How To Survive a Legal Audit Minefield: Top Legal Accounting Audit Flags

Trust Accounting

Maintaining compliance is about your survival as a licensed attorney at law and is central in your firm’s ability to be successful. For that reason we have pulled together a four post series on how to survive a legal audit minefield. Over the next several weeks we will focus on: Legal Accounting Audit Flags The Tools Needed To Successfully Survive … Read More

Finding The Right Accountant For Your Law Firm

Trust Accounting

When looking for an accountant for your law firm it is important to consider the unique set of needs and regulations that law firms need to meet when it comes to accounting. Just any accountant simply won’t do. Think about it this way. If you are having chest pains you’re going to go see a doctor. You are however, going … Read More

Why general purpose business accounting software fails lawyers?

Trust Accounting

If you’re a lawyer looking for the right software to manage your firm’s legal accounting, the first place you may turn could be general purpose business accounting software. It would seem to make sense, but it won’t take you long to realize that legal accounting calls for a system that is tailored to fit the specific needs of a law … Read More

CosmoLex Law Practice Management Software Now Includes Complete Legal Business Accounting

CosmoLex delivers first and delivers big for small law firms and solo practitioners with revolutionary software that merges law practice management with legal-specific accounting applications.   NORTH BRUNSWICK, NJ – June 2, 2015 – The general release of CosmoLex version 3.0 gives small law firms and solo practitioners across the country a full-service, legal business accounting solution,  wrapped seamlessly inside its … Read More

Costly Challenges of Using the Wrong Practice Management Software for Your Law Firm: Ineffective Income Tracking Obscures the Big Picture

Trust Accounting

Successful development of Integrated Accounting software that addresses the many distinctive needs of the legal profession is challenging. Software tools used by other industries fall short. The accounting aspects must meet all the basics, as well as address three additional areas that together are unique to the practice of law: client funds accounting, matter cost accounting and back office accounting. … Read More

Costly Challenges of Using the Wrong Practice Management Software for Your Law Firm: Inaccurate Expense Tracking is Costly and Misleading

Trust Accounting

Successful development of Integrated Accounting software that addresses the many distinctive needs of the legal profession is challenging. Software tools used by other industries fall short. The accounting aspects must meet all the basics, as well as address three additional areas that together are unique to the practice of law: client funds accounting, matter cost accounting and back office accounting. … Read More

Costly Challenges of Using the Wrong Practice Management Software for Your Law Firm: Errors and Time Consuming Adaptation Efforts

Trust Accounting

Successful development of Integrated Accounting software that addresses the many distinctive needs of the legal profession is challenging. Software tools used by other industries fall short. The accounting aspects must meet all the basics, as well as address three additional areas that together are unique to the practice of law: client funds accounting, matter cost accounting and back office accounting. … Read More

Costly Challenges of Using the Wrong Practice Management Software for Your Law Firm: Ensuring Your Tools Meet all of You Accounting Needs

Trust Accounting

Successful development of Integrated Accounting software that addresses the many distinctive needs of the legal profession is challenging. Software tools used by other industries fall short. The accounting aspects must meet all the basics, as well as address three additional areas that together are unique to the practice of law: client funds accounting, matter cost accounting and back office accounting. … Read More

The Challenges Of Monthly Trust Account Reconciliation

Trust Accounting

Reconciliation ensures your own records match the bank’s actual balance. It is a chance to identify banking or bookkeeping mistakes. Although tedious, in many cases it’s only during the monthly reconciliation process that mistakes are discovered. It is MUCH easier to review these records monthly and catch errors that have occurred in the past 30 days than it is to … Read More

Different Types of Trust Accounting Records

Trust Accounting

At its most basic level, trust accounting requires tracking of all deposits and all disbursements made through the account for each client. This is done by using several ledgers and journals, which we’ve outlined below. A general point to keep in mind is that separate clients should be considered, and treated as, separate accounts, even if all of the funds … Read More