Burns & Associates, Ltd.

In this article, we will discuss the benefits of outsourcing bookkeeping for law firms.

https://burnsltd.net/mastering-legal-bookkeeping-best-practices-for-outsourcing/

Mastering Legal Bookkeeping: Best Practices for Outsourcing Bookkeeping is an essential part of managing a law firm's finances. It involves keeping accurate records of financial transactions, monitoring cash flow, and ensuring compliance with legal and tax regulations. However, many law firms struggle with managing their bookkeeping tasks effectively. One so...

As law firms navigate the complex world of billing and financial management, understanding the difference between hard costs and soft costs is crucial. These two types of expenses may sound similar, but they have distinct characteristics and implications for law firms. In this article, we will delve into the nuances of hard costs and soft costs, exploring their definitions, examples, and impacts on law firm operations.
https://burnsltd.net/understanding-the-nuances-hard-costs-vs-soft-costs-for-law-firms/

Understanding the Nuances: Hard Costs vs. Soft Costs for Law Firms As law firms navigate the complex world of billing and financial management, understanding the difference between hard costs and soft costs is crucial. These two types of expenses may sound similar, but they have distinct characteristics and implications for law firms. In this article, we will delve...

https://burnsltd.net/outsourcing-bookkeeping-for-law-firms-key-considerations-for-choosing-the-right-bookkeeper/

Outsourcing Bookkeeping for Law Firms: Key Considerations for Choosing the Right Bookkeeper As law firms strive for efficiency and cost-effectiveness in their operations, outsourcing bookkeeping has become a popular choice. By delegating financial tasks to an external bookkeeper, law firms can free up time and resources to focus on their core legal services.

In today’s fast-paced and constantly evolving business landscape, resistance to change can have serious consequences for law firms.
https://burnsltd.net/embracing-change-how-resistance-can-harm-law-firms/

% Law firms are known for their tradition and adherence to established practices, which can often make it difficult for them to embrace change. However, in today's fast-paced and constantly evolving business landscape, resistance to change can have serious consequences for law firms. In this article,....

https://burnsltd.net/streamline-your-legal-practice-timekeeping-and-billing-with-leanlaw/
LeanLaw - Legal Billing SoftwareIs a great choice for Law Firms from Solo Practitioners to 50+ attorneys.

Streamline Your Legal Practice Timekeeping and Billing with LeanLaw As a legal professional, managing your time effectively is crucial to the success of your practice. Accurate and efficient timekeeping is not only essential for billing clients, but it also helps you track your productivity and make informed business decisions. This is where LeanLaw comes in as a po...

https://burnsltd.net/keeping-it-separate-the-importance-of-not-commingling-personal-and-business-expenses-for-attorneys/

Keeping it Separate: The Importance of Not Commingling Personal and Business Expenses for Attorneys As attorneys, managing finances is a critical aspect of running a successful practice. One common mistake that attorneys should avoid is commingling personal and business expenses. Commingling refers to mixing personal and business funds and using them interchangeably for expenses, which can lead to...

Attorneys in Law firms that seem to be healthy often find themselves asking, "Where did all the money go?" at the end of the month. If your firm has this experience, it is time to implement a budget. Even high revenue firms benefit from budgeting their funds.

Attorneys do this all the time! In case you think that just anyone can properly handle lawfirm bookkeeping.

Attorneys: Its not too late to get your books in order for tax prep. Time is ticking, but you can still get your IOLTA accounts cleaned up and reconciled before April 18, if you act NOW.

https://burnsltd.net/best-practices-trust-accounts/
Attorneys need to properly manage their client's funds. Here are some best practices.

Mastering Legal Bookkeeping: Best Practices For Managing Trust Accounts - Burns & Associates, Ltd. Proper bookkeeping practices are crucial for any business, but for law firms, it is especially important. Accurate bookkeeping can help ensure compliance with legal requirements, prevent potential financial fraud, and provide insights into a firm's financial health. In this article, we will discuss....

Hello friends! It's that time again to start making sure your business books are in order!📚If you haven't been reconciling your books every month- it may be time to hire a professional.
And did you know that keeping your books up-to-date will save you money on the year?🙌💲
Click here👇 to schedule a FREE consultation to REVIEW YOUR BOOKS- before tax season is here!
👉https://burnsltd.net/

With all that's happened in 2020, you may be wondering if your books are being managed properly. 🤔
As we look to 2021 for the health and prosperity of our businesses, now may be the best time to get your books in order and outsource your bookkeeping to a professional.

Learn more by clicking the link below, or go to burnsltd.net for more free tips to keep your books in order!🙌😍

https://burnsltd.net/why-to-hire-a-professional-bookkeeper/

ATTENTION BUSINESS OWNERS: Your Bookkeeping is Wrong!

▪️In 2021, the IRS is going to increase audits of small businesses by 50%!!. Are your books ready? Are you sure?
▪️45% of business owners say that bookkeeping and taxes are the worst part of owning a business.
▪️79% of business owners spend 2 or more hours each month on processing and running payroll.
▪️77% of business owners spend $100/month or more just to process payroll.
▪️40% of business owners spend more than 80 hours each year on taxes and payroll.

ENTREPRENEUR MAGAZINE SAYS THAT BOOKKEEPING IS THE FIRST THING YOU SHOULD OUTSOURCE IN YOUR BUSINESS.

But, how do you know who to choose and if you can afford a Pro?
If you are among the 50% of business owners spending $5,000 or more annually on your books, payroll, and taxes, you need to consider outsourcing to a Professional. Not just any bookkeeper, but a real Professional.

☑️Sign up today for a FREE, confidential Diagnostic Review of your books, a $350 VALUE!
☑️There is no obligation, and you will know the weak spots in your bookkeeping.
☑️Even if you have a bookkeeper, we can find your weak spots.
☑️ Already working with a CPA, but not a bookkeeper? We need to talk.
☑We are a completely VIRTUAL COMPANY so you can manage your books from anywhere!

There is no need to worry or be embarrassed by the state of your books. We have seen everything‼️

CLICK LINK BELOW to schedule your COMPLETELY FREE and NO OBLIGATION review and consultation of your books. Completely Confidential- No Risk.

https://newsletter.burnsltd.net/Facebook

#2021

IRS to increase audits of small businesses by 50% in 2021. Are your books ready? https://freshstartinfo.org/2021-already-worse-than-2020-with-irs-50-audit-increase/

As we look to 2021 for the health and prosperity of our businesses, now may be the best time to get your books in order and outsource your bookkeeping to a professional.
https://burnsltd.net/why-to-hire-a-professional-bookkeeper/

Why to Hire a Professional Bookkeeper Why to Hire a Professional Bookkeeper Written By Geoff Burns According to the Small Business Administration, 67% of all businesses fail within the first 10 years. The primary reason for this is lac…

Looking to Buy, Sell, or Finance your business? Check out today's article about Business Valuations https://burnsltd.net/business-valuations/

Business Valuations Business Valuations Written By Geoff Burns Business Valuations are often considered important only if you are looking to buy or sell. But, business owners and investors can use business valuations …

Attention Contractors and Subs. We are now Knowify Certified Advisors. If you are looking to integrate your bookkeeping with industry leading project management software, look no further. https://www.knowify.com/contractor-business-software?advisor=Advisor16381

https://burnsltd.net/statement-of-cash-flows/

Statement of Cash Flows Statement of Cash Flows Written By Geoff Burns What is a Statement of Cash Flows. For bookkeepers, accountants, and other financial professionals, it is one of the three, core reports used to help …

Happiest of Birthdays today to my partner in life, in business, and an awesome Dad! Those who know you, know what a loyal, compassionate, outdoorsy, strong, stoic, passionate, and dedicated person you are! Have an Amazing Day!😊❤🎉🎁🎂 @ Lancaster, Ohio

What is an Income Statement and what does it do? https://burnsltd.net/the-income-statement/

The Income Statement The Income Statement Written By Geoff Burns In my previous article, I briefly reviewed the basics of the most common financial reports. If you missed it, you can read it here. Today I am going to d…

Hey friends! How are you Maximizing your Margin?? Do you currently do your own books? Do you know how to use all your reports to your advantage?
DM to learn more.. Whether you are a small business owner, entrepreneur, or nonprofit leader, you need to use financial reports to evaluate your fiscal position. Unfortunately, even for seasoned leaders, most people don’t fully understand how their reports are generated, how to tell if they are accurate, what they mean, and what knowledge can be gained by reading them. In this series of articles, I will breakdown the most common reports, how they are created and what they mean.
The most common reports that you will need are the trial balance, income statement, balance sheet and statement of cash flows. Different reports may be needed or desired based upon your specific industry or field. For this series of articles, I will focus on these four reports.
Ok, so what are these reports, and what do they do? Today, lets identify what the reports are and briefly look at the value of the trial balance.
Trial Balance – A list of all debit and credit accounts for a specified period of time.
Income Statement – A list of all revenue and expenses for a specified period of time.

Balance Sheet – A list of all assets, liabilities and equity for a specific point in time.

Statement of Cash Flows – A list of how money flowed in and out for a specified period of time.
Of the four reports listed above, the Income Statement, Balance Sheet and Statement of Cash Flows are typically considered to be the three most important financial documents. They are the reports that you should expect to see and use to make decisions about your business or organization. If you have an accountant or bookkeeper and you are not receiving these statements, you need to find out why and remedy the situation posthaste. For nonprofit organizations, these documents should accompany any financial reporting.

Pop over to burnsltd.net (in bio) or our page to continue reading this blog!

Hey friends! How are you Maximizing your Margin?? Do you currently do your own books? Do you know how to use all your reports to your advantage?

DM to learn more..

Whether you are a small business owner, entrepreneur, or nonprofit leader, you need to use financial reports to evaluate your fiscal position. Unfortunately, even for seasoned leaders, most people don’t fully understand how their reports are generated, how to tell if they are accurate, what they mean, and what knowledge can be gained by reading them. In this series of articles, I will breakdown the most common reports, how they are created and what they mean.

The most common reports that you will need are the trial balance, income statement, balance sheet and statement of cash flows. Different reports may be needed or desired based upon your specific industry or field. For this series of articles, I will focus on these four reports.

Ok, so what are these reports, and what do they do? Today, lets identify what the reports are and briefly look at the value of the trial balance.

Trial Balance – A list of all debit and credit accounts for a specified period of time.

Income Statement – A list of all revenue and expenses for a specified period of time.

Balance Sheet – A list of all assets, liabilities and equity for a specific point in time.

Statement of Cash Flows – A list of how money flowed in and out for a specified period of time.

Of the four reports listed above, the Income Statement, Balance Sheet and Statement of Cash Flows are typically considered to be the three most important financial documents. They are the reports that you should expect to see and use to make decisions about your business or organization. If you have an accountant or bookkeeper and you are not receiving these statements, you need to find out why and remedy the situation posthaste. For nonprofit organizations, these documents should accompany any financial reporting.

Pop over to burnsltd.net (in bio) or our page to continue reading this blog!

Do you understand your financial reports? https://burnsltd.net/understanding-your-reports/

Understanding Your Reports Understanding Your Financial Reports Written By Geoff Burns Whether you are a small business owner, entrepreneur, or nonprofit leader, you need to use financial reports to evaluate your fiscal posi…

Are your bookkeeping practices in compliance? We offer professional bookkeeping services so you can be rest assured that your books are accurate and compliant, while you focus on your business.
*Link in Bio*burnsltd.net/bookkeeping

For self-employed individuals who have applied for, and received or going to receive PPP funds through the CARE act.
Make sure you are keeping very clean documentation of all of your transactions in a "real" accounting software.

PPP Loan Accounting: Tips to Do It Right - Evergreen Small Business You don't just need to do your PPP loan accounting right to maximize loan forgiveness. You need to do it to comply with the paycheck protection program.

https://burnsltd.net/financial-freedom/
BIG ANNOUNCEMENT. We have added Professional Bookkeeping to our list of services. Enjoy today's post about financial freedom, and if you are interested in learning more about our new bookkeeping offerings or any of our small business services, click the link to schedule a free, no obligation consultation.
WHAT ARE YOUR BOOKS TELLING YOU ABOUT YOUR FINANCIAL FREEDOM?

Financial Freedom What is financial freedom? To some it is the ability to travel. To others, it may simply be knowing that the bills are all paid. I think for many of us, financial freedom looks like spending time w…

Yesterday morning we lost our sweet Samson. I am heartbroken. I wasn't even going to post about it, except this dog has been with us for nearly 13 years, and has been loved by more than just our immediate family. He's been there through growing a family, buliding a business, and most of my marriage. He was there for me through all my trials and successes as an adult entrepreneur and young mother, and was my constant companion and confidant. I felt it would be a disservice to not express somewhere how much he was loved. These pictures were taken in October. He loved walking in our field and going down to the mailbox with me each day. Patrolling the property was something I loved to watch him do. We would always say how much this dog loved being a dog, he was so happy and loved to give love. Will miss you forever my dear friend. ❤❤ @ Berne Township, Fairfield County, Ohio

So honored to be working with Brightway Center at the 42 to 1 event, in honor of the James "Buster" Douglas 30th Anniversary Event. An amazing night with special guests such as Honorary Chair Archie Griffin, and surprise guests like Dimitrious Stanley! Opening speaker was Congresswoman Joyce Beatty, just to name a few of the wonderful guests helping to celebrate the 42 to 1 story, benefitting Brightway Center.
@ Hyatt Regency Columbus