When I first started working with a Phoenix bankruptcy owner, he was tracking the success of his bankruptcy firm using an Excel spreadsheet and a Word document. He was putting in all the transactions by hand, setting up formulas to add, subtract, divide and so forth.
While he ended up with a usable statement for his firm, the time it took him to manage the spreadsheet and input all the data was absolutely ridiculous. I wanted to tell him to add a line to calculate how much money he was losing by spending his OWN TIME putting this thing together.
And you can imagine what happened when a week or two went by and he hadn’t had the time to get all the data into the spreadsheet! He was left with piles of transactions to enter which led to longer nights at the office and a greater level of anxiety because he had to start choosing between serving a client and getting his books up to date. Or he had to choose between going home to be with his family or getting his records up to date.
Not only that, until he got the records up to date he was operating his business blindly because he really couldn’t tell what his current state of affairs really was!
If you are tracking your accounts in a spreadsheet or by hand, if you are tracking your accounts yourself rather than hiring a bookkeeper to do it for you, I can tell you right now that you are losing money.
For every hour you’re spending handling your own accounts, you are losing the equivalent of your hourly rate.
It’s disappearing into thin air.
You are losing money that you will never recapture!
Stop spending your time on account management. Get a bookkeeper. Set up a system. Start operating your business like a business!
Learn more about these business-growing practices in this video of me discussing my first book, The DNA of the Autonomous Attorney: