In this episode, Alay and Joe discuss:
- Understanding the numbers to understand the performance of your firm.
- Getting the numbers from your bookkeeper or accountant.
- Looking at your financials regularly.
- Accounting software for your law firm.
- You can absolutely ask your accountant for comparable reports on a monthly or quarterly basis. That is expected.
- You need to look at your AR aging and make sure you are collecting on that.
- When you’re looking to hire, delegate from the bottom up. Look at hiring office staff rather than another attorney first.
- COVID has helped people become more accepting of a remote working accounting firm.
- “It’s extremely important, if they’re going to work with coaches such as yourself, they’re going to need a roadmap. They’re going to need to know that you’re going to take them from point A to point Z.” — Joe Franco
- “You can hire someone that’s in a hybrid role, where they’re paying for themselves by doing enough secretarial work or clerical work that can be billed out to clients.” — Alay Yajnik
- “Timeliness is one of the top accounting principles.” — Joe Franco
- “You can bring on admin employees, but they don’t actually cost the firm money. In fact, they may still make the firm a little bit of money.” — Alay Yajnik
About Joe Franco:
Joe Franco is a CPA and MBA (USC Marshall) with over 20 years of experience in Tax, Accounting & Finance. His firm, The OCI Group Inc, assists clients with implementing and using proper accounting software, month-end close, preparing financials to secure debt/equity investments, and filing Partnership/Corporate returns and K1s. Clients include law firms, social media companies, distributors, and online retailers among others.
Connect with Joe Franco:
Connect with Alay Yajnik:
One Page Strategic Plan: LawFirmSuccessGroup.com