For law firms operating under the typical fiscal calendar, March 31st marked the end of the first financial quarter of 2022. That means it’s time for firms to evaluate their quarterly financial data in order to draw conclusions about how to best improve their firm in the remaining financial quarters this year.
When it comes to your legal billing system, having the appropriate measures in place to ensure that you’re paid by your clients each month is step one in running a more successful and profitable firm. Though billing is easier than ever, with many legal billing software options that integrate with your accounting system, many attorneys … Read more
When it comes to IOLTA accounting, the American Bar Association has imposed clear and important rules about how funds should be handled by attorneys and law firms. While many firms utilize attorney trust accounts with the purpose of separating clients’ money from the regular business or operating accounts of law firms, many lawyers find themselves … Read more
When it comes to your law firm KPI dashboard, it can be a challenge to know which metrics are most important. Key performance indicators vary widely across industry and discipline, but no matter your firm’s specialty or structure, there are a few law firm KPIs every firm should be aware of. These baseline law KPIs … Read more
Flat rates: When do you transfer funds to the operating account?? If you are the kind of attorney who charges flat rates to your clients, you probably know the bar association rules are pretty vague as to when to transfer this money to the operating account. Most say something to the effect of, you transfer funds … Read more
I recently had an attorney who came to me because they thought their client’s trust balance in QuickBooks Online was off. In order to check the balance, you have to do multiple things: 1. Make sure the trust transactions are accurate by reconciling the bank account … Read more
Most attorneys have heard of Lawpay but have you heard of Gravity Legal? I hadn’t until just a couple of months ago even though they have been around for a decade! They are a credit card and ACH payment processor that focuses on law firms. They understand trust accounting and how fees cannot be taken … Read more
The Digital Bookkeeper Association recently started with the purpose of elevating bookkeepers. DBA.org explains that “The 21st Century Bookkeeper does more than crunch numbers; they are advocates and advisors for their clients. A beacon of hope for financial prosperity.” Their goal is to get 25,000 Certified Digital Bookkeepers (CDB) by 2025. “A CDB has distinguished … Read more
An audit is without a doubt the most dreaded outcome of the tax filing process, and the situation carries with it some unsettling mystery. The standard nightmare has IRS agents with badges and briefcases showing up on your doorstep. Another vision shows you being thrown in the poorhouse because of unpaid taxes or thrown in … Read more
From reconciling your accounts to creating employees’ W-2 forms, QuickBooks is a user friendly solution to most, if not all, business accounting needs. If you’re looking for small business accounting software, QuickBooks is one of the best options available. To learn a bit more about QuickBooks, below are 10 commonly asked questions about the software … Read more