For example, you may invest in professional development opportunities if your goal is to expand your team’s skill sets. Regardless if you’re directly managing your firm’s accounting, it’s important to familiarize yourself with basic accounting terms and principles. A baseline understanding can make it easier to review reports and comprehend recommendations from your accounting team. Canada’s...
November 2024
Solo lawyers typically manage most of their firm’s financial tasks themselves, so staying on top of monthly routines is essential. Key responsibilities include reconciling bank and trust accounts, reviewing outstanding invoices, tracking expenses, and setting aside money for taxes. It’s also important to generate financial reports—such as income statements and accounts receivable aging...
They have a look at a $20 commission (discount broker) and a $50 fee (full service broker) and they resolve they can’t afford to speculate with a full service broker. Instead they plow their life financial savings into some wonder inventory they heard about from a good friend (hey, it’s only a $20 fee, why not?) and lose a few hundred or thousand bucks when the investment goes south. Not that a broker...