Getting a handle on your business financials can be tricky–especially if you hate doing the math. Hiring a fractional Chief Financial Officer (CFO) could be the secret sauce you need to take your business up another notch.
In this episode of Wealthy Woman Lawyer®, Davina speaks with guest Danielle Hendon, founder and CEO of 4 Corners CFO. Danielle is a Texas-based CPA who thrives on applying big-business financial concepts to growing small businesses while increasing their livelihoods and legacies. With more than a decade of experience in corporate finance and accounting, today she specializes in working as a fractional CFO for law firms.
Davina and Danielle dive into the details of law practice financials and why they’re often so messy. Danielle breaks down how to understand a cash flow statement, the reason for creating a business budget, and how you could be undervaluing yourself by charging flat fees.
- The key financial reports women law firm owners should be reviewing in their businesses, what your profit and loss statements and balance sheets reveal about your earnings, and how to interpret what the numbers mean to your business.
- How to understand a cash flow statement in relation to your business budget and account for emergency savings.
- Why you need a business budget built off of your profit and loss statement for the year, why you should review it on a monthly basis, and how it can help you define areas of the business that need extra attention.
- How to prioritize your expenses in relation to your business budget, why you should be tracking all of your time, and how your systems are impacting your billing.
- The reason you could be undervaluing yourself by charging flat fees, why you need several people on your financial team, and the role of a fractional CFO.
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