Today, my guest is Ryan Kimler. Ryan owns an accounting and finance firm, called Financial Clarity LLC, and they principally support attorneys. Ryan and I got together to discuss what are the important financial analysis functions that solo and small firm practitioners need to get into place in order to grow their law firms. If you’re like most people, you might have a bookkeeper that helps you get the data into your accounting package, but in many cases, that is the extent to which your financial support extends. Ryan’s company, Financial Clarity, LLC, takes it to the next step by adding accounting functions, as well as fractional CFOs. It’s an interesting concept to consider. So if you’re like me, this is going to be an important episode to pay attention to.
In this episode, Neil and Ryan discuss:
- Finding someone you can trust to help with your firm’s numbers.
- Getting a good bookkeeper and accountant as a lawyer (and what the difference between them is).
- The dangers behind bank-balance accounting.
- Lesser-known values you can get from your financial services.
- Any hours you spend doing the books are hours you could have used on billable hours.
- Building your firm with your accountant from the beginning will allow them to scale with you rather than your books becoming a costly expense down the road.
- If you don’t know what your numbers are, you don’t know if you are winning or losing as a company.
- A CFO’s job is to do the analysis of the reports from the accountant for you.
“Having a specialist can really pay off and give you peace of mind that things are getting done correctly, and they’re handled properly. And they’re going to keep you out of trouble with the IRS or other regulatory agencies as well.” — Ryan Kimler
Get in touch with Ryan Kimler:
Call for Free Financial Assessment: https://go.oncehub.com/rightfit
Free Financial Clarity Dashboard: https://docs.google.com/spreadsheets/d/1RmVWV-gXUJNJGNbAYqeHfFrAfPsZE8op/edit?usp=sharing&ouid=102338040678523759655&rtpof=true&sd=true
Thank you to our sponsors!
- Ruby Receptionist – Virtual receptionist & live call services that will help you grow your office (and save money), one call at a time – to learn more, go to callruby.com/lawentrepreneur or call 844.895.7829
- Coach Rockwell – Mark Rockwell works with lawyers who are frustrated by their inability to scale up and become more profitable. He helps them create their vision, and implement an operating platform that builds healthy, thriving law firms. Reach out to him at email@example.com or 503.784.7205
Get in touch with Neil:
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Show notes by Podcastologist Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You’re the expert. Your podcast will prove it.