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Critical QuickBooks Online Billing Challenges for Law Firms
October 5, 2017 / by Rick Kabra / Law Firm Accounting, Legal Billing
Previously we discussed the trust accounting challenges associated with attorneys using Quickbooks Online as identified by industry expert Caren Schwartz. While trust accounting is an extremely challenging area for attorneys and there are a number of challenges presented to them when using Quickbooks Online (QBO), the challenges don’t stop there. For attorneys utilizing QBO, they […]
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Tech Tip #163: Errors Are Created In QBO When Data Can’t Be Locked Down
September 28, 2017 / by CosmoLex Team / Law Firm Accounting, Tech Tips
Quickbooks Online allows bank reconciliations at any time, but there is limited ability to lock down the data. If you are using a general accounting platform, though you can reconcile data to ensure all transactions are present, you must be careful they are properly coded (including the customer), as this is not automatic or necessarily […]
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Tech Tip #162: Does Your Credit Card Provider Understand Legal Accounting?
September 19, 2017 / by CosmoLex Team / Law Firm Accounting, Tech Tips
It’s extremely important to understand how your credit card merchant provider handles processing fees. You know that these fees cannot be deducted from a trust account, but does your credit card processing company understand that? Find a merchant that understands the unique requirements a law firm is up against. Better yet, find a legal-specific merchant […]
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Tech Tip #154: Law Firms Have Special Needs: Keep Billing & Accounting Together
August 17, 2017 / by CosmoLex Team / Law Firm Accounting, Legal Billing, Tech Tips
For firms using general business accounting software, there is often a gap between billing and accounting. This can result in a lost recovery of matter costs and incorrect allocation of income and disbursements. The best way to bridge this gap and effectively manage your firm’s accounting is to use a legal specific software solution that […]
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Top 10 Tips to Increase Your Financial Security
July 12, 2017 / by Rick Kabra / Law Firm Accounting
While providing clients with the best possible legal advice should be the goal of any reputable attorney, in order to run a trusted law firm, sound internal business practices must also be in place and prioritized. This goes beyond just protecting clients’ confidential documents, data, and financial information; a truly ethically-minded practice must also take […]
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