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Regularly-Review-Your-P&L-Statement

Tech Tip #269: Regularly Review Your Profit & Loss Statement

Knowing your firm’s revenue doesn’t actually determine how well your firm is doing. You need to look at your profit and loss statement (P&L statement), which takes into account both your revenue and expenses. Regularly checking your firm’s profit and loss statement will allow you to be more proactive with reducing expenses and increasing revenue-generators. Below are a few action-oriented insights you can gain from your P&L statement:

  • Staffing is too expensive. Replace certain roles with virtual help or freelancers.
  • Rent is too expensive. Look into working remotely or renting a co-working space.
  • Marketing ads are bringing in a lot of valuable clients. Double down on ad expenses.
  • Many invoices are overdue. Invest in a platform that offers automated invoicing, reminders and collections. 

Overall, we recommend you look at your P&L statement on a monthly basis to avoid letting your expenses get too bloated or missing out on revenue-generating opportunities.

Learn more about what a profit and loss statement looks like and includes

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CosmoLex Team

CosmoLex is cloud-based law practice management software that integrates trust & business accounting, time tracking, billing, email & document management, and tasks & calendaring, in a single application. Trusted by thousands of legal professionals across the U.S. and Canada, CosmoLex is a leader in next-gen legal practice management software. Learn why CosmoLex is quickly becoming the #1 choice for solo, small and mid-sized law firms...Start a free trial at www.cosmolex.com/register