Financial Management 101 for Practice Managers

Financial decision making is often one of the most challenging activities a practice manager can have with the principals of a law firm.  Through no fault of their own, most practice managers aren’t trained in financial reporting and financial management, and neither are their principals, however, principals look to practice manager’s to provide this guidance.

As the Lawyers Accountant, Matt Schlyder, from FWO Chartered Accountants knows all too well that for accurate financial management decisions to be made, the starting point is with the information.  It needs to be timely and accurate.  And just as importantly, practice managers must focus on the right financial metrics.

In this webinar, Matt will identify for you the 2 critical numbers, or key performance indicators, that every firm must manage in order to drive improvement in profit and cash flow.  He will also then run through the key data that is required to assess these numbers, which can simply be extracted from your practice management system.  He will also take you through the fundamentals of what you must be doing every day, week and month to ensure that the core financial data is accurate.  He’ll be going right back to basics so that you can build your financial management system from the ground up and start making financial decisions around the key drivers of profit and cash flow in you firm.