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Do You Need a CFO for Your Law Firm?

Do You Need a CFO for Your Law Firm?

Your law firm provides necessary services to your community. And while your focus should be on providing the best legal advice to your clients, sometimes you might feel like you also need to be a tax and human resources expert as well. It is easy to get frustrated when all you want to do is concentrate on your law work.

How can you focus on what you do best and still run a viable firm?

One option includes expanding your workdays into 24/7 marathons as you to try to handle everything by yourself. Or, you can hire individuals with other business specializations to handle all of these different tasks for you, which can get expensive if you’re a small firm.

Consider hiring a virtual CFO.

Administrative help is an important cornerstone of any business, but these administrative tasks take up lots of valuable time that you could spend doing plenty of other important work. If you decide to tackle all of these tasks yourself, you quickly will realize that financial statements, tax planning, forecasting, cash flow, and payroll create far more work than one person can reasonably do. The typical solution for lawyers is to hire both an accountant and an administrative assistant, but adding these salaries to your payroll can place a burden on your growing firm, even if the results are beneficial in the long run.

For a more economical solution, outsource these tasks to a virtual CFO. This is a service that specializes in all the professional knowledge required to handle the business aspect of your law firm. Often, these services charge a reasonable flat annual rate for their high levels of accuracy and professionalism. If you believe this safe and affordable way of obtaining administrative and financial help can enable you to better run your law firm, check out the options for working with a virtual CFO.

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