Knight Lancaster

Law Firm Accounting & Tax at Lancaster CPA Firm. Attorney at Lancaster Law

[Knight Lancaster @Attorney_CPA]

1/ Uncleared transactions in your accounting software are the digital version of uncleared checks. You logged the action in your billing software, but the money hasn’t moved yet. 🧵

[Knight Lancaster @Attorney_CPA]

@joshmaycpa Nothing hurts quite like watching:
- 220 yard driver
- 150 yard 5 iron just short of the green
- bump & run with a 9 iron to 3 feet
- tap in for par

While I have a:
- Driver
- pitching wedge iron from 120 a short sided miss
- chunky chip w/ 20 ft left for par
- 2 putt for bogey

[Knight Lancaster @Attorney_CPA]

@RichardCrainCPA @nickmeals Might even trade up. Generational titans talent.

[Knight Lancaster @Attorney_CPA]

@Wildlaw406 Unfortunately, many attorneys only understand the application of indemnification language after having to litigate or make/receive claims subject to it

[Knight Lancaster @Attorney_CPA]

@The2nd_NotJr - Do not start working until money is received
- Conflict check before a call whenever possible
- Initial call is 30 minutes max
- EL with payment link/trust link go out while on the consultation call and confirm receipt
- Automate EL sequence and reminders

[Knight Lancaster @Attorney_CPA]

@collin_ruth89 CLIENTS

[Knight Lancaster @Attorney_CPA]

@willchen500 Sales 101: Sell to the customer, not the issue. 9/10 in the same general industry have the same problems

Cap Raising 101: To increase valuation when building software, you must increase TAM

Result: Tool ends up useless or a boring business

Boring businesses can make a lot of $

[Knight Lancaster @Attorney_CPA]

@biglawbro From the top ropes…

[Knight Lancaster @Attorney_CPA]

@CPATaxTeam @Diamie_x Shhhhhh

[Knight Lancaster @Attorney_CPA]

@patrickdichter “They won’t trust that electronic stuff”

[Knight Lancaster @Attorney_CPA]

@BlakeTOliver Maybe I’m missing it… I would think the plan should be to ride the winners and grow your reputation in that space? It’s the same plan brick & mortar firms ran in local towns for 50 years.

But if they’re not capable of accounting work beyond startup level, then doomed from Day 0

[Knight Lancaster @Attorney_CPA]

@biglawbro The counter to Bain’s report is right: The “how do we do x better” has limited value and isn’t much of a cost savings. Unless you are willing to start at the ground level, involve the right people, & have a realistic plan, the results will be highly limited.

[Knight Lancaster @Attorney_CPA]

@SMBDealGuy Unfortunate. Probably getting crushed on working capital and the asset allocation schedule for tax purposes too.

[Knight Lancaster @Attorney_CPA]

@Harbiola0709 You can’t specialize without a solid general foundation.

[Knight Lancaster @Attorney_CPA]

@hthieblot Ask Jeeves

[Knight Lancaster @Attorney_CPA]

@sourcesandmuses Prysm Corporation in Nashville is my MSP and they’re great. https://t.co/IfUhDxXx2o

[Knight Lancaster @Attorney_CPA]

@mmsmithlegal 10th: I’m missing a lot, but that’s my quick hits list. Obviously comp is big, but the fundamental pay structure will already be set and you’re just getting it to reasonable & making sure there isn’t unknown exposure.

DM me if you have any questions

7/7

[Knight Lancaster @Attorney_CPA]

@mmsmithlegal 9th: Items affecting service - Changes requiring additional training (software) need to have all cost of implementation & training covered upstream. Need minimum lead time to implement because if not done well this will affect in store operations & performance based comp

6/