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Running Your Legal Practice: The CFO Solution


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 HR expert as well. It is easy to get frustrated when all you want to do is concentrate on your law work. So how can you focus on what you do best and still run a viable firm?
Well, you could expand your days and work 24/7 to try to handle everything. Or you can hiring individuals to handle all of these tasks for you, which can get expensive if you’re a small firm. 

Or, you can hire a virtual CFO. 

Running your law firm is impossible without administrative help. By deciding to tackle all of these administrative tasks yourself, you will quickly realize that financial statements, tax planning, forecasting, cash flow, and payroll is far more than one person can reasonably do. 
The typical solution for lawyers is hiring an accountant and administrative assistant, but adding these salaries to your payroll list can become a burden on your 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 and for their high levels of accuracy and professionalism. If you believe this safe and very affordable way of obtaining administrative and financial help to run your law firm, check out the options for working with a virtual CFO.

Travis  Raml, CPA
Travis Raml CPA & Associates, LLC
(443) 927-9161
10440 Little Patuxent Parkway, Suite 300
Columbia, MD 21044
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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