This month we are digging into the importance of trust accounting. Stay tuned next month for a feature on how CPN Legal has assisted clients through trust account audits, and how we can help you stay ahead of an audit. INTRODUCTION TO TRUST ACCOUNTING When our firms talk about ethics, too often they focus on …
This month we are closing out our summer series to help you better understand your firm’s profitability. In case you missed the earlier parts, you can find them here: Part I: Chart of Accounts Part II: Your Reports Part III: Cash Flow For the last part in our series, we will talk through some best practices …
This summer we are digging into the tools you have in your pocket to help you better understand your firm’s profitability. In case you missed parts I and II of our series, you can find them here: Part I: Chart of Accounts Part II: Your Reports This month we are focusing on forecasting your cash flow. …
Many of our clients were the recipients of Economic Injury Disaster Loans (EIDL) related to the COVID pandemic. Unlike the smaller EIDG (grants) and forgivable PPP Loans, these loans accumulate interest at 3.75% per year and must be repaid over a 30-year term. There is an initial deferment period during which payments are not required, …
Now that we have gotten your Chart of Accounts organized with Part I of our Summer Series, it’s time to dig into Tools for Understanding your Firm’s Profitability. Using information you already have, you can easily understand your profitability and all the pieces that go with it. All the reports we review in this post …
Summer Series Tools for Understanding Your Firm’s Profitability: Part II- Your Reports Read More »
This summer, we’ll be focusing on the tools you need to know when it comes to determining your firm’s profitability. As a practice owner or managing partner, it’s easy to get into a routine for handling your business processes. These tools can help you evaluate whether your routines and SOPs are boosting your profitability or …
Peggy Gruenke’ s 18-year span in legal includes being the Membership Director of the Cincinnati Bar Association, COO of 2 prominent law firms, and now the owner/founder of CPN Legal a renowned Clio Gold Level Consultant and Law Firm financial management expert. Sought after nationally, Peggy helps firms drive better results by improving their billing, …
This month, we’re sharing a few of our favorite budgeting tips. Bookkeepers and accountants love a good budget. Not sure how to use it? Here are 5 best practices to get you started! Link your budget to your firm’s overall workflow. There are a lot of potential applications to this tool. Focus on the pieces …
In January we closed out our blog post with Resolution number 10, “We will regularly evaluate our firm’s financial reports.” What does that process look like for you? Do you know how to tell if you’re making money or just getting by? What numbers should you be paying attention to? In order to help you …
2022 is here! Take a moment to reassess your habits from 2021 and make your new year resolutions. You and your team are busy, and no one enjoys chasing after clients for payment of outstanding invoices. It’s time to develop and refine your collections strategy. You can make your bill collecting process easier by making …
New Year 2022 Resolutions: Building Better Billing Read More »
