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.

 

 

Connect with Joe Franco: 

Website: https://www.theocigroup.com/ 

Email: joe@theocigroup.com 

Phone: 424-256-6458

Facebook: https://www.facebook.com/theocigroup/ 

Twitter: https://twitter.com/The_OCI_Group_ 

LinkedIn: https://www.linkedin.com/in/josephfranco/ 

 

Connect with Alay Yajnik: 

Website: http://lawyerbusinessadvantage.com/ 

One Page Strategic Plan: LawFirmSuccessGroup.com

Email: Alay@YajnikGroup.com

LinkedIn: linkedin.com/in/alayyajnik

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