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Data-Driven Decisions: Master the 3 Financial Statements for Your Law Firm
Manage episode 353069911 series 3394067
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This episode is about the essential financial statements you need for your law firm where I unpack the balance sheet, income statement, and cash flow statement. All three statements are critical for assessing the financial position and profitability of a business. The balance sheet shows assets, liabilities, and equity. The income statement shows revenue and expenses, and the cash flow statement shows the increase and decrease in cash. Additionally, proper categorization and bank account reconciliation are key for accurate financial statements and data-driven decisions. "To increase your profits, you first have to know where your business stands as far as profitability. And to do so, you'll need to examine your income statement every month." In this episode, you will learn the following: 1. What are the core financial statements every law firm owner should view? 2. How can you assess your business' profitability? 3. What are the key mistakes to avoid when processing bookkeeping for your firm? For more episodes and a free Law Firm Owner Profit Toolkit, go to https://lawandprofit.com
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