Keep Track of Important Financial Transactions
KARE Accounting x CFO will clean up your accounting according to Generally Accepted Accounting Principles (GAAP) while helping with everything from bank reconciliations, hourly bill management, and expense management. While providing much-needed control over your bills, accounts payable, receivables, and cash flow is important, it’s equally important that today’s law firms have manageable budgets that make sense of their often hectic monthly transactions.
Go Above and Beyond Fund Allocation
There is more to optimizing your legal practice's budget than merely making sure that funds are distributed appropriately. It involves coming up with plans that cut costs so that more money stays in your company.
Make the Budgeting Process Clear
Budgeting is more than just keeping track of monthly expenses. KARE assists you in avoiding the typical error of believing that all of your funds must be used for various expenses.
Focus on True Financial Budgeting
Finding hidden savings and reducing expenses are essential components of a true financial budget. You may find these savings and put tactics like encouraging clients to pay their receivables in advance to use with the support of KARE Accounting x CFO.
Improve Cash Flow Position
Discounts and early payment incentives are two ways that KARE improves your cash flow position by improving your receivables while also identifying extra savings.
Conduct Monthly Financial Reviews
KARE reviews your financial performance, including invoices, costs, P&L, balance sheet, and cash flow, during a month-end closure call. This guarantees that everyone on your team is on the same page and that you are aware of your financial situation.
Organize Your Firm’s Financial Paperwork
In addition to handling your everyday accounting requirements, KARE Accounting x CFO will also organize all your firm’s financial paperwork. This includes much more than just making sure all your financials are aligned and representative of your firm’s progress. It’s ultimately about ensuring that your law firm has a strong grasp of its budget, knows its retained earnings, understands its current cash position, and knows how to leverage that cash position for future growth.
You are not alone on this journey. Helping you leverage a strong cash position is what KARE Accounting x CFO does best. We generate financials that help you forecast revenue, expense, and cash flow. Not only will you have a better understanding of future revenue, but you’ll also have the peace of mind of knowing how to leverage that revenue for much-needed investments that can help your practice grow.
In addition to better understanding your law firm’s future, we’ll maximize those returns even further by referring you to tax accountants and CPAs for proactive tax planning. These tax preparation and planning solutions help today’s law firms take advantage of multiple state and federal tax incentives that reduce their taxes and put more cash back into their business.
One of the more common problems today’s businesses and law firms face is needing to make new hires or purchasing new office equipment or office space and being unable to decide because of a lack of financial clarity. KARE Accounting x CFO eliminates this issue entirely.
Make Informed Purchases Without Second Guesses
With our accounting and financial services, your law firm will be confident in making much-needed investments. You’ll have a greater understanding of your future revenue and expenses and will have the clarity needed to make the purchases and hires to grow your business.
If you are an attorney, lawyer, or established law firm that needs help making sense of your finances and accounting, contact us now.
