In our last post on How to Prepare for Changes to You Trust Account we introduced you how to begin the process of switching your trust funds from one bank to another while staying compliant. Today, we look at some final considerations, such as legal trust accounting software, which can have an effect on keeping your law firm compliant when … Read More
Mastering Compliance Standards: CosmoLex as Your Essential Partner
Law firm compliance standards can feel like navigating a byzantine landscape, but they’re essential for protecting your firm’s reputation, financial well-being, and future, as well as the trust of your clients. When trust accounting is managed correctly, your firm can: Avoid severe legal consequences, including fines, suspensions, and even disbarment, in the most serious cases of non-compliance Minimize your liability … Read More
CosmoLex Law Firm Accounting Software (review by Fusion CPA)
This post was originally shared by Fusion CPA on July 10, 2018. An attorney barely has time to stop and eat his or her lunch much less keep up with every minute of their schedule. Since attorneys are traditionally paid by the hour incorrect time reporting can negatively affect a law firm’s bottom line. Our law firm CPAs understand how … Read More
10 Dos & Don’ts of Legal Trust Accounting
Since attorneys often handle client trust accounts, legal trust accounting must be fully understood and properly implemented. Unfortunately, many firms lack the expertise and tools necessary, and a large percentage of disbarments and disciplinary actions arise out of client trust fund mismanagement. While this may sound disheartening, there are steps you can take now to make sure you and your firm are … Read More
How to Prepare for Changes to Your Trust Account: Part 1
The decision to switch banks requires careful evaluation and planning for any business, but the unique requirements laws firms face makes proper preparation even more important. Trust accounts are a common part of banking for lawyers and the strict rules and regulations surrounding them require special considerations. Planning ahead ensures compliance as well as accuracy during the transition. Firms change … Read More
Tech Tip #207: Avoiding Disputes With Your Clients
No attorney wants to find themselves involved in disputes with clients, but unfortunately, it’s part of doing business. That’s not to say that disputes can’t be minimized. By employing the appropriate solutions at your law firm you can avoid fee disputes by spring up your billing process keeping effective lines of communication open with your clients. Learn more about the five … Read More
10 Tips to Increase Your Law Firm’s Financial Security
Financial security, the peace of mind that comes with knowing your finances and long-term planning and processes are in order, is priceless. While many people devote countless hours and other resources to establishing their personal financial security, as a business owner, it’s equally important to ensure your law firm’s financial security. Specifically, it’s important to understand how your daily activities … Read More
Tech Tip #206: Which Funds Can and Cannot Be Kept in a Trust Account
When it comes to properly handling trust accounts firms must be aware of the types of funds that can be kept in a trust and those that cannot. Settlement funds, unearned income, judgment funds, and third-party funds can all be kept in trust accounts. Personal funds, earned income, payroll, and any funds that the attorney is not the fiduciary trustee … Read More
Tech Tip #205: Keep in Mind Best Practices When Accepting Credit Card Payments From Your Clients
For law firms, accepting credit card payments can be tricky. It becomes easier when your firm puts these best practices in place. Use a payment processor that can handle the unique requirements of law firms and trust accounts. Integrate billing & accounting record to keep them in lockstep with each other. Use providers that integrate with your billing and accounting … Read More
Finding a QuickBooks Alternative for Your Law Firm
With over 2.2 million users, QuickBooks is the go-to general accounting program for many small businesses. When it comes to law practices, however, QuickBooks does not directly address many of the crucial needs of legal accounting. Therefore there are several reasons lawyers (and their accountants) choose to avoid it. In this post, we’ll be discussing the common challenges associated with … Read More