Outsourced Financial Management Services The Iezzi Management Group John G. Iezzi, CPA, President

I am often asked to describe the services that we provide to the legal community. The answer, in very simple terms, is this: We help law firms make more profits so that the compensation objectives of each of the Owners can be achieved.

Unfortunately, while it is easy to delineate the process of how this is accomplished, oftentimes the infrastructure of the Firm in terms of personnel, systems and procedures, not to mention time, does not have the capacity to follow through and implement many of our recommendations. The result is that the objectives are never met.

To better assist firms in fully maximizing their profit potential, the Iezzi Management Group has created an Outsourced Financial Management Services Division. These services are geared to deal with the day-to-day financial matters and in addition, to provide a level of financial management that is usually enjoyed only by the larger firms with their high-priced financial managers.

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These services, although not all inclusive, are as follows:

1.	Set-up and manage the timekeeping system. This includes everything from opening new clients to managing time entry to preparing bills, posting payments and other transactions to client accounts and following up on delinquent accounts.

2.	Set-up and manage the trust accounting system to include all trust transactions such as posting receipts, transferring funds to the firm, reconciling trust bank accounts and making certain that the entire client trust fund process is operating in accordance with ethical rules and regulations.

3.	Establish and manage the accounts payable process to include setting up vendors, posting invoices, paying bills and reconciling bank accounts.

4.	Manage the entire general ledger system to include creation of the chart of accounts, making monthly journal entries and preparing the trial balance used in the preparation of the financial statements.

5.

Prepare and manage all aspects of the firm's payroll process to include coordination with the outside payroll service, managing payroll tax payments, handling additions and terminations, and preparing all month-end journal entries to the general ledger. We will also manage the year-end processing of payroll such as preparation of W-2's, and filing of all payroll tax returns.

In addition to these services, the Iezzi Management Group will provide a much higher level of financial management than is probably in existence at your firm at the present time. This includes:

1.	Preparation of meaningful financial statements along with a complete analysis of monthly and year-to-date results accompanied by an Executive Summary.

2.

Periodic meetings with the Owners of the Firm to review performance and to provide guidance on making certain that profit expectations are being met. This includes a major planning meeting at the beginning of the year to review the prior year's performance and review the goals and objectives for the new year.

3.	Preparation of an annual budget using sophisticated computer modeling techniques unique to the Iezzi Management Group.

4.	Assistance in setting profitable billing rates, again using computer models proprietary to the Iezzi Management Group.

5.	Coordination with the Firm's accountants in connection with completion of the Firm's annual tax returns. Because of the information we provide, the cost to the Firm for their accountant's services are generally reduced.

The cost of these services will vary depending on the level required. It is most likely that our services can be provided at a cost much less than the Firm is paying now when you consider total compensation and benefits being paid to full-time personnel. Additionally, the level of service will increase dramatically with the benefit of experienced law firm executives working for your Firm while adding valuable services at an affordable rate. Call or email us today for more information and a FREE consultation on how these services can provide more time for your firm to concentrate on what you do best - providing legal services to your clients.

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