Tech Tip #171: Prepare your Clients Funds Accounting For 2018

Client Funds Accounting 2018

You probably use retainers to secure cash flow from clients. Heading into 2018, the last thing you want is for your accounting related to client trust funds to be out of order. Some things you should make sure of or clean up before the new year hits are; ensuring that no clients’ funds are commingled with another, none of the … Read More

Making Technology Work for Your Firm in 2018

Law Firm Technology 2018

Back in 2014, we published a post titled, “Are Law Firms Letting Technology Pass Them By?” Over three years later, a lot has changed when it comes to the software and services out there, but the question remains: Is your law firm taking advantage of the right technology to make business run as smooth as possible? By now, we all … Read More

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

Legal Accounting Components

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 appropriate safeguards in place to … Read More

Tech Tip #169: Reconcile All Credit Card Statements Before the End of The Year

Credit Card Reconciliation

The end of the year will be here before you know it. That means your law firm needs to reconcile all credit card statements. Do this by entering finance charges and interest as well as any late fees and/or cash rewards. Additionally, match each transaction to the credit card statement and what’s in your books, and review and confirm that … Read More

Business Accounting Tips To Prepare Your Firm For 2018

Business Accounting Tips

Last week, we discussed several important items to check off your to-do list to get your law firm’s accounting in order as the year comes to a close. And while it may seem like it’s a little early to be making resolutions for the new year, today we’re covering what you need to know to prepare for a successful 2018. … Read More

2017 Year-End Accounting Checklist for Law Firms

2017 Accounting Checklist

The pumpkins have been carved, the candy has been bought, and soon enough, the streets will be filled with eager trick-or-treaters. And we all know what comes next…As October comes to a close, we gear up for yet another busy holiday season. But don’t get caught up in the rush and wait until it’s too late, now is the time … Read More

Tech Tip #167: Prevent Client Ledger Overdrafts

Client Ledger Overdrafts

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 place to prevent overdrafts. Read … Read More

CosmoLex Announces The Launch of Canadian-Specific Cloud-Based Practice Management

For The 1st Time, Canadian Law Firms Have A True Web-Based Alternative to PCLaw®.   MONMOUTH JUNCTION, NJ – October 17, 2017 –  CosmoLex, a leading cloud-based, law practice management software provider, has announced the release of CosmoLex Canada. CosmoLex, long-available in North America, has released this special version of its software specifically for Canadian law firms. Canadian law firms are now able … Read More

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

3 Way Trust Reconciliation Generation

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 report. Find a legal accounting … Read More