Insights
From the mind of the experts
challenges and current events.
Year-End Financial Tips for Law Firms: Part 3
Phantom income is a concept that can complicate year-end financial planning for law firms. It refers to taxable income reported by a firm without a corresponding cash outflow to owners. For law firm partners, this can mean owing taxes on income they haven’t yet received in cash, affecting both the partners’ personal finances and the firm’s overall financial stability.
Year-End Financial Tips for Law Firms: Part 3
Phantom income is a concept that can complicate year-end financial planning for law firms. It refers to taxable income reported by a firm without a corresponding cash outflow to owners. For law firm partners, this can mean owing taxes on income they haven’t yet received in cash, affecting both the partners’ personal finances and the firm’s overall financial stability.
Improve Processes Using the Deming Loop
I’ve never been in an accounting department that didn’t need some type of improvement. It’s just evolution, even well run processes need tweaks over time.
Presentation: Getting the Most Out of Your Finance Function
Derek Barto conducts an insightful conversation discussing how law firms generate reliable and timely information to better run their businesses. In this presentation you will discover how to consistently access your Firm’s financial data and learn strategies to manage the processes involved.
Improve Processes Using OPI
It may feel a little unnatural but understanding and visualizing your desired results will allow you to design your procedures to ensure you get clear measurable information out of your processes. This is key to constant improvement.
What is quality information?
Quality information is the foundation of any good decision making. When running a law firm, the quality of the information you use can significantly impact your client relationships, and sometimes even your ability to practice.
