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When your company purchases goods on credit that need to be paid back in a short time, it is known as accounts payable. As a business...

While you’ve spent years honing your skills to become a great lawyer, you didn’t understand deeply about law firm bookkeeping or...

Attorneys routinely receive and handle money that belongs to clients for future use such as security settlement payments, fees advanced...

A three-way trust reconciliation involves three components that must match. If the three numbers don't match, you have to investigate to kno

Many people often consider ‘income’ as a synonym of ‘revenue’ since both terms refer to positive cash flow. Understanding the difference...

Managing a law firm is totally challenging for every single lawyer. When it comes to the financial aspects of a business, it doubles the...

A simple explanation about IOLTA, how it works, 3 most common mistakes and how to avoid them.

Sometimes it is easy to understand the terms or technical words in the field you work in, sometimes it is not. Even when you understand...

Every single lawyer knows Trust funds are very crucial to them. They are not only your clients’ most valuable assets but are also...

Accounting in law firms requires specific skills and care because it is distinguished from accounting in general businesses. In this...

Accounting is often considered the language of business. In order to paint a complete picture of a business's past, present, and future...

Lawyers and law firms have specific financial needs that are unique to their industry. When a lawyer decides to make the jump from being...