Life & Law: Anti-Hustle Lawyer Podcast for Success On Your Terms #175: Improve Law Firm Profitability (Tracking Your KPI’s)
Nov 19, 2024
Join Kyle Smith, a CPA and Fractional CFO with expertise in guiding law firms toward financial independence. He shares essential insights on crucial performance indicators that lawyers should monitor to boost profitability. Learn the value of timely billing and robust follow-ups, and how clear financial objectives can pave the way for success. Kyle also emphasizes the vital roles of bookkeepers and accountants in driving growth, alongside practical tools for tracking metrics that enhance financial decision-making.
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Hire A Forward-Looking Fractional CFO
- Use a fractional CFO to focus on forward-looking work like budgeting and forecasting.
- Combine rolling short-term cash forecasts with long-term plans to make proactive decisions.
Get A Full-Charge Bookkeeper Early
- Hire a full-charge bookkeeper who reconciles bank and credit card accounts monthly.
- Accurate books let you make fast decisions and present clean financials to banks or investors.
Make Receivables A Dedicated Role
- Assign someone to own billing and accounts receivable as soon as possible.
- A dedicated AR role speeds collections and converts billed revenue into cash faster.