The Power of Numbers with Joe Franco

Podcast: Play in new window | Download (Duration: 19:26 — 22.2MB)

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.

Key Takeaways:

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.

Tweetable Moments:

“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.