The Value of a Cash Flow Report Done Right.
It's all about your strategy! Are you using your Cash Flow Report to its fullest potential?
Billing is a crucial part of your practice. Simply put, you need money. Your billing process is a necessary part of your workflow, but it can be used to do so much more than just ensure you're tracking your cash flow!
We encourage you to set up your billing process with intention. Keep your firm's strategic goals in mind. If you are a client-focused practice, this means keeping your client experience in mind. Anytime you are communicating with a client, you are building your brand. Your invoice is one of the many ways you communicate the value of your services to your clients. Here are some quick ways to improve your invoice so that it is well organized and easily understood by the client.
Leverage Your Invoices and Client Billing Data
- Have a service description that details each individual service provided in layman's terms. Conclude with an identifiable total amount due.
- Be clear about who you are contacting. Include your client’s name, address, and phone number.
- Let them know who to talk to with questions. Include your firm's contact information. Add a "best person to speak with" if possible.
- Make sure the dates are clearly shown. This is especially important for the date of the invoice and the date payment is due.
- Have an easily identified invoice number to help your team and your client keep track of what has been paid and what is still outstanding.
- Last but not least, give them clear methods of payment. Describe the payment methods you accept such as cash, check, credit card, etc. Accepting more than one payment method gives your clients some flexibility, increasing the likelihood of on-time payment.
Once you have a well-built invoice, putting an automated system in place to manage your invoices helps save valuable labor hours. We have resources we can share with you! Having the right software in place does more than provide accuracy in your records or working as a “set it and forget it” solution for your billing processes.
Building out your billing processes allows you to better understand your cash flow. By paying close attention to how your cash is coming in, you can streamline your strategy and increase your firms' profitability.
A well-designed client relationship management and invoicing system can allow you to create cash flow reports showing you what lead generation sources are the most profitable. As such, it also shows you where you may be able to save money. Here are a few things to consider when analyzing your cash flow:
- Who are your most profitable clients? What do they have in common? What lead generation source brought them in?
- Who are your least profitable clients? What do they have in common? What lead generation source brought them in?
- What is your average cost per client in terms of variable costs? In other words, what labor costs are typically attributable to your average client?
- What can your team do differently to decrease those costs and maintain or increase client value?
Start to view your cash flow as your marketing research! You don't have to pay for a consulting firm to tell you what your accounting books already know about your clients.
Find out what’s new with PPP Loans, forgiveness, and EIDL loans as Chris and Peggy host this webinar with Clio. There are several upcoming dates to choose from!
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Meet the CPN Legal Team!
We’ve been busy growing to keep up with our clients growing accounting and bookkeeping needs!
Keep an eye on our page for new Headshots once we're past COVID-19 restrictions.
Meet our co-Founder, Chris Gruenke. One half of our CPN Legal founding family, Chris began his professional life at Marion Merrell Dow Pharmaceuticals. After 15 years growing in and learning from the corporate world, he started his own business, an up-scale billiards club, and realized his passion for small business strategy. Chris has put that passion to use by been bringing strategic thinking, process improvement techniques, operational discipline, and implementation skills to small and mid-market companies in a variety of industries.
Like many of our team, Chris is an Ohio native. He grew up in Cincinnati, went to Walnut Hills High School and Xavier University. Chris and Peggy are both very active. One of Chris’ preferred activities is Beach Volleyball. Every Sunday evening, you can find him on the sand volleyball courts where he plays with his daughter and niece.
We’d like to introduce you to our co-Founder, Peggy Gruenke. Part of our CPN Legal founding family, Peggy has over 15 years of experience in the legal industry. Prior to working with lawyers, she developed integral technology proficiencies and was employed as an IT consultant for small businesses. If her work here with CPN Legal does not keep her busy enough, Peggy is a nationally sought after speaker on legal technology and law firm operations.
Originally from Cincinnati, Ohio, Peggy attended Xavier University. Peggy met her husband, Chris, during her time at Xavier University. They’ve built many wonderful things together not least of which is their family. Full of energy, Peggy does not sit still for very long. She is an avid flower pot Gardner.
Carmen works with law firms to assist them in improving office automation and office productivity by assisting with law firm technology, Quickbooks, and end-user training.
Carmen is also a Paralegal and has had the role of an office administrator. She knows how law firms operate and she knows how to interact with both lawyers and support staff. Carmen does her best work when she can get into a firm, interact with staff, and assess how best Amicus works for them. Any certified consultant can conduct a webinar or training session, but there is so much more benefit to a consultant who has had actual experience in a law firm setting and who can sit with the staff, listen to their needs, and offer them solutions.
She has an excellent working knowledge of Amicus Attorney software and other practice software packages. With over 10 years of experience in bookkeeping and law office administration and technology, Carmen will bring value to your law firm operations and technology.
We would like to introduce you to Karen Pawlukiewicz. Karen is one of our wonderful Senior Accountants. She is a talented accountant and a long-time friend of Chris and Peggy. Karen received her BS in Accounting and started her career as a CPA working as a tax accountant. From there, she took some time off to focus on her family before diving into the corporate world. Like several other members of our team, Karen spent 13 years at Ultimus Funds Solutions honing her skills. As Ultimus quickly grew to over 700 employees, Karen found herself missing the smaller firm atmosphere. We’re glad to have her as part of the CPN Legal Team.
Originally from the Philadelphia area, Karen moved to Cincinnati with her husband when he received a teaching position at Xavier University over 30 years ago. She enjoys spending time with her husband, three adult children, and two golden retrievers. When she’s not working, Karen can likely be found letting her creativity flow. She is an avid crafter and baker. If you are lucky enough to stop by when she’s stocked the office with cookies, we’ll let you try for yourself!
Meet Mary Kingsley! Mary is one of our talented Staff Accountants. She excels in explaining things to our clients. It's no surprise that she initially considered being a teacher. Once she took her first bookkeeping course, her focus switched and she’s been a part of the accounting world ever since. Mary got her first job with a Certified Public Accountant right after school and has only worked for three firms, CPN Legal included, during her thirty-plus year career. We’re very glad to have her as part of our team.
One of the things that drew Mary to CPN Legal was the family atmosphere. Having that element is important to Mary as a mother and grandmother. Born and raised in Ohio, Mary does spend some time on the road. Mary is a true fan of music and enjoys traveling for concerts. She is one of the few people we know who has attended a concert in a cave.
Kris Limbert is the newest member of CPN Legal. The former Corporate Controller of Ultimus Fund Solutions LLC, Kris joins CPN Legal as a Senior Accountant. Kris received her degree from Bowling Green State University. After graduation, Kris began her career at Arthur Andersen in Cincinnati. From there, she grew her experience at firms before taking time away from the corporate world to be a Mom. Upon her return to the workforce in 2005, Kris joined Ultimus. When she began with her employer, it was a small team, today they have over 700 employees. Missing the smaller firm atmosphere, Kris has made the move to CPN Legal and we are glad to have her.
Growing up in Wapakoneta, Ohio, Kris is a major sports fan. Her teams are Ohio State, the Cincinnati Reds, and the Bengals. This comes as a bit of a disappointment to her father who is a die-hard Browns fan. Family is a big part of Kris’ life. She enjoys spending time with her husband, four adult children, two dogs, one cat, and three granddogs. She can be found attending live concerts, watching sports with a glass of red wine with her favorite people and animals, or on the back of her husband’s Harley Davidson.
We’re excited to have Soren Wolf as part of our CPN Legal team. Soren is one of our Staff Accountants. He specializes in Clio and QuickBooks Integration. Soren comes to us from Ultimus Fund Solutions and has over 10 years of accounting and financial experience.
Soren’s original plan when he attended Georgetown College was to pursue engineering. The building is in his blood, as his father builds custom furniture and so does Soren, himself, when time allows. After graduating with a double major in History and Political Sciences, Soren spent some time in Hawaii woodworking. His initial focus on mathematics and numbers came full circle when Soren landed a job doing financials for a Marina in Charleston, South Carolina. Eventually, Soren and his wife moved to Cincinnati so their two children would have more opportunities to be with their extended family. Soren’s family time often includes brisket he smoked himself and cheering for the University of Kentucky.
We’d like to introduce you to Angie Douthitt. Angie is a Staff Accountant with us here at CPN Legal. Angie comes to us with over 30 years in the field of accounting and we are thrilled to have her as part of our team. Many of her previous roles have been in a rigid corporate environment. Angie was quick to share how much she enjoys the more family-oriented environment cultivated by the CPN Legal team.
Angie grew up on the west side of Cincinnati and is one of the few who has moved over to the east side with her family. Family plays a big role in Angie’s life she is a proud mother and soon-to-be grandmother. When she is not spending time with her family, Angie’s rooting for the Bengals and planning the next room in her house to revitalize. She loves to reenergize a space with color and paint.
Meet Kelly Halterman. Kelly is one of our fabulous Accounting Assistants at CPN Legal. With a bachelor’s degree in paralegal studies from Beckfield College in Kentucky, Kelly is uniquely equipped to help assist our clients, who work primarily in the legal field. Prior to working with CPN Legal, Kelly worked in a law firm that used Clio and with a Certified Public Accounting firm. Her experience and drive make her a true asset for our team.
Originally from Ohio, Kelly now lives with her family just across the state line in Indiana. As a mother of two, Kelly enjoys spending her time with her family. When she’s not hard at work, Kelly can be found curled up with a book by Janet Evanovich or Robert Parker.
Last but not least, meet Jasper. Jasper is our Office Nutrition Supervisor. Originally from Cincinnati, he is a big fan of coming to the office, hikes in the woods, and healthy snacks like carrots. Around the office, he is known for his ability to motivate his coworkers by nudging them to take him for a walk (he knows fresh air is good for the busy mind). When Jasper is not in the office he can be found at the front door people and dog watching or cuddled up on the couch.