The Messes We See”
Capital One Business credit cards
Learn more about your ad choices. Visit megaphone.fm/adchoices