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In IOLTA accounting , a disbursement refers to the purpose of a payment, funds paid on behalf of a client, while a check is simply the instrument used to make that payment. Understanding this distinction helps law firms maintain compliant, transparent, and audit-ready trust account records. Why the Distinction Matters At first glance, a check may seem like a simple payment method and a disbursement just an expense. In IOLTA accounting , however, these terms have specific mean

Handling client funds is one of the most critical responsibilities for any law firm. Mismanagement can lead to serious ethical violations, legal consequences, and damage to a firm’s reputation. Among the tools designed to safeguard client money, the Interest on Lawyers’ Trust Accounts (IOLTA) program plays a key role. But what exactly is an IOLTA disbursement, and how should law firms manage it? This guide breaks down everything law firms need to know about IOLTA disbursemen

Managing Interest on Lawyers Trust Accounts  (IOLTA) disbursements is a vital yet challenging responsibility for law firms. These accounts must keep client funds separate from operational money, demanding strict compliance with state bar regulations. Manual processes, like spreadsheets, paper checks, and manual approvals, often lead to errors, slow reporting, and potential compliance issues. Fortunately, technology now simplifies this process. Bill.com , a leading cloud-based

Scaling a law firm is an exciting yet complex journey. Growth brings opportunities to expand your client base, increase revenue, and enhance your reputation. However, without careful financial management, rapid expansion can quickly lead to cash flow problems, compliance risks, and operational inefficiencies. Maintaining financial control while scaling is essential to ensure sustainable success. Common Growth Challenges Law Firms Face Every law firm that embarks on a growt

In the complex world of legal practice, managing client funds with the utmost integrity is paramount. Trust accounts serve as the financial backbone for holding client monies separate from the firm’s operating funds. However, simply maintaining these accounts is not enough. Regular trust account reconciliations are essential to ensure accuracy, compliance, and the preservation of client trust. This article explores why every law firm, regardless of size, must prioritize con

Managing trust accounts is one of the most critical responsibilities for any law firm. These accounts hold client funds that must be handled with the utmost care, transparency, and compliance with legal and ethical standards. Proper record retention is not just a bureaucratic requirement. it is essential to maintaining client trust, avoiding regulatory penalties, and safeguarding the firm’s reputation. This article explores the key rules and best practices for retaining re

Maintaining compliance with Florida’s Interest on Trust Accounts (IOTA) requirements is a critical responsibility for law firms operating in the state. Proper management of IOTA accounts not only ensures adherence to regulatory standards but also protects client funds and upholds the integrity of the legal profession. With increasing scrutiny from regulatory bodies, law firms must be proactive in their approach to IOTA compliance to avoid costly audits and penalties. This co

In 2025, technology is redefining how law firms manage their finances. Automation , cloud accounting , and artificial intelligence (AI)  are streamlining bookkeeping, improving accuracy, and ensuring compliance across the legal industry. Automation  handles invoicing, expense tracking, and trust accounting, reducing human error and freeing accountants for strategic work. Cloud solutions  give firms real-time access to secure financial data, enabling collaboration and remote w

Bookkeeping is vital for every business, but for law firms, it’s far more complex. Many small and mid-sized firms try to manage their own...

Tracking client trust funds in QuickBooks is essential for legal and financial professionals who manage money on behalf of clients....

Law firms are legally and ethically required to manage client trust funds with complete transparency. Trust accounting ensures these...

Effective cash flow management is essential for every law firm to stay financially stable and compliant. By separating trust accounts,...