"If your firm is not collecting earned revenue, growth will slow, cash flow will tighten, and profitability will suffer. Fortunately, revenue and profit leakage can be minimized with awareness, the right tools, and disciplined financial oversight. Join our expert panel on Sept. 25 at 2pm ET to explore common sources of profit leakage and practical, actionable tactics for improvement. The discussion will include: Concrete examples of how profit leakage can occur"
"Quick wins you can implement right away Long-term strategies to sustain improvements Kelley Brubaker, CPAKelley is the owner of Profit Scale Thrive-an Akron, Ohio-based accounting and advisory firm, she partners with law firm owners so they achieve overflowing profits, scaled growth, and thriving lives. As a Fractional CFO, Kelley helps clients understand their numbers, focus on the metrics that matter, spot areas for improvement, celebrate successes, and create effective strategies to increase profitability and reach the firm's goals."
Uncollected earned revenue causes slowed growth, tighter cash flow, and reduced profitability for firms. Revenue and profit leakage can be minimized through awareness, appropriate tools, and disciplined financial oversight. Key areas to address include identifying concrete examples of how leakage occurs, recognizing red flags that indicate leakage, implementing quick wins that improve collections and controls immediately, and adopting long-term strategies to sustain improvements. Practical, actionable tactics can improve profitability by closing gaps between billed and collected amounts, improving invoicing and follow-up processes, tracking relevant financial metrics, and aligning operations with clear financial accountability and oversight.
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