Attorney Financial Reporting

The topic for our weekly meeting on Wednesday at the Accountant's Law Lab, our private invite-only group, is attorney financial reports and compensation reporting. What reports does an attorney need or require?

The last couple of new clients that came our way had a specific requirement for reports. We figured out that both attorneys had signed up for private coaching and were asked to provide a particular set of 22 reports to the coach every month. Yes, I said 22! 

When working with the attorneys, we asked them why they needed specific reports?  Their answer was, "the coach told us we needed to bring them, and  I don't know what these reports are even for." These reports may be part of the coaching program and where our attorneys were in the process of being coached.

Some of the reports we provide are:

1. Balance Sheet

2. Profit and Loss

3. Cash Flow Report

4. Payroll Reports

5. Custom Compensation Reports

6. Report on Attorney Performance

These came out of Reach Reporting, a tool we use for higher-level reporting for our mid-market with attorney-clients.

If you get a client like this that has signed up for some coaching, they are usually enjoyable to work with and want to get very educated on their financial position.  I use this as a teachable moment.  If the attorney wants to understand why they're being asked to hand in reports, it's a good time to tell them what the report information will provide them. If you want to learn more about the reports we provide to our clients and more about the intricate ins and outs of attorney compensation, join us at the Accountant's Law Lab.

Are you an attorney looking for help with your accounting needs?  Do you need assistance with becoming future-ready and moving to cloud-based accounting systems?  Call us!

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239-349-2004

If you’re an accountant or bookkeeper and need more direction or education, please join our Facebook group, the Accountant's Law Lab, it is a place to collaborate and share what you know about working with attorney-clients.  We have a private group too, where we have special shared content and we meet weekly to discuss an accounting law topic or work through the challenges of working with attorney's bookkeeping.  January Special, the fee to join our private group is just $57/mo.  The Facebook group is free.  Join us today!


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Lynda Artesani

Lynda Artesani is the president of Artesani Accounting. Her firm specializes in working exclusively with the legal industry. She is passionate about helping her attorney clients migrate to modern cloud-based systems and become future-ready.​ ​ She is a Top 100 ProAdvisor, an alumni member of the Intuit Advisory Board and a member of the Intuit Trainer Writer Network. She also runs a Facebook group and a private group called The Accountant's Law Lab. It is a place where members can learn how to work with attorneys and law firms. Lynda lives in Southwest Florida. She is a registered yoga teacher and in her free time, you will find practicing yoga or walking on the beach.​