Triple reconciliation can be tedious, and you have real problems to solve that create billable hours. It only makes sense to let us chase the line items at the end of the week, so you can focus on growing profitability.

Although managing a balance sheet can be monotonous in nature, law firm billing and bookkeeping is one of the most important functions of the law firm – it’s what keeps the money coming in and the doors (or website) open.

Additionally, the Florida Bar has set strict standards for compliance regarding law firm accounting, especially when trust accounts are involved.

As a busy attorney with a caseload to maintain, it is a good idea to hire outside help to ensure you are being paid and are in compliance.

Trust Accounts and IOLTAs (Interest on Lawyers Trust Accounts)

Chapter 5 of the Rules Regulating the Florida Bar require attorneys using trust accounts to maintain specific records and perform monthly procedures, including:

• Bank Records. These include bank statements, deposit slips, wire details, and the fronts and backs of cancelled check.
• Receipts and Disbursement Journal. This journal is a chronological list of every transaction in the trust account for all clients. The journal itself is very detailed and has specific requirements and guidelines that must be followed in the day to day bookkeeping procedures.
• Ledger Cards. There must be a separate ledger for each client.
• Monthly Reconciliation. Every month, attorneys must reconcile (match) the balance in the bank account with the balance in the journal.
• Monthly Comparison. Every month, attorneys must compare the total balances of the ledger cards to the reconciled bank balance and the two must match.

Failure to comply with trust accounting rules can result in disciplinary complaints. The Florida Bar recommends attorneys hire an “outside  bookkeeper or CPA to handle their trust accounting.” Having someone like the team at Attorney Services who knows the rules and consistently applies the rules are key to protecting clients’ funds.

We Can Help!

Opulent Landholdings’ Attorney Services’ bookkeeping services is specifically equipped to handle the legal industry’s unique bookkeeping needs.

We can assist with:

• Accounts payable
• Accounts receivable
• Receipt management
• Account reconciliation
• Preparing financial statements
• Preparing reports
• Three-way reconciliations
• Client Billing
• Cost accounting
• Invoicing
• Expense Tracking
• Tax prep
• Tax returns for estates and trusts
• Coordinating with CPA
• QuickBooks support

Plans that work for You

We want to see you win, and we know what it takes to build a book of business by working each file as if it was our own. 

Best of all, you can work this into your business model by choosing a plan that works best for you. 

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