Solo Practice University®

Author: Chelsea Williams

Avatar of Chelsea Williams

Chelsea is the founder of Core Solutions Group, Inc. She fell into accounting by total accident when she was working towards a degree in healthcare administration. While other students were taking accounting for a second (or third) time and even switching their degree to avoid it completely, she took on her accounting professor as her first mentor. With over a decade of accounting experience, she has taken full advantage of the unique opportunity to observe hundreds of businesses and studied what worked and did not work for them. She is an entrepreneur with a passion for numbers and helping law business owners design their firms around the lifestyle they really want. She has the knowledge to not just get your financial house order but set it up for long term sustainability. You can reach out and introduce yourself to her at chelsea@yourcoresolution.com.

image1-17

Part 5: You Don’t Get What You Don’t Ask For

Aug 8, 2019 in Guest Bloggers

Julie and I were working together to develop a comprehensive accounts receivable aging process for her firm and when we finally got to the end of the project and were ready to pull the trigger, she started to hesitate. We were on a video meeting so I could see her sit back in her chair and rest her hand over her chin. I could tell her wheels were spinning. “I can’t believe I have to do this, why won’t my clients just take me seriously and pay on time”? “Julie”, I paused. “People will take paying your invoices seriously when you take getting your invoices paid seriously”. The hard truth is, your clients need to see that you expect them to follow through with compensating you for the valuable services you have taken the time to carry out for them.

Continue Reading →

Parkinsons Law

Part 4: Parkinson’s Law and Practicing Law

Jul 10, 2019 in Guest Bloggers

Time and money are so interchangeable these days. We started exchanging time for money at our first few jobs where we clocked in to start getting paid and when we clocked out, the money stopped. Now that you own a law practice you have access to this new way to view time as it relates to money because you now have residual power. Residual money is not money you clock in and out for, it’s the money you receive because you have created a service supported by systems and aided by people (that are not you) that removes your money’s dependency on your hours. But the quest to discovering your residual money formula is more complex than just clocking in and out. Learn more.

Continue Reading →

image1-17

Part 3: Know Your Profitability

Jun 6, 2019 in Guest Bloggers

Getting real with your numbers can be a difficult journey. What you think is going on financially in your firm can come into question very quickly once you crunch the numbers and they’re staring you in the face. We love the numbers because they don’t lie. There is no opinion and no bias, if the numbers don’t add up they simply don’t add up. The first step to understanding your firms’ profit is to figure out where it’s coming from.

Continue Reading →

image1-17

Accounting Avoidance Syndrome – Why this Boring Crap Matters

Apr 25, 2019 in Guest Bloggers, Solo & Small Firm Practice

You want more time with your family and do the things you love doing (besides practicing law). You also wanted a plethora of funds to support this. It would make sense that you now monitor these two things, time and money, like a hawk to make sure you’re getting what you originally set out to get from all this, right? Nope, in fact many practice owners run from basic accounting requirements (if this is you, for the love of law please keep reading). So why are you running from the thing you set out to gain?

Continue Reading →

Pin It on Pinterest