(89) Financial Insights + Subscriptions with John Scott of Virtual CFO

In this podcast episode, John Scott, a CPA specializing in working with law firms, discusses his approach to providing financial services on a subscription model. He explains how his company offers different tiers of service, from basic transactional work to full virtual CFO services, all on a customizable weekly subscription basis. John emphasizes the importance of real-time financial data and forecasting for law firms, comparing it to modern navigation apps that provide instant updates and alternative routes.

John delves into the debate about tracking time in law firms. While acknowledging the drawbacks of traditional billable hours, he argues that time tracking is still valuable for internal purposes such as determining profitability, identifying inefficiencies, and guiding staff development. He suggests that even firms using fixed fees or subscription models can benefit from tracking time internally to make informed business decisions and improve operations.

Lastly, John discusses his upcoming book, "Judicial Dollars and Cents," which focuses on using data and metrics to improve law firm performance. He explains how the book guides lawyers in understanding and optimizing their cash position, financials, production, and pipeline. John also touches on the potential impact of AI and automation on professional services, predicting that while these technologies will change the nature of work, they won't eliminate the need for expert knowledge and consulting skills in fields like law and accounting.

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Learn about Virtual CFO and Judicial Dollars and Cents.

Check out my new show, the Law for Kids Podcast.

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