clio accounting seminar on march 27 2014

Differences Between Accounting and Legal Accounting

•Trust accounting–Statutory/regulatory duty

–Common law duty of trustee

•Growing need for Document Management–Attaching reporting letters or memos to docket entries

•Increasing demand for mobility–Lawyers on the move or virtual

–Loss of billables if not recorded contemporaneously

Accounting at Aluvion

A quick intro to Aluvion’s bookeeping

philosophy

Bookkeeping is important.

Bookkeeping doesn’t have to be hard.Systems and Organization Drudgery

Bookkeeping keeps your client happy.Transparent Billing Surprises

Bookkeeping increases profitability.Profitable Work Delinquent

Accounts

Aluvion’s Bookeeping Principles

Track Everything!-Many Small Entries (mistakes less important)

-Store Everything (reliability, analytics)

Filter Aggressively!-Limit the noise

-Review and track

The Data Collection Funnel

Everything

Billing

Accounting

Every step of every task you completed in the office.

A summary of every task/deliverable you completed for every client.

The result of every financial transaction.

The Data Collection Funnel

Everything

Billing

Accounting

Daily and Weekly Review of ‘billable hours’

Bi-weekly Case File Reviews, Invoice Reviews

Tools we use:

-Everything

-Billing

-Accounting

Docketing Tool

-Describe every task

-Tag them

appropriately

-Record time away

from computer on

mobile app, or any

other way you feel

comfortable

Daily Docketing Review

Daily email to review spreadsheet that grabs

‘billable hours’ from their timedoctor.

-Ensure only billable work is logged

-Ensure time measurements are correct.

-Add any time that wasn’t logged via computer.

Weekly Docketing Review

- Review Task Descriptions

-Consult internal Style Guide

re: F/U

John Doe the client

J.Doe john doe

Export from Spreadsheet to Clio

Systematize Reporting

Client

Intake

Form

Clio-Contact

-Mater

CRM-Source

-Closer

Client

File-Know your

Client -Retainer

AgreementXero

Information is entered once

Information is tracked in many different locations

Contact Information

• Email: – omar@fleetstreetlaw.com– omar.haredeye@ryerson.ca– omarh@gzlegal.com

• Social Media:– Twitter: @omarharedeye– LinkedIn: ca.linkedin.com/in/torontolawyer/

(special thanks to Peter MacDonald at Aluvion for assistance with this presentation)