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Congratulations on your decision to use QuickBooks Online! It is a robust accounting software. You've probably already realized that it is not built just for attorneys or the legal industry. It's software that's customizable to any industry. You need to know the finite steps to customize the prog...
QuickBooks is a powerful tool for keeping your law firm running. This article will look at the basic setup of QuickBooks for law firms for creating a client, matter in the sales section, and also the client ledgers. QuickBooks setup for attorneys is very different than setting up for a typic...
If you could secretly speak to most attorneys, not as an accountant, but as a friend, they would probably tell you that legal accounting keeps them up at night. Sure, they know how to do the law practice work. But when it comes to doing accounting, it's so foreign to them. Now, they understand in...
One of the main things that can set a successful attorney apart from a less successful one is how they charge their clients. They can charge hourly, fixed fee or contingency basis. But they can also use a hybrid form of billing. In this post, we look at the different billing methods and examine t...
An IOLTA/Trust account is an account that lawyers use to hold client's up front deposits, which are more commonly know in the industry as retainers, until the money is earned. It is at that time that the funds are transferred to the attorney's operating account to be applied to any open invoices....
A couple of weeks ago, I wrote an article that was all about Direct/Hard costs when working with attorney clients. This week we are going to dive into what Indirect/Soft costs are.These expenses are fees that are law firm overhead and are expenses that are sometimes allocated to clients or mat...
I know I have written many articles on this topic. But it seems to be the one topic that keeps attorneys and bookkeepers awake at night. Let's dive in. Hard Costs/Direct Costs Definition: They are fees that the law firm pays on behalf of a client. The attorney may a...
Do you work with attorneys? What is the differences in working with law firms and payroll? The short answer is not much. But it all comes down to the entity. Are they a PC? LLC? Inc? That makes a difference in payroll. Do the partners take distributions and pay them to an ou...
If you work with attorneys and law firms, you know that their payroll is complex. Many times the most basic payroll service options won’t do. Additionally, add to that the compensation reporting that can get quite interesting. And will get into more of that next week. In our prior mee...
I think the second most popular topic that I get asked about after talking about trust accounting is advanced client costs. What is it? When do we use it? How do we use it? All great questions if you are new to the advanced client cost account or working with attorneys and law fi...
