Tech Tip #253: Always Print Backups of Trust Accounting Reports

Always Print Backups of Trust Accounting Reports

Part of maintaining trust accounting in accordance with Bar Association rules and regulations is running regular reports to ensure client ledger accuracy and proper bookkeeping. To avoid any compliance violations and resulting sanctions, be sure to print out copies of these reports. This way even if a file is accidentally deleted or corrupted you’ll still have access to the records. … Read More

Tech Tip #250: Use The Right Reports to Ensure Accounting Compliance

Use-The-Right-Reports-to-Ensure-Accounting-Compliance

Legal accounting, and trust accounting, in particular, has very specific rules and requirements. To make sure your firm is properly managing its books, you should regularly produce specific reports that will show whether or not your entries are accurate and in compliance. Don’t wait until there are issues and risk sanctions due to improper accounting. To simplify the process consider using … Read More

7 Essential Trust Accounting Reports for Lawyers (Updated for 2019)

7-Essential-Trust-Accounting-Reports-2019

Trust accounting compliance can be one of the most difficult tasks of running a law firm due to the many requirements and pitfalls, but it’s also one of the most critical. The responsibility of properly handling trust accounts, no matter who in a firm is overseeing the accounting or trusts, falls directly on the lawyer. Non-compliance can result in severe … Read More

Tech Tip #242: Is Your Firm Inadvertently Shielding Income?

Is-Your-Firm-Inadvertently-Shielding-Income?

Income and tax shielding could land your firm in serious trouble and you may be doing it without even realizing. When invoices aren’t paid from trust retainers in a timely manner or if they’re not generated fast enough, it could be seen as delaying income. Avoid commingled funds and create an efficient process for tracking and transferring from trust accounts … Read More

5 Accounting Pitfalls Law Firms Must Avoid in 2019

5-Accounting-Pitfalls-Law-Firms-Must-Avoid-in-2019

Many lawyers make the same common mistakes when it comes to legal accounting. Mistakes that will make your accounting harder than it needs to be. However, a few small changes in how you handle your bookkeeping can simplify your entire experience. While accounting is certainly a difficult task, it becomes manageable when you take note of potential pitfalls and how … Read More

Tech Tip #224: Don’t Let Merchant Fees Disrupt Your Firm

Don’t-Let-Merchant-Fees-Disrupt-Your-Firm

When it comes to law firms, accepting credit cards as a payment method requires special considerations, especially when a payment is for a trust account deposit. To protect client funds, there are extensive rules and requirements that come with trust accounts. Make sure your firm stays compliant and properly processes deposits by learning how to handle credit card merchant fees. … Read More

The Winning Argument: “Legal-Specific” Trust Accounting (Part 3 of 3)

Law-Firms-Have-Unique-Trust-Accounting-Needs

Over the past few weeks, we’ve been discussing the advantages of “legal-specific” technology in a new series, The Winning Argument. From billing to business accounting, modern practice management is transforming the way that law firms of the 21st century do business. In this final post of the series, we’ll be taking a close look at legal-specific trust accounting, and highlighting … Read More

Tech Tip #221: Preventing Trust Accounting Errors & Violations

Preventing-Trust-Accounting-Errors-and-Violations

Trust accounts have very specific compliance requirements. These unique needs present a challenge when using an accounting system created for all general businesses. Without mechanisms in place to prevent overdrafting or commingling of funds between clients, it can be easy for an error to occur. Accounting software created specifically for law firms take these needs into consideration and puts a … Read More