The Law Firm Financial Documentation You Need with Joyce Brafford

I talked with an expert in law firm financial management about some of the top-level financial documentation every lawyer should be looking at on a regular basis.

Episode Highlights 08:37 - The conversation touches on the different Girl Scout cookies and how availability is dependent on the bakeries that councils have relationships with. 19:18 - Joyce's explanation of what a Profit and Loss statement is, emphasizing its importance and how it should be reviewed regularly to track trends. 24:48 - Discussion about how a Cash Flow Analysis document is future-looking and necessary for understanding business health. 27:27 - Importance of looking into Accounts Receivable, especially the alarming amount that law firms often have outstanding. 30:56 - The conversation shifts to discussing the necessity of financial trends analysis to set accurate goals and expectations. 37:32 - Differences between the roles of bookkeepers, accountants, and CFOs are clearly outlined, explaining what each professional does and how their roles relate to each other. 46:14 - Importance of dashboards for visual data management and how lawyers should focus on high-level financial management, instead of getting lost in complex accounting activities.

Episode Resources

• Connect with Jared Correia
• jared@redcavelegal.com
• https://redcavelegal.com/
• https://www.linkedin.com/in/jaredcorreia
• https://twitter.com/RedCaveLegal
• www.linkedin.com/in/jaredcorreia/
• Connect with Joyce Brafford
• https://www.profitsolv.com/
• https://www.cosmolex.com/