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Legal Accounting Resolutions

Five Legal Accounting Resolutions for the New Year

What did you resolve to do in the New Year? From saving money to losing weight, many of us vow to make improvements to our personal lives, and it’s important to consider how we might better ourselves professionally as well. Especially if you run a law firm, it is critical to not only take a close look at your business practices in January but also throughout the entire year.

If you didn’t make a New Year’s resolution at midnight, don’t worry; we’ve got you covered. Here, we’re sharing the top five legal accounting resolutions your practice should be making this year.

Resolution #1: Reduce Double Data Entry

When you treat client funds accounting, matter cost accounting, and back office accounting as separate entities and manage them in separate systems, you run the risk of double data entry. Employing a legal-specific accounting tool that combines your billing and accounting systems helps to prevent this from happening.

Resolution #2: Ensure Proper Handling of Client Funds

There’s a long list of dos and don’ts when it comes to properly handling client funds. By implementing a legal-specific solution for your accounting needs, your firm can guarantee assets are appropriately managed and protected.

Resolution #3: Increase Client Cost Recovery

Whether you’re meeting a client on the road, conducting research from home, or in the middle of a trial, an attorney’s day is filled with dozens of small tasks and expenses that often go untracked and as a result, unbilled. Even when you do track and bill, accounting for disbursements and its recovery can become a new challenge. While general accounting services like QuickBooks can help to manage some of this, you can only ensure that the needs and requirements unique to legal practices are met when using legal-specific solution.

Resolution #4: Track Income in Detail

If you run a law practice, you’re not just a lawyer; you’re also a business manager. Tracking income in detail allows you to gather valuable business intelligence about your firm so you can make informed decisions accordingly.

Resolution #5: Gain Tight Control Over Credit Card Payment Process

Credit card batching and disparate legal billing and accounting systems can make it challenging for firms to accept payment via credit card. In today’s cashless society, however, your clients expect and require this capability. A legal-specific credit card processing service, when coupled with a legal-specific accounting solution, can provide the tools your firm needs to accept credit card payments from clients efficiently.

Refresh and Profit in 2018

If your law firm struggled to manage its accounting in 2017, or, if you’re looking to make improvements to your business practices, now is the time to “hit refresh.” Learn more by registering for our webinar, Five Legal Accounting Resolutions for the New Year today!

Rick Kabra

Dr. Rick Kabra is CEO of CosmoLex Cloud, creator of cutting-edge technology solutions to help solo and small law firms law firms. Rick has a Ph.D. in Electrical Engineering from NJIT and has over 10 years of experience in the legal software industry catering to the specialized technology needs of small to mid-sized law firms. Rick has given numerous seminars and published articles on legal technologies such as law practice technology management, cloud computing, and legal billing, business & trust accounting compliance.