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Managing trust accounts means you should understand three-way bank reconciliations. Regardless of whether your state calls it an "IOLTA...

Accounting in law firms requires specific skills and care because it is distinguished from accounting in general businesses. In this limited article, we try to summarize some most common accounting tips for law firms that would help to keep your accounting numbers in order and increase profitability lawyers. Some of these tips may be familiar to you but they should not be neglected for they will help you to better manage your business in the long run, particularly when you lo

Lawyers and law firms have specific financial needs that are unique to their industry. When a lawyer decides to make the jump from being...

In terms of business management, there are lawyers thinking of ways to spend the money they have earned and there are ones struggling to...

TABLE OF CONTENT Get to love your numbers Financial statements - Make it easy Balance Sheet (B/S) Profit & Loss Statement (P&L) Get to love your numbers If you are a lawyer doing solo, or you have your law firm and it terrifies you with just a flash of thought about financial statements, named it financial fear, then you come to the right place. “I’m confused. Those numbers make no sense to me”. You might have heard of this before from your fellow attorneys. That’s fine. When

Bookkeeping is essential for every law firm, even if it brings back unpleasant memories of "math classes" in school. You can make...

There is no doubt that technological advances can support the business to improve and gain competitive advantages in the market and law...

This article highlights critical accounting challenges that lead lawyers to lose financial control in law practices , emphasizing the...

When your business needs to prove or record its account balance, this is called reconciliation accounting. In all the activities that drive

- There is no Money In and Out of the fund (no flow of transactions) - Overdraft client ledgers at the transaction level.

In legal accounting, all cases expenses are not treated the same. It is important to ensure that every item billed is tracked

All of these account types (IOLTA, IOLA, and Attorney Trust) have the same purpose. They are all used to separate the client’s money from...