T I P S O F L E G A L

A C C O U N T I N G A N D

B O O K K E E P I N G F O R Y O U R

" L A W F I R M "

01 Use of legal accounting software

rather than general software

Utilization of legal accounting software should be increaseinstead of general accounting software. Mostly, law firmaccounting needs don't meet with general software as itneeds customization because of various entries. Probably, Itnot includes only one area where firm concentrates.

02 Avoid Double Data Entry Process

Most of the law firm comprises two separate systems aspractice management and business accounting. In that case,whenever a transaction has been occurring, it is recorded inboth systems, which can be a double entry process. There aresome popular firms those have the setup of one system toreduce such entry process time and costs.

03 Allocate Invoices in Particular Order

It is found sometime that invoices not completely paid in acorrect way. It is really important to arrange a particular order orway to allocate invoices so it will be paid in time. Always, beforeto apply such funds to income resources, firm must pay itsliabilities and costs. For this problem, legal accounting softwarecomes for solution.

04 Track All Income Status by Particular

Practice Area

A firm can have multiple services, there is the need to track allincome system according to service area. In this way, it will beeasy to understand which area gives most income.

05

The

Firm’s Expenses Should be in Mind

law firm Accounting

direct and indirect matter of costs. Every firm has their ownexpenses such as payroll, electricity, phone bills, and internetcharges. A firm should have a good understanding of theiroverhead costs so it can manage internal costs that associatedwith their clients.

has to differentiate between the

06 Reduce Loop Structure to Increase

Work Flow

Reduce too many looping structures of management to get anapproval of any operations. There should be perfect accountingmanagement to take the right decision in few steps. It will speedup the process and will increase working system.

07 Record Actual Billable Time

This one is the major thing to concern, if you are not using anautomated software system for time recording. For excellentwork management and flow, the record of actual billable time isneedy today. It clears out about all activity firm done so far. Itprobably leads to better profitability.

Thank You