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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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The end is near! The end of the year anyway. I’m sure by now you are coming out of your turkey coma and turning your attention towards the December holidays. Maybe that means you’re placing an elf on a shelf somewhere or a mensch on a bench. Either way, if you haven’t taken the […]
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It is imperative that your firm’s legal billing and accounting systems utilize the same set of data. Failure to align these two systems with identical data will result in bookkeeping issues, billing complications, and ethics violations. The best way to avoid these issues is to implement a practice management system that handles both your firm’s […]
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Understanding the difference between income and revenue is a crucial part of running a law firm. In fact, failure to understand the difference is considered to be one of the pitfalls of legal accounting that has the potential to lead to other issues. Failure to make this differentiation can lead to inaccurate books, compliance issues, […]
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