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It’s not secret that lawyers utilize retainers to maintain positive cash flow for their firm. In most jurisdictions, all client funds must be kept in trust accounts, but in few jurisdictions, such as NJ, NY, client advances may be kept in operating accounts. Regardless of whether your firm keeps client funds in an operating or […]
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With trust accounting being so heavily scrutinized there is never a good time for them to be out of order. While there isn’t a good time for this, the end of the year may be one of the worst times for them to be a mess. Don’t head into 2017 with messy trust accounts. Review […]
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Cuba Gooding Jr. and Tom Cruise may have popularized the term “Show me the money,” but any attorney running their own practice should be saying the same thing. They may even want to say it over and over and over again. You’ve seen the movie, right? All kidding aside, attorneys not only need to see […]
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50% of businesses haven’t reconciled their bank accounts over the last 6 months! That means there is a one in two chance that your firm is going to head into 2017 without having completed your account reconciliation. An extended period of unreconciled accounts can be a recipe for disaster in the form of compliance issues […]
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No firm likes leakage. Especially not heading into the end of the year. Now is a great time to review your profit and loss statement. This will help your firm to ensure that all income has been posted and all reimbursable client costs are booked and billed properly. Learn more about this and other important […]
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