Reconciliation ensures your own records match the bank’s actual balance. It is a chance to identify banking or bookkeeping mistakes. Although tedious, in many cases it’s only during the monthly reconciliation process that mistakes are discovered. It is MUCH easier to review these records monthly and catch errors that have occurred in the past 30 […]

At its most basic level, trust accounting requires tracking of all deposits and all disbursements made through the account for each client. This is done by using several ledgers and journals, which we’ve outlined below. A general point to keep in mind is that separate clients should be considered, and treated as, separate accounts, even […]

CosmoLex scores a big first– and sets a new precedent — by bridging the gap with a single solution that handles law firm practice management and specialized legal accounting needs.   NORTH BRUNSWICK, N.J. – April 15th, 2015 – CosmoLex, a leading cloud-based, law practice management provider, has just made life a lot easier for lawyers […]

Trust Accounting is a relatively simple accounting process. Unlike most accounting needs there isn’t any profit or loss to track. There is no depreciation or amortization to deal with. You don’t need to calculate interest accumulation. There is no tax accounting required, and you don’t have to calculate account management or banking fees. How, then, […]

In this last piece in our series on improving law practice cash flow, we look at how you bill. It doesn’t do you any good to provide services if you don’t get paid for them. How you use your legal billing system to invoice is even more important to your cash flow than what is […]

Improve your cash flow to improve the success of your practice. In the latest in our series on cash flow we want to look at your billing procedures. In particular we want to look at what you bill and how it is tracked in your legal office management software. Legal billing tends to be divided […]

Over my next few blogs I want to explore methods I’ve seen successful law firms use to maintain a positive cash flow. Since a healthy cash flow means a healthy business, it’s imperative that you find a way to ensure future income. The most common way I’ve seen attorneys secure a reliable future cash flow […]

One of the most important lessons in business is this: cash is life. It doesn’t matter if you are running an ice cream parlor, building military aircraft or operating a legal practice. You can have millions of dollars in net worth and yet have to file for bankruptcy because you don’t have any cash to […]

This is the second in our four part series on productivity multipliers. Last time we went over the concept of a multiplier. Today we are going to show you how efficient billing, collections and trust management help your practice. We will also show how they support and enhance each other when they work together through […]

Don’t make the mistake of being so focused on the law that you forget about managing your legal practice. Without a unified practice management strategy and the legal software to support it, you are doomed to constantly floundering around wondering why your work never gets done. A well-organized office handles more cases and generates more […]