Daily Business Review article by Tax & Business Services Partner Michele Lipson discusses top 10 business planning tips for law firms for 2016.
Daily Business Review
Year-end is a perfect time to review your business plans to ensure success for the future. These Top 10 year-end planning strategies for law firms will help you address your short-term and long-term goals to lay the groundwork for future growth and profitability.
1. Accounts receivable and work-in process review: At year-end, partners should review their accounts receivable and work-in-process and write-off any uncollectible accounts receivable or unbilled time. This will reduce the bottom line, which will reduce the tax bill. In addition, a careful review of the client costs account should also be done prior to year-end. Keeping your books in order will make sure you don’t pay tax on accounts that will never be billed or collected.