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
I received a question asking, what is the difference in making an invoice and receiving payment versus making a sales receipt for a retainer. On the surface, there really isn’t a difference. Both allow you to enter retainers so they show up correctly in QuickBooks Online. However, you may choose to do one over the … Read more
My guess is no…at least after looking at many law practice’s books, it seems almost no law firm has an accurate IOLTA balance. One of the scariest things about bookkeeping for attorneys is dealing with trust or IOLTA accounts. You start off with a small practice and you know exactly how much money each of … Read more