FMA2509. Understanding Firm Financials

Are you a CPA firm manager who is new to practice management? Do you find yourself wondering how to effectively measure and interpret your firm’s financial health? Join us for an informative session designed to introduce you to the essential key performance indicators (KPIs), financial statements, and time and billing reports that can transform how you manage your firm’s performance.

In this session, we’ll break down the key metrics you need to track for a thriving CPA firm, including profitability ratios, utilization rates, and realization rates. We’ll also explain how to interpret balance sheets, profit and loss statements, and cash flow reports so you can understand the story behind the numbers and make informed decisions that drive growth.

You’ll learn practical techniques to monitor and analyze time and billing reports, identifying trends in productivity, billing efficiency, and client profitability. We’ll explore how to use these reports to optimize your firm’s workflow, boost profitability, and identify areas for improvement.

By the end of this session, you’ll have the tools and knowledge to confidently evaluate your firm’s financial performance, set actionable goals, and make strategic decisions that support your firm’s growth and success. Whether you’re new to practice management or looking to sharpen your skills, this session will equip you with the insights you need to lead your firm to greater profitability and efficiency.

Don’t miss this opportunity to unlock the full potential of your firm’s financial data!

Learning Objectives:

• Recognize the skills to analyze and interpret financial statements and essential key performance indicators (KPIs) of a CPA firm, enabling CPA firm operations and human resource leaders to make data-driven decisions that enhance firm growth and efficiency.
• Identify essential KPIs, such as profitability ratios, utilization rates, and realization rates, to assess your firm’s financial health and performance.
• Recognize how to effectively use time and billing reports to track productivity, improve billing efficiency, and identify opportunities for better client management and increased profitability.