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Accounting and Financial Planning for Law FirmsLJN NewslettersNewsSections

Budget Monitoring

By Michael E. Mooney
November 23, 2010

Firms today know the importance of budgeting. Preparing an annual budget requires a firm to focus on what services it expects to perform over the next year and the costs of doing so. It also allows the firm to make key investment decisions with respect to its priorities and provides partners with the information they need to make personal financial decisions in the upcoming year.

But preparing the budget is only one half of the exercise. For the budget to be a valuable financial planning tool, a firm must keep a close eye on its ongoing performance to budget throughout the year. Several measuring tools can help a firm do that. Here is a closer look at a few of them.

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