Money Solutions for Law Firms
“A common issue for our members is integrating the business of law into their daily practice. Law school doesn’t teach you how to build a budget or handle your firm’s finances, but those become essential skills for many attorneys. Chelsea’s CLE seminar at the CBA did a great job of breaking intimidating financial concepts into digestible pieces of information and tips that attendees could feasibly put into practice immediately. They left armed with not only knowledge but actionable steps they could take to create meaningful financial reports and make their firm more financially sound.”
— ANNE HAAG, CHICAGO BAR ASSOCIATION
One-Time Services:
Backwork
If you know your books are behind and you're ready to get them current and accurate so you can receive timely financial reports.
12-Month Money Blueprint
What’s the point of all these great processes if you don’t know what they’re telling you? We set up a comprehensive reporting system to ensure accuracy, establish KPIs, and give you a meaningful analysis of your finances.
Cash Management Setup
Cash management is different from profit management. Because of this, we need a different way of managing this piece. We subscribe to the multi-bank account system similar to Profit First. Having a separate bank account for your big expenses (payroll, operating expenses, taxes) prioritizes setting aside cash that comes in for each expense to take the guesswork out of paying your team, your bills, and your taxes, and setting aside profits.
Payroll Setup
If you're ready to start running payroll but are overwhelmed with what you need to do, this is for you. Payroll is one of the tricky pieces of your accounting process and where you're most vulnerable. You are required to meet many federal and state requirements, and when you're not the expert, it's easy to miss something.
Ongoing Services:
Monthly Accounting
If you're looking for the basics, this is for you. Our monthly bookkeeping keeps your books up to date and accurate while providing you with a high-level set of monthly financial reports to review and analyze.
Monthly Budget
If you're interested in taking your financial clarity to the next level, we can help you create and maintain a budget that helps control costs while planning for growth. We have a comprehensive budget exercise that uncovers your cash flow formulas and takes every expense into account.
3-Way IOLTA Reconciliation
IOLTA 3-Way Reconciliation is a specialized service that focuses on ensuring the accuracy of IOLTA accounts, which hold client funds in trust for lawyers and law firms. This service performs a meticulous reconciliation process involving the comparison of bank statements, client ledgers, and the general ledger to detect any discrepancies, thus ensuring the proper management and accounting of client funds while maintaining compliance with legal and ethical requirements.
Payroll Processing
Payroll Processing is a comprehensive service that streamlines and automates the management of employee payroll, contractor payments, and deduction processes. It handles the accurate calculation and timely distribution of wages, salaries, and benefits for employees, while efficiently managing payments for independent contractors.
Law Firm Financial Freedom Framework
There's more to wearing the CFO hat than looking at financials and staying on top of the budget. There are projects and ongoing monitoring that should be happening. Our CFO function serves to help you identify your financial KPIs, projects, and goals. Then we think like a CFO and prioritize them so we can focus on the next steps that count. Work with the woman herself, founder of Core Solutions Group, Inc., and Chief Financial Architect so she can help you optimize your financial systems, create stable profitability, and get your money moving in your chosen direction.
Not sure where to start?
We take working with motivated law firms seriously.
Investing in your numbers is investing in yourself
Who we love working with:
Firms who want to understand and create proactivity around their finances, we’re your team
Firms that value meaningful financial reports that enable them to make informed business decisions, we’re your team
Individuals who want to expand their entrepreneurial skills and learn how to CFO in their law firm and life, we’re your team
Who we’re not a good fit for:
You get what you pay for and if you’re looking for cheap we’re not it. Bench.com or QuickBooks might work for you.
If you’re a solo who does not want to grow we’re not your best fit. See the above-suggested providers.
If you don’t intend on looking at your financial data at least monthly this is not an investment for you.
Do you know who your Key Financial Players are?
“As a new business owner, there have been many hurdles to jump and things to learn. To say my stress level was over-the-top would of been an understatement. After connecting with Chelsea Williams at Core Solutions Group my work and home life improved drastically! She has taken out all the worry and nerves I had before getting into business ownership.”
— CLIENT JASON
