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  • Writer's picturePaula Field, CPA, CFE

What Do Great Business Owners Deserve? A Powerful Financial Firewall.


Powerful cash position

So many attorneys open their doors because they have experience in a big firm and are ready to venture out on their own and so they hang their shingle. Some work years for the same firm to achieve partner status. Nonetheless, the business side of things may come easy or may be hard. After all, attorneys don’t spend their CE credits on accounting, and reasonably so.


If you are running your own firm, you must be business minded, which means for me you need to be managing your finances or they will manage you. This part of your business is very important and deserves ample attention. Even though you went to law school to practice law, running the finances of your business is just as important, especially if you have goals you want to meet, and I’m sure you do!


The only problem is you’re working 60-80 hours in your business already and there’s simply not enough time in the day to do everything that needs to be done and manage to take on more. Perhaps you want help with your accounting and taxes but are trepidatious about turning over the keys to your financial mess. (If that speaks to you, don’t be, we can help make it easier.) Perhaps you just want to prepare your tax return for last year yourself and then you’ll find someone to help you…my question is, “Why do that to yourself? It’s just prolonging the pain.”


My mentor tells me that sometimes a breakthrough in a business comes with a break with something else, meaning oftentimes you are so much better off in your business when you step aside and let go of the reins so you can focus on growing your business. I call that working on your business, as opposed to working in your business.


What we do is more than just accounting and tax. Business owners come to us wanting to talk about tax and accounting services, but that only amounts to about 10% of what we do and what you need. When you sit back and imagine all the wonderful things you are ready to offload it’s a much longer list; tax, accounting, Iolta management, practice management software, organization, tax planning, profit planning, savings, how to create residual streams of income so one day you can step out of the rat race, etc. I like to refer to the iceberg drawing analogy because everyone knows the good ole’ iceberg drawing.


If we only focus on accounting and tax compliance (preparing returns), we only focus on 10% of the big picture, the part above the waterline. If we strictly focus on accounting and tax compliance, we are not going to move the iceberg to save you money on taxes…when honestly if you think about it, that is really what you want from your CPA. You want them to save you real money. Money that matters for you and your family. Money that makes a difference going forward in your life.


And we can do that, and we do it well, by focusing on what’s underneath the tip of the iceberg. We believe if you focus on the three big things below, we can move the base of the iceberg in the right direction, and we can help you do just that.


BANK BALANCE

When we talk about Bank Balance, we want you to look at your bank balance in your banking app and realize you are in a cash-powerful position.


TAX EXCITEMENT

When we talk about Tax Excitement, we want you to look forward to tax time because you have more money in your pocket, rather than paying it over to Uncle Sam.


WEALTH ENGINE

When we talk about the Wealth Engine, we want you to look at your business as a tool to generate wealth that is totally unencumbered for you to use however you like.

Lucrum Legal Accounting Iceberg Diagram
Powerful Financial Firewall Iceberg

Our focus is not on the tip of the iceberg and what is above the waterline. Yes, accounting and taxes are the tasks necessary in your business every day, every week, every month, and every year. But while we do accounting and taxes, we like to focus on the three things that will help you reach your goals. Having a cash balance that puts you in a cash-powerful position in the marketplace, being excited about tax time because you’re going to be able to turn some of those tax dollars back into your pocket, and having the business be a real wealth engine for you today and in the future.


Sounds pretty great, doesn’t it? Well, speaking from experience, it is pretty great to have a powerful cash position. It is pretty great to keep some dollars you have already forsaken to pay Uncle Sam. And it is pretty great to turn a business into a wealth engine for me and my family. I can say it works, and it is more than great, it’s life-changing.


As important as these three things are, what we do is more than that. We believe that our program will help you create a Powerful Financial Firewall to protect your business and your future. Business owners are the risk takers, they have created employment, they are the people that deliver value to the market, and great business owners truly deserve a Powerful Financial Firewall in their business.


That is the real majesty of what we do. I have developed a framework designed around the heart of providing your business with a Powerful Financial Firewall. Isn’t that what you really want around your business? A Powerful Financial Firewall that gives you the confidence and certainty of the financial future of the business, and the financial future of your wealth position!





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