Law Lab Blog
The Importance of Financial Statements for Attorneys: A Bookkeeper's Perspective
balance sheet
bookkeeping best practices
cash flow
cash flow statement
financial analysis
financial decision-making
financial statements
law firm finances
law firm management
legal bookkeeping
p&l
profit & loss
Aug 26, 2024
Categories
All Categories 1099 processing 1099s account setup accountants law lab accounting accounting for law firms accounting industry trends accounting niche accounting records accounting software accounts payable accounts receivable advanced client costs advisory advisory services analysis artificial intelligence artificial intelligence in accounting attoreny files attorney attorney billing attorney bookkeeping attorney characteristics attorney clients attorney collaboration attorney compensation attorney fees attorney payroll attorney practice areas attorney-client dynamics attorneys auto pairing automation balance sheet bank feed matching bank feeds bank reconciliation bank transactions bar rules best practices billing efficiency blockchain in legal contracts bookkeeper role in software migration bookkeeper tips bookkeeping bookkeeping best practices bookkeeping ethics bookkeeping for law firms bookkeeping for lawyers bookkeeping growth bookkeeping integration bookkeeping practices bookkeeping software bookkeeping tips brand awareness branding budget budgeting business innovation case management case peer cash flow cash flow management cash flow statement clear expectations client client advanced fees client communication client costs client data protection client fees client funds client funds management client interview client management strategies client questions client satisfaction client trust accounts client-centric compensation clio clio migration cloud-based document management cloud-based software collaboration commingling funds communication strategy compliance compliance in legal accounting confidentiality conflict of interest contingency contractor corporate law corrections criminal defense cross-functional collaboration cultural sensitivity data migration data security data transfer data validation difficult clients digital collaboration platforms digital transformation direct direct costs discovery call document management documentation efficiency entity type ethical compliance ethical practices expense categories expense reconciliation family law fast-track legal accounting fees fiduciary responsibility file vine financial analysis financial decision-making financial innovation financial kpis financial management financial management for lawyers financial management in law financial planning financial record financial records financial reports financial statements financial strategies financial strategy financial technology (fintech) financial transparency first attorney client first attorney-client fixed fee billing future future of accounting future of legal services global accounting practices global collaboration growing your fim hard costs hubspot in-house teams indirect costs innovative client services integration integrity intellectual property interest clearing investigator invoicing iolta iolta (interest on lawyers' trust accounts) iolta bookkeeper irs compliance journal entries kpis kps law firm law firm accounting law firm bookkeeping law firm clients law firm expenses law firm finances law firm growth law firm management law firm productivity law firm software law firm software migration law firm support law firm technology law firms law practice lawfirm lawyer clients lawyers leanlaw ledes billing legal accounting legal accounting software legal billing software legal bookkeeper legal bookkeeping legal bookkeeping tips legal compliance legal ethics legal financial systems legal industry developments legal industry insights legal industry standards legal industry technology legal practice management software legal profession legal research legal services industry legal software liability accounts lingo linkedin lockup mailchimp marketing marketing strategy marketing to attorneys mastermind group matter management mediator metrics micro-specialize mid-sized law firms migration modernize your legal tech modernizing law firms move data file nche networking niche operating expenses organization tips outsourcing owner 401k owner health benefits p&l payroll payroll benefits personal injury attorney personal injury firms personality positive pay practice area pricing productivity professional boundaries professional conduct professional development professional services automation profit & loss project management software qb clieanups quickbooks quickbooks desktop quickbooks for law firms quickbooks integration quickbooks online quickbooks online (qbo) rainmaker model real estate law recording services regulations reimbursement relationship reporting retainer retainers scope creep small business small law firms soft costs software solutions specialiize specialize staff task management tax preparation tips team integration technology technology advancements technology in accounting technology in law firms tenure model three way bank rec three-way bank reconciliation time and billing time management time tracking tips training transition trend report troubleshoot trust account balances trust accounting trust bank accounts trust clean up two data files vendor management wire fees workflow workflows working with attorneys xero year end year-end