FREQUENTLY ASKED QUESTIONS:
Have questions? We have answers.
My practice is not in a place to afford these services
We work with new law businesses all the time and we know that sometimes cash flow doesn’t accommodate outsourcing things like accounting (I mean, it’s kind of our job to know that). For DIYers or flat out Dont-Doers, we’ve come up with a solution for you. We build accounting platforms from the ground up that are tailored to your firm and the software you’re already using (or recommend software for those of you who aren’t using them). When we’re done you’ll have a fully functioning accounting system and supporting processes that keep you accurate, compliant, and up to date. Even if you can’t afford to outsource it monthly, you should be able to invest it it. We’ll let you know exactly how to keep up with your new system on a monthly basis.
I don’t think all of this is necessary, I don’t need all this
So often a call comes from the lawyer who ran their firm for 30+ years and is looking for a way out. While there are still options this far down the road, they are drastic and complicated. If you want to set your law business up for sustained success in a way that allows you to go on 4 week vacations while the firm runs itself, and retire at a reasonable age by making a hefty profit from your law business, you must plan, and the earlier the better.
Proactive vs. Reactive accounting
Most law business owners are used to seeing financial information a few times a year when the reports are finally compiled. By this time you’re getting a financial snap shot of the past which is good to know, however, in order to make good business decisions to move forward in your business you have to do something different. Proactive accounting takes what’s happened in the financial past and uses that information to paint a picture of the future. This gives law business owners the power to be the captain of their ship and set sails with a financial compass.
Why attorneys? Attorneys have unique obstacles and requirements when it comes to time and money. We noticed a hole in the financial management of law firms and their owners in the form of financial strategy. When attorneys share the many reasons why they chose to become an attorney, they almost always come back to wanting to be creators of change. Weather that change is inside a home, making a divorce as reasonable as possible for the sake of two people and their children, or globally fighting for world change. Lawyers have the power to create and enforce change. We choose to support the lawyer who chooses to take on the additional responsibility of business ownership. At the end of the day your law firm is a business. Business a craft in itself but one of the first and most important health indicators of your business is your numbers. That’s how we help legal business owners and where we find our greater purpose.
What is financial management?
There’s a difference between keeping a set of books and compiling useful financial information from which you can make decisions for the future. We have identified 4 pillars of financial management that can serve as a solid foundation from which to build your law business on. That is financial systems, financial processes, financial reporting, and financial planning. We are here to help you build these 4 pillars so your business can flourish.
What is this “financial dream team”? Core Solutions Group partners with Retirement Planners, Bankers, Specialized CPAs, and other specialists. This team works on your behalf to monitor their respective financial pillars to ensure that we are doing everything we can to help you get to the finish line of entrepreneurship and possibly even leave behind a legacy that goes on thanks to you.
I’ve had the same in-house bookkeeper for 20 years. Do you replace her? We understand "if it aint broke, don't fix it." While there are benefits to having us take care of bookkeeping while working with your financial goals, we also have ways to work with your current bookkeeper in ensuring accuracy and timeliness of the books in order to plug your numbers into the bigger picture.
I already have an IRA and a savings account. Why do I need financial management, too? Here's the truth, retirement planners don't study tax, tax preparers don't study retirement strategy, and neither of them calculates the value of your business the way a banker will. Imagine if you will, these three professionals working together to plan for a future you designed.
When your financial team works together to make sure you're getting the best service and planning not only for today but for tomorrow, there is money to be saved and strategy to be had.