[Product Review] IOLTA Accounting in Timeslips

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Timeslips offers powerful and flexible billing and strong reporting flexibility. Whether you do flat fee or hourly billing, Timeslips offers a wealth of options. But Timeslips is only a billing solution. If you want practice management and/or accounting you must choose other solutions, either standalone or integrated. For integrated accounting, your choices are Sage 50

[Product Review] IOLTA Accounting in QuickBooks

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QuickBooks, whether desktop or online, is the most commonly used accounting program for small and medium-sized businesses in the United States. I am often asked by law firms, “Can I use QuickBooks for my firm?” The answer is a qualified yes. You can use QuickBooks, but whether or not you should is more difficult to

Daily Bank Reconciliation is a Breeze…Really?

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Bank reconciliation can be a tedious task. For some people, the task is so daunting they just don’t do it. Bank reconciliations are important not only to match balances between the accounting system and the bank but to catch errors by either side and potential fraud. Finding discrepancies between transactions that clear the bank and those

Choosing IOLTA Accounting Software

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In my last article, I wrote about the basics of IOLTA Accounting. In future articles, I will talk about different packages and how each of them handles IOLTA accounting differently. But before you can evaluate software, you need to know what you are measuring. So, in this article, we will discuss features to consider when evaluating

Trust Accounting 101: The Fundamentals

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Most law firms have Trust or IOLTA Accounts. While the rules vary from state to state, one thing doesn’t change, the law firm has a fiduciary responsibility to track the funds and use them for the benefit of the client. Anything else is a breach of responsibility and will leave the attorney liable for disciplinary

To 1099 or Not To 1099

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Just after we all ring in the New Year, it’s time to review the vendor list for those eligible for 1099-Misc. The deadline for filing 1099’s is January 31, 2017. Who should receive a 1099? In which of the 18 boxes is the compensation reported? According to the IRS instructions, generally, payments to a corporation

What is “Legal Accounting” & How Do I Find A Legal Accountant?

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Attorneys and law firms recognize the importance of working with accountants for financial information and tax planning purposes.  Yet, I am surprised at the number of times I meet with a client’s accountant and find they have little or no background or understanding of the important issues related to accounting for the legal profession.  Understanding

6 Quick Tips For Accountants Serving Law Firms

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Too often accountants take on a law firm client and don’t realize that they simply cannot treat a law firm like any other business. There is a very unique set of regulations and accounting requirements. And frequently attorneys are too busy with the practice of law to oversee and understand their accounting needs. This makes

6 Common Pitfalls Of Legal Accounting

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Mention accounting in front of a lawyer, then take a step back and appreciate the look of terror that comes across their face. You can trust me or try it for yourself, but just mentioning the word almost always strikes fear in attorneys’ hearts everywhere. The reason why is simple. Attorneys are not accountants, but