When a business owner fails to separate herself from her business, she is doing what the legal world calls commingling funds. She may provide cash to the business, buy office supplies from her own bank account, purchase meals with business credit card, and pay rent from her business account for both the office space and … Read more
The days of paper are about over, at least for keeping financial records. Things like notetaking or quick lists require paper, but when it comes to keeping permanent, secure records of an attorney’s financial information, paper just can’t compare with the modern solutions. Even a desktop software is fast becoming a relic of the early … Read more
Every career has its own set of lingo, special terms, and years of learning to master. Attorneys work very hard to become skilled in their field, mastering enormous amounts of knowledge, terminology, and concepts. Although busy with his or her practice, an attorney would do well to learn the basic terms of the financial statements. … Read more
Law firms work hard for their clients, often putting in hours and hours of labor before the case is complete. Attorneys may even pay up front costs for clients, and have to wait to be reimbursed for several months. Because of this delay between the work and the income, many attorneys run their business on … Read more
9 Reasons Why You Should Hire a Bookkeeper Working as an attorney is a tough job. From sales to marketing to management and everything in-between, it seems like there just isn’t enough time in the day. If you’re like most small law firms, you probably need to wear many hats to make your practice work. … Read more
As the owner of a law firm, you may be considering outsourcing your accounting or bookkeeping needs to save time and money. Entrepreneurs must wear many hats to make their practices work. Whether you are thinking about hiring a professional accountant to help prepare your taxes or a professional bookkeeper to help with invoicing, expense … Read more
Handling trust accounts can be scary. Knowing how much each client has in the trust account is the first step in making sure you are compliant. Join this free 30 minute webinar and learn what what QuickBooks Online version you need, two methods of viewing the trust balances, why you would choose one method over … Read more
Method 1: Use Client Tracking Last week, I showed you how one method of seeing client balances. That using the sub-liability account method works well for a lot of attorneys, but for some it will be a little cumbersome. You can learn more about the sub-liability account method by clicking here. The second method is … Read more
Method 1: Setup each client as a sub-liability account of Trust Liability Even if you are an expert in QuickBooks Online, you may not know how to easily maintain a trust account for a law practice. If you are an attorney and have little experience with QuickBooks Online, you definitely don’t know. Don’t worry, once … Read more
Recently on Attorney at Work, they discussed how tracking numbers can help lawyers save money and even make a profit. You can check out the article here. In short, the idea is that a lawyer needs to measure certain things in his or her practice in order to see if it is growing. These key … Read more