Common Legal Accounting Mistakes

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🚫⚠️ Don’t let these accounting mistakes derail your law firm! 

Working with many law firm owners over the years, I have seen the numerous things that can go wrong with legal accounting.

Especially, when the firm’s accounting has been put on the backburner…

There have been errors that have spelt disaster 🤦‍♀️

But rather than scaremongering, I want to equip you with the tools so you can learn from these mistakes and not suffer the same consequences.

Here are the 5 most common legal accounting and bookkeeping mistakes, and how to avoid them:

Mismanaging trust accounts

Keep meticulous records, keep separate accounts , NEVER mix funds, and use technology to help.

Misinterpreting income

Correctly differentiate between income and revenue and log payments separately.

Data entry errors

Use software to prevent errors caused by manually entering data. 

Leaking money

Keep good books, review your financials regularly, and use payment software to streamline your invoicing process.

Avoiding professional help

Don’t be afraid to delegate when you need to. Accounting becomes so much easier when you work with a professional from the beginning. Especially with one like me, who is familiar with working with the most common law accounting software (e.g. Clio, Trustbooks, Lean Law, and PracticePanther).

If you have robust accounting practices in place, you don´t have to worry!

But if you’re not sure, I can ensure your books are accurate, your processes are working, and your firm is thriving 😇

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