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5 Considerations for Law Firm Accounting

Hannah Nguyen

Nov 26, 2021
3 min

5 Considerations for Law Firm Accounting

While you’ve spent years honing your skills to become a great lawyer, you didn’t understand deeply about law firm bookkeeping or accounting, especially when it comes to legal accounting. Even though you hire a seasoned accountant, who may be great at handling small business accounting, you need to be sure your accountant understands what is involved in accounting for law firms. For some law firm accounting guide, it’s important to highlight that law firm accounting and other

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

Lan Nguyen

Sep 7, 2021
5 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, and law firm bookkeeping who understand all the intricacies and regulations associated with legal accounting are hard to find. Therefore, creating and maintaining the law firm's Chart of Account

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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. Our law firm bookkeeping services will help you to have

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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 the same common diy bookkeeping 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 law firm bookkeeping c

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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 in law firm bookkeeping and accounting.Like accounting softwares 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 increased productivity, eff

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Why Would You Need to Do a Bank Reconciliation Monthly?

Thuy Pham

Jun 16, 2021
2 min

Why Would You Need to Do a Bank Reconciliation Monthly?

Why Would You Need to Do a Bank Reconciliation Monthly? Bank Reconciliation

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4 Common Accounting Pitfalls Law Firms Must Avoid (2023 Updated)

Miley Nguyen

Feb 3, 2021
3 min

4 Common Accounting Pitfalls Law Firms Must Avoid (2023 Updated)

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

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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

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Trust Account Reconciliation: What Is Three Way Reconciliation?

Miley Nguyen

Dec 7, 2020
2 min

Trust Account Reconciliation: What Is Three Way Reconciliation?

For trust account management, this reconciliation process is one of the most important aspects of maintaining compliance and administration.

1,122 views0 comments

Anna Dang

Sep 5, 2016
2 min

5 Reasons to Reconcile Accounts Monthly

At some point along the lines, you're going to make a mistake. Some mistakes will be larger than others, but for the most part, what's great about mistakes, is you will either learn something beneficial, or the mistake can be fixed. Your books are not immune to mistakes, and neither is your QuickBooks software. That is why account reconciliation at least once a month, if not once a week, can help to improve your company and reduce mistakes. Reconciliation of your account is t

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