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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...

Lawyers are not accountants and they often make the same common mistakes when it comes to accounting for law firms.

Business success and sustainability are dependent on revenue. This metric is also critical to accounting and law firm bookkeeping, law...

Separating client trust funds from law firm operating funds is a necessary practice. When it comes to running a small firm, this concept...

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...

Managing trust accounts means you should understand three-way bank reconciliations. Regardless of whether your state calls it an "IOLTA...

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

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