Mark Khazanovich: Accounting Solutions

About Mark Khazanovich: Mark Khazanovich is Director of Operations at KORE Accounting Solutions, a future-focused bookkeeping and management accounting firm that helps cloud-based law firms stay compliant and run more profitable practices.

As Clio Gold Certified Consultants, QuickBooks Online Elite ProAdvisors, and legal accounting experts, Mark and the KORE team use their experience to help small, tech-forward law firms build systems that support efficient and successful operations.

Outside of work, Mark serves with local philanthropic and community groups, including a Phoenix Police Department Advisory Council, and enjoys playing guitar, smoking meat, working on his smart home, and spending time outdoors with his wife and two sons.

In this episode, Ryan and Mark Khazanovich discuss:

• The unique accounting and compliance challenges law firms face compared to other small businesses
• Streamlining law firm billing and trust accounting
• Improving cash flow and profitability in legal practices
• The impact of cloud-based technologies on law firm financial operations and efficiency

Key Takeaways:

• Law firms can significantly reduce unpaid invoices by sending electronic bills immediately after engagements and offering easy payment options like credit cards and QR codes.
• Clio (for practice management) and QuickBooks Online (for accounting) are the most effective software combo for small cloud-based law firms to avoid duplication and maximize efficiency.
• Tracking expenses and time as they happen — especially using cloud tools and mobile apps — greatly increases the likelihood of cost recovery and accurate billing.
• Firms should maintain at least three months of runway in savings and reevaluate expenses regularly, including discretionary costs and underutilized marketing spend, to stay financially healthy. 

"We believe that if you can get the information you need from one system, you don't need it in all places." — Mark Khazanovich

 

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