5 Steps to an Easy(ier) Year End
It’s year end, which, for a lot of solo and small law firms, means digging through spreadsheets and boxes of receipts as they try to finalize their finances for 2014. Sound like you? Do you have to look in multiple spreadsheets to see who owes you money? Or worse yet, do you not have an accounting system in place at all?
There are a number of adaptive, intuitive tech tools to help take the pain out of legal accounting by getting a proper system in place. Accounting can be daunting, and downright terrifying (the accounting profession exists for a reason), but establishing a system that can be easily adhered to going forward is most of the battle. Forward-thinking attorneys shouldn’t wait until the new year to set their firms up for success; but rather, lay the groundwork now so that they can hit the ground running.
In Clio’s free 5 Steps to Easy(ier) Legal Accounting guide, we detail five easy (or rather, easier) steps that lawyers can use to establish an accounting system in their firm (and some helpful reminders for year-end):
- Creating a chart of accounts
- Selecting the right accounting tool
- Determining firm profitability and revenue
- Implementing best practices for trust accounting
- Scheduling reviews of time entry, billing, and accounting
Providing real-world examples of accounting systems in place, and focusing on new technological tools (such as cloud-based offerings and practice management software integrations) for law firm accounting, as well as best practices to ensure your firm’s finances are kept up-to-date, this guide will help firms of any size get an accurate image of their finances and cash flow. Not only will this help you with year-end collections and annual trust account reporting, but knowing what’s coming and going can actually make your firm more profitable.
Get the completely free guide and take the terror out of accounting. By following these simple steps, you can ensure your firm has a simple, accurate and foolproof system for accounting practices for years to come—starting now.
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