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Data-Driven Decisions: Master the 3 Financial Statements for Your Law Firm
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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
About Jayden
Jayden was not always the financial guru that he is today. Growing up in a household just shy of the federal poverty line in Prince George’s County, Maryland, he knew the importance of money management but didn’t have the tools to create the financial stability he so desperately craved. After graduating Towson University with a B.S in Accounting and incurring a large amount of debt, Jayden was determined to make a change.
With a little hard work, and A LOT of sacrifice, Jayden became independent, gained professional growth as an accountant at a small CPA firm in Atlanta, and became a Certified Public Accountant. Over the next years, he’s worked with clients in just about every industry — helping them not only expand their financial portfolios, but to create plans that ensure financial sustainability and minimize taxability.
As a CPA, Jayden’s goal is to help entrepreneurs like himself gain independence and create a unique action plan to bring more to their bottom line while paying less in taxes. Invest in yourself and start working with Jayden TODAY!
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