Finance for dummies
The finance group of FICPI's Practice Management Committee (PMC) has released a new members-only Best Practice Guide aimed at partners and senior members of IP firms. As an owner, manager or shareholder of a firm, you should at least have a fundamental knowledge of basic financial principles.
The new guide enables you to read and understand financial reports to take properly considered decisions in practice and strategic financial matters. One of the principal tasks in a service-oriented firm is an understanding of the threshold between a profitable and a non-profitable o?ering of services, and recognising the tools which can lead the firm into such a situation.
The aim of this guide is to provide FICPI members with the necessary knowledge, skills and tools to successfully read the financial figures received (or receivable) by the accounting department to gain an overall view of the financial health of an IP firm. This knowledge helps you to manage, or positively contribute to the management of, an IP firm.