The Difference between an Accountant and a Virtual CFO
If the partners at your law firm feel like they don’t have a handle on cash flow, they’re not alone. This is a problem that many business owners face, not just at law firms, but in other industries as well. That’s why law firms are turning to CPA firms or hiring CFOs. The problem is that not all CPA firms are built the same.
A traditional accountant looks to the past. They generate financial statements and present metrics that happened in the last period. They paint a historical picture that informs what has happened recently but doesn’t help partners to understand where the firm is headed in the future. This type of historical data doesn’t help law firms make strategic decisions or plan for business initiatives.