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How To Increase Law Firm Revenue in 2021

Miley Nguyen

Oct 20, 2021
4 min

How To Increase Law Firm Revenue in 2021

Business success and sustainability are dependent on revenue. This metric is also critical to law firm owners who want to grow their firms and improve their profitability. An increase in revenue is obviously a good thing. Do you know how much revenue your law firm needs to scale and grow? Let's talk about the revenue of a law firm in this post. We'll go over the key factors that impact revenue in law firms as well as suggestions on how to increase revenue. It can help you inc

18 views0 comments

Zoe Lu

Oct 5, 2021
4 min

5 Tips To Improve a Law Firm’s Finances

Managing a law firm is totally challenging to every single lawyer. When it comes to the financial aspects of a business, it doubles the burden since lawyers are not trained in finance in law schools. If you are looking for ways to make your business more profitable, these are some tips recommended to you to improve your firm’s finances. The major aspects we target in this article include Business Planning, Cash Flow, Billing Practice, Costs & Expenses, Attorneys’ Compensation

29 views0 comments

Three Common Mistakes that Lawyer Make With IOLTA

Thuy Pham

Sep 28, 2021
5 min

Three Common Mistakes that Lawyer Make With IOLTA

A simple explanation about IOLTA, how it works, 3 most common mistakes and how to avoid them.

53 views0 comments

The Beginner’s Guide to Trust Accounting

Zoe Lu

Sep 22, 2021
5 min

The Beginner’s Guide to Trust Accounting

Sometimes it is easy to understand the terms or technical words in the field you work in, sometimes it is not. Even when you understand what it is, trying to explain it in words that another person could understand could be a ‘mission impossible'. Attorney’s trust account and trust accounting are some of those subjects that could get people confused, unsure, or lost for words. In this article, we provide the most basics so you could get an essential understanding of these ter

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4 Key Practices For Effective Trust Account Management

Zoe Lu

Sep 21, 2021
5 min

4 Key Practices For Effective Trust Account Management

Every single lawyer knows Trust funds are very crucial to them. They are not only your clients’ most valuable assets but are also restricted in the way they should be handled. You are obliged by law to secure and protect client funds while making sure to follow the compliance requirements in good faith and transparency. Managing your trust accounts well plays important role in maintaining the consistency and transparency of your accounting records, even in case of an audit. B

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7 Accounting Tips to Keep Law Firms Accounting Numbers In Order

Zoe Lu

Sep 14, 2021
5 min

7 Accounting Tips to Keep Law Firms Accounting Numbers In Order

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. 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 look at cash flow and profitability.

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How To Set Up The Chart Of Accounts For Law Firm Clients

Lan Nguyen

Sep 7, 2021
4 min

How To Set Up The Chart Of Accounts For Law Firm Clients

Lawyers and law firms have specific financial needs that are unique to their industry. When a lawyer decides to make the jump from being an attorney to managing their own practice, they are required to consider their legal accounting. Lawyers with accounting expertise and accountants who understand all the intricacies and regulations associated with legal accounting are hard to find. Therefore, creating and maintaining the law firm Chart of Accounts is very important. There a

265 views0 comments

Tackle Your Fears About Law Firm Accounting

Lan Nguyen

Aug 25, 2021
6 min

Tackle Your Fears About Law Firm Accounting

Get to love your numbers If you are a lawyer doing solo, or you have your own 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 you’re getting to know someone better, you will start to love them. We will help you to have a better relationship with you

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A Foolproof Guide to 8 Common Law Firm Bookkeeping Mistakes

Miley Nguyen

Aug 23, 2021
8 min

A Foolproof Guide to 8 Common Law Firm Bookkeeping Mistakes

Bookkeeping is essential for every law firm, even if it brings back unpleasant memories of "math classes" in school. You can make informed business decisions based on a clear picture of your firm's performance with proper law firm bookkeeping. Many lawyers make some same common mistakes when it comes to legal accounting. Mistakes that will make your accounting harder than it needs to be. However, a few small changes in how you handle your bookkeeping can simplify your entire

57 views0 comments

How Is Legal Accounting Software Useful In Law Firms?

Miley Nguyen

Jul 27, 2021
3 min

How Is Legal Accounting Software Useful In Law Firms?

There is no doubt that technological advances can support the business to improve and gain competitive advantages in the market and law firms are no exception. Lawyers need to recognize the value of legal technology which in turn brings potential benefits for the firms. Therefore, with adequate legal accounting software, law firms can make an improvement in their processes, leading to the increased productivity, effectiveness, and profitability. The following are the top six

44 views0 comments

Tram Tran

Jun 17, 2021
3 min

What is a Profit and Loss Statement?

The Profit & Loss statement or P&L is an account compiled to show a business’s revenue, expenses, and net income over a given period of time. Usually, the statement is made quarterly and annually, some companies also prepare it monthly. The revenue section covers how much money your business brought in for that period, and subtracts the cost of creating your products to show your gross profitability. The expenses section showing the total expenditure over the period and break

19 views0 comments

Tips on Improving Accounts Receivable Processes

Miley Nguyen

Jun 10, 2021
4 min

Tips on Improving Accounts Receivable Processes

The ability to effectively manage your account receivables (AR) is a prerequisite for running a successful business. It is unfortunate that many business owners fail to maintain a methodical approach to the problem, as a result of which they suffer. Accounting processes can be optimized and improved, bringing many benefits to the organization. In addition to promoting marketing, sales, customer service, and overall operations, an organized and efficient AR process will push t

34 views0 comments

How Does a Construction Company Improve Its Accounts Payable?

Miley Nguyen

Jun 3, 2021
4 min

How Does a Construction Company Improve Its Accounts Payable?

In the construction industry, the value of correct accounts payable and other accounting records cannot be underestimated. These expenses are what most contractors depend on to make money. Accounts payable management — keeping accurate records and timely payments — is critical to every construction company's profitability. Improving the maintenance of these records would assist in ensuring that everyone is paid on schedule and correctly. What is Account Payable? Accounts Paya

47 views0 comments

5 Tips To Boost Your Accounts Payable Processes

Tammy Hoang

May 23, 2021
3 min

5 Tips To Boost Your Accounts Payable Processes

As a result of an inefficient AP process, companies may accumulate late payment fees, make duplicative payments, or fail to pay invoices altogether, which will increase costs. To help you keep your bookkeeping on track, here are 5 tips you can use to redefine and improve your accounts payable process. 1. Go paperless While some business owners prefer having a physical copy of their records in hand, going paperless ensures that your business records are secure and that you can

41 views0 comments

3 Most Common Causes of Cost Overruns in Construction Projects

Miley Nguyen

May 18, 2021
3 min

3 Most Common Causes of Cost Overruns in Construction Projects

It's crucial to consider the source of cost overruns in building projects before figuring out how to deal with them.

67 views0 comments

How To Manage Your Accounts Receivable More Efficiently amid a Crisis?

Miley Nguyen

May 14, 2021
4 min

How To Manage Your Accounts Receivable More Efficiently amid a Crisis?

Since the COVID-19 pandemic happened, businesses all over the world have experienced a lot. Appropriate accounts receivable management becom

32 views0 comments

Miley Nguyen

May 9, 2021
3 min

Top 6 Reasons Why Lawyers Lose Money

Keeping track of time It's unbelievable how much time you waste if you don't keep track of time. According to research compiled by Ann Guinn for her ABA blog, you're likely to miss 10% of your billable hours if you don't get your time in by the end of the day. You'll lose 25% if you don't turn it in the next day. You'll lose a total of 50% if you don't get it in by the end of the week. In fact, if you don't keep track of your time in real-time, you're making up what you put o

24 views0 comments

What Does Reconciling Account Mean in Accounting?

Miley Nguyen

Mar 19, 2021
3 min

What Does Reconciling Account Mean in Accounting?

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

84 views0 comments

4 Common Accounting Pitfalls Law Firms Must Avoid

Miley Nguyen

Feb 3, 2021
2 min

4 Common Accounting Pitfalls Law Firms Must Avoid

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

30 views0 comments

What Is An IOLTA Account? The difference between IOLTA and Attorney Trust.

Miley Nguyen

Dec 15, 2020
2 min

What Is An IOLTA Account? The difference between IOLTA and Attorney Trust.

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 the regular business or operating account. The difference is simply the interest - how much it accrues and who gets it. Whatever it is called, we need to make sure with the bank that the fee cannot be charged to that account. A separate operating account or credit card has to pay all fees so that the customer’s money is never touched. IOLTA

12,021 views0 comments

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