A law firm’s cash flow infrastructure determines whether it is successful or doomed to fail. Cash flow management is the heartbeat that keeps the whole system of a law firm running. With a steady flow of cash, healthy financial stability is ensured. The growth of the law firm depends on a steady cash flow and […]
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Tax season is that time of the year when law firms cannot afford to make a mistake in filing. It will result in a higher tax issued to the business. Higher tax means less profitability, and less profitability means slow progress. There are usually three types of law firms – those that maintain detailed accounting
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In a previous post, we mentioned how legal practice management software can be useful in tracking Advanced Client Costs. The answer to why to do it with QuickBooks Online and in what manner is what we aim to give in this article. Since QuickBooks Online does not come out of the box to handle different
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Every law firm must keep Advanced Client Costs as their top priority when dealing with attorney clients. Legal bookkeepers working for law firms are required to have strategies and plans to maintain advanced client costs effectively and proficiently. Apart from staying compliant with standard SRA rules, advanced client costs are about client satisfaction. With the
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An overview of client accounting with LEAP was discussed in one of our previous articles. In this one, we will be taking a deeper dive into how using LEAP as your law firm’s legal practice management software benefits your business. Further Introduction to LEAP LEAP, as you might already be aware of, is a legal
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Introduction The systemic activity of keeping books and records of a business. The simplified dictionary definition of bookkeeping. Legal bookkeeping is exactly that, except it is done for businesses providing legal services. Law firm bookkeeping and accounting can be a daunting task for general lawyers. It requires exceptional attention to detail. Confusion can be a
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What is QuickBooks? QuickBooks Online (QBO) is a leading legal practice management and cloud accounting software and is one of the most widely used software by legal bookkeepers across the world. According to a QuickBooks article, as of 2017, QuickBooks Online boasts over 2.2 million in 192 countries. With such a huge number of users
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Now that we have discussed the financial red flags and the strategies to improve profitability of your law firm, all that is left is to progress. And to effectively do that, you need to implement key performance indicators, or KPIs in short, within your monthly reports and keep them in check. KPIs in your monthly
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In one of our previous blog posts, we discussed how to improve your law firm’s profitability. To ensure a boost in profits, you must first be wary of your firm’s financial stability and take heed of any law firm red flags that show up and deal with them appropriately and in time. In this blog
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Legal bookkeeping for attorneys comes with certain set rules and regulations, listed in compliance guidelines for law firms. The SRA (Solicitors Regulation Authority) is responsible for providing these compliance guidelines, whether it be a sole legal practitioner or a relatively small law firm. Adhering, or more like staying compliant, to these guidelines keeps the SRA
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