Searched: "client expenses"
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A law firm is a business; as such, it's important to remember that it needs to be run like a business - which means ensuring your personal finances are kept separate from the business finances. This distinction is essential because if you start commingling the two, it will become difficult to tra...
We are in a full-on rush to get the books updated for our tax professionals. Are you looking at your books and seeing something "off"? There is a lot that goes into running a law firm. The most important aspect is keeping financial records and ensuring that the books are in order. You must keep g...
This is a question a potential law firm client asks me with a file requiring cleanup. So what is legal accounting as opposed to regular accounting? Legal accounting is keeping accurate records of all financial transactions related to your law firm. It includes recording expenses, income, payrol...
Law firms need to be profitable because if they aren't, they won't survive. They need to generate enough revenue to pay staff, cover costs, and provide a return on investment. Is this you? You are so busy running your practice that you don't have time to dive deep into the firm's metrics. Your...
I wanted to share my four best tips for keeping your law firm in tiptop shape. Clients often reach out to us and share stories of how their books have become unruly and messy. Tip #1: Trust Account Compliance Trust Account compliance is perhaps the most important, making it number one. It’s als...
If you are new to law firm accounting or an attorney just starting, you might find it puzzling how to enter any expenses for your clients. Learning about client costs is where the lingo gets a bit fun. Are they hard costs? Are they soft costs? And how should these be booked into the accountin...
The cash flow rollercoaster is a term used to describe the unpredictable ups and downs of cash flow, which can cause problems for attorneys. This article overviews the different types of cash flow and what to do when your cash flow gets stuck. Cash flow is the lifeblood of your business Cash...
As I finalize my month on Clio, the legal tech software, the month has certainly flown by. I've received some great responses and questions on the topic. Since this is the #1 software for the legal industry, I am hoping I can convince my business partner, Sarah Prevost, who is a Clio exper...
With training our new staff, we find a lot of times, there’s some confusion around the transactions in Clio that are pushed into QuickBooks and then matched at the bank level. See the article last week about why you should be connecting Clio to your QuickBooks file so you don’t miss out on ma...
Next up is a personal injury firm. Many personal injury attorneys I've spoken to have said, "My practice area is straightforward, and I don't need any external software because the trust tracking happens at the end of the case." While this is true, the one thing that attorneys forget is these ...
