Money matters, every lawyer knows this. The big picture, it allows us to live the life we dream. The simple picture, it keeps the lights on. That’s why it’s so important to pay attention to your accounting systems.
In this free guide from Clio, you will learn five key steps that every lawyer will want to use to safeguard and simplify their accounting system, including:
- Create a chart of accounts. This can get complicate, so we’ve included worksheets to make this process easier for you.
- Pick an accounting tool. Choosing the right tool is key. Keep in mind the ease of use and integration with your current practice management system.
- Determine the profitability of your firm. Subtract expenses and losses from your revenues and gains over a measured period of time. Get your firm running at profitably.
- Implement best practices for trust accounting. Setup your accounting procedures correctly by reviewing your jurisdiction’s trust accounting rules.
- Schedule reviews of time entry, billing, and accounting. There are different types of reviews that occur daily, weekly, monthly, quarterly, annually. Do you know which ones your firm needs?