Trust accounts are among the most complex aspects of running a law firm—and they can be especially intimidating for small firms because there are fewer people to bear the fiduciary responsibility. To add to the stress, compliance mistakes with trust or IOLTA accounts can lead to serious consequences, ranging from fines to disbarment. But you don’t have to let the … Read More
Transform Your Legal Practice with Cloud Accounting (Without Sacrificing Compliance)
In many ways, the legal field is no different from any other industry. Lawyers need to track their income, manage expenses, and plan for the future using accounting reports. However, this is only part of the story. When it comes to law firm accounting, lawyers have much greater responsibilities than other professionals, as they are required to maintain compliance with … Read More
How to Improve Your Firm’s Accounting and Ditch QuickBooks for Good
Legal accounting can be a complex and time-consuming task, especially if you run a small or medium-sized law firm and don’t have a lot of resources to devote to it. Many firms use QuickBooks, a popular accounting software, to manage their finances. Despite its widespread use, though, QuickBooks may not be the ideal option for every legal practice. If you’re … Read More
QuickBooks vs. CosmoLex: Billing and Payments
When lawyers think of all the daily tasks on their to-do list, invoicing accounts may not immediately come to mind. But without efficient legal billing and payment processes, busy lawyers and law firms will end up struggling to get paid for the hard work they do each day. Whether you’re scaling your business or looking to upgrade your current billing … Read More
QuickBooks vs. CosmoLex: Which One’s Better?
With over 82,000 businesses using QuickBooks to do their accounting, it’s safe to say QuickBooks is a popular product. You may already use it at your law firm. But “popular” does not always mean something is the right fit. In fact, popular generic software can pose a problem for law firms because they create compliance concerns, among other issues. Legal … Read More