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Tech Tip #170: How To Manage the 3 Major Components of Legal Accounting

Manage Law Firm Business Accounting

There are 3 major components of legal business accounting: Client Funds Accounting, Matter Cost Accounting, & Back Office Accounting. All three need to be integrated and work alongside each other. To do this effectively, find an accounting solution that takes the specific needs of a law firm into account, eliminates double data entry, has the […]

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Tech Tip #167: Prevent Client Ledger Overdrafts

QBO Client Overdraft

Over drafting a client ledger can spell major trouble for your firm. For firms using QuickBooks Online (QBO) or other general business purpose accounting software, there’s usually nothing preventing you from over-drafting the ledger. If you’re using a general accounting software, inquire how overdrafts are handled, then switch to a legal-specific solution that has safeguards in […]

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Tech Tip #166: Don’t Depend on Workarounds To Generate 3-Way Trust Reconciliations

Tech Tip QBO Challenges 3-way reconciliation

3-way reconciliation reports are the holy grail of trust accounting. Most jurisdictions mandate it. For firms using QuickBooks Online (QBO), generating a 3-way reconciliation report requires them to create workarounds. Sure, QBO can create multiple reports that show the individual balances needed to create a 3-way reconciliation report, but it cannot run a unified summary […]

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