In this episode, Alay and Ryan discuss:
- What a law firm CFO does (and why you may need one).
- Financial challenges many lawyers face.
- The 9 financial numbers every lawyer should know.
- Balancing your time and understanding where you should invest your time.
- A financial scoreboard is a useful tool to assess your firm’s performance.
- Looking at the numbers connects the changes you make impact to your firm’s financials.
- It is not your job to fix every financial number that is not where it needs to be. A team can help you to fix the numbers where appropriate.
- Not everything needs to be done every single day. It is important that you balance those things that are important to you.
- “If you don’t have a scoreboard, how do you know whether or not you’re winning the game?” — Ryan Kimler
- “People focus on net profit. But net cash flow pays the bills.” — Alay Yajnik
- “You need good bookkeeping to produce good financial statements.” — Ryan Kimler
- “With the diamond map you figure out what your score is, and what you want your scores to be. Once you do, you can figure out an action plan to get from point A to point B in all key areas of your life.” — Alay Yajnik
About Ryan Kimler:
Ryan is the Founder of Net Profit CFO. A Financial Services Firm bringing clients clarity and guidance, giving them one clear path to having a growing, more successful and more profitable business. We provide business owners with an Outside CFO guide to help them understand what is working in their business and what is not. We give owners the tools they need to make corrective actions to meet their goals and objectives.
Ryan double majored in Accounting and Finance at Illinois State University. After College Ryan worked at a CPA firm with a wide range of small business clients. Ryan has since started his own firm and has specialized in working with attorneys for over 6 years and has helped more than 200 law firms.
Working with attorneys is my passion. I have found that attorneys seem to be really underserved by the accounting and finance community. Most accountants waste Attorney’s valuable time by explaining and reviewing, Profit and Loss or Income Statements, and Tax Returns. Instead, attorneys need clarity; Clarity to move their business forward, make informed financial decisions, meet their goals and improve profits.
Connect with Ryan Kimler:
Connect with Alay Yajnik:
One Page Strategic Plan: LawFirmSuccessGroup.com