Firm Numbers

Thank you to all who attended the 2022 Estate Planners Day at Queens University. It was wonderful to be back in-person and serve as sponsors of this great event. We always enjoy learning from estate planning thought leaders in the Charlotte area.

Many business owners switching to a new accountant or bookkeeper often need "clean-up" services. For all those weeks or months you skipped over bookkeeping, you will likely end up having to pay a professional to correct your books. Why? Just as an individual needs a correct W-2 or 1099 to report their income, a business needs books that accurately reflect at least 12 months to file a tax return. If you have taken some time off from bookkeeping, contact us to get a clean-up estimate. The final corporate tax deadline is one month away!

This month we are talking about the small mistakes in financial management that cost business owners BIG fees. It's not just bank overdraft fees that create headaches. If your bookkeeping is not accurately maintained each month, it can cost thousands to undo the damage.
Is it time you stopped your small leaks?

Bookkeeping is a necessary evil for many business owners, but bad bookkeeping can be especially painful. Messy financials can cause you to lose track of cash flow and eventually plea for help when taxes are due. If you notice the following signs of bad bookkeeping, start addressing them now before you pay thousands to get them fixed by your CPA.

1. Your bank balance does not match your balance in Quickbooks
2. Your end-of-year retained earnings don't match your end-of-year income in your profit and loss statement
3. Your client invoice activity is not regularly recorded into Quickbooks
4. You can't determine what you are spending or earning month to month.

Does public perception of what it takes to be the boss mesh with practical realities? Martin Zwilling from says no. What has your experience taught you about entrepreneurship?

8 Attributes that Nobody Talks About that Make for the Best Entrepreneurs Successful entrepreneur beliefs and practices sometimes go well beyond their public image.

Almost every activity in small business finance starts with gathering your information. How quickly can you pull together the paperwork to fill out loan application or prepare your taxes? This month, we are talking about simplifying your financial management processes. If you put in the effort now, you can dramatically cut down on time spent managing your numbers.

Scan our July round-up of financial regulations and news that may affect your small business.
https://www.firm-numbers.com/the-boss-blog/small-business-news-at-a-glance-for-july-2021

Small Business News At a Glance for July 2021 — Firm Numbers Monthly summary of the tax, financial, and business news that may impact your business.

Pondering starting your own law firm? In part two of our series "Am I Ready to Start a Law Firm?" we address your understanding of basic financials, professional networks, and time management skills.

Am I Ready To Start A Law Firm? (Part Two) — Firm Numbers In part two of our series, “Are You Ready to Start a Law Firm” we continue to ask the important questions to assess the readiness of aspiring attorneys/entrepreneurs. Here are some additional considerations from Firm Numbers, a bookkeeping service that has boots on the ground, helping the owners...

Almost every new business owner has a high learning curve. The question is are you ready to conquer it? This month, our website focuses on your readiness to start your own law firm, from the bookkeepers who know the numbers.

Break out the balloons! This month, Firm Numbers is celebrating its 3-year anniversary. It has been a privilege helping small law firms and entrepreneurs be the boss, not the bookkeeper. Here's to many more birthdays and many more bosses who know their numbers.
www.firm-numbers.com

Are you an attorney wrestling with the thought of going solo? Starting a business is not just about tolerating risk and “taking the leap”. In Part One of our series: Am I Ready to Start a Law Firm”, we offer more specific questions to assess your readiness to be an entrepreneur.

Am I Ready To Start A Law Firm? — Firm Numbers Are you an attorney wrestling with the thought of going solo? Starting a business is not just about tolerating risk and “taking the leap”. In Part One of our series: Am I Ready to Start a Law Firm”, we offer more specific questions to assess your readiness to be an entrepreneur.