Tech Tip #193: General Accounting & Legal Accounting Aren’t the Same Thing

CosmoLex TeamBusiness Accounting, CosmoLex Blog, Tech Tips

Legal accounting is far more complicated than accounting for any other small business. That’s why a law firm can’t rely on the same accounting solution as any other small business. General business accounting software doesn’t account for things like; client funds accounting, matter cost accounting, 3rd party billing, fee allocation, and revenue distribution. Your firm needs to understand the differences between legal accounting & general business accounting to maintain compliance. If you’re thinking about using a general accounting program such as QuickBooks in your law office, consider choosing a legal-specific alternative.

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