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Our firm works exclusively with law firm clients and attorneys, and I've been privy to seeing many different spins on a law firm's chart of accounts. I'm bringing this up at the beginning of this article because the chart of accounts is truly the foundation of how you analyze and interpret finan...
What's the Difference Between a Law Firm's Bank Account and Their Wallet? This is a post about the differences between law firm finances and personal finances and how to book those personal finances into the accounting records. A law firm is a business. It's important to remember that, but i...
We are in mid-tax season. As an attorney, you might look at your records and bottom line and think…. “where did all the money go?” Maybe you ask your tax professional, and they go into depth about a line of credit, loan, or something you have on the books affecting the bottom line. Maybe...
With so much going on for every client, it can be hard to stay on top of everything. In the past, I had a strict process that I developed to close out client files monthly. Now, we have a feature, and I try to use the month-end review tool to finish specific tasks in each client's QuickBooks...
We had a lively discussion in our Accountant’s Law Lab group last week. The Law Lab is a group of accountants and bookkeepers who may have one attorney-client or multiple, and we discuss all things legal accounting. If you’re not a member and you work with attorneys, you should join us. ...
There are so many acronyms when you work with attorneys. You may be asked as a bookkeeper who works with lawyers about LEDES. LEDES is an acronym for Legal Electronic Data Exchange Standard. What does that exactly mean? LEDES has been around since 1995 and is a file format that supports hou...
Considering that you've chosen to add LeanLaw as your attorney billing software, undoubtedly the main reason is because of the billing. You want a professional-looking invoice to send out to your clients. But more importantly, as an attorney, you do not want to miss any client costs or tim...
As you dive into the software, you will get excited about the powerful one, two punch of LeanLaw and QuickBooks Online Advanced. QuickBooks is such a generalized accounting platform but what makes it the number one software is its integrations and its open ecosystem. Note: these are setti...
One of the ways you can measure the numbers that tell the story of your law firm's success is by using key performance indicators (KPIs). A KPI is a fancy acronym, which sounds daunting, but in reality, it is just any kind of measurement that you are going to benchmark yourself against eit...
I have yet to meet an attorney that loves accounting. It's a necessary evil for businesses, and unfortunately, somehow, it often ends up as a part of what entrepreneurs end up doing themselves. Suppose the attorney is bootstrapping their business and is not hiring an external party to help them ...
