Your Partner for Bookkeeping Services and Operational Support
Contact Us: 888-631-8922 

Learn More

What are you interested in learning more about?

×

Blogs by Naman Trivedi


Managing Client Trust Accounts: A Back-Office Balancing Act

February 20, 2018 / by Naman Trivedi posted in NYC - Midtown, Bookkeeping Services, Law Firm

0 Comments

For lawyers managing a small or independent practice, maintaining client trust accounts (CTAs) can present serious challenges.

Attorneys establishing a practice must set up a CTA or accounts designated specifically for funds that a client or third party pays against future services, such as advances on fees, costs, legal settlement amounts or escrowed amounts (e.g. for business or real estate transactions). Such accounts must be kept separate from personal or business bank accounts.

Rules governing the above accounts vary by state, but one thing is true across the board: The rules are complex, and violations can result in significant consequences — even disbarment.

In our work with growing law practices, we've identified several guidelines that are key to managing CTAs:

Read More

Getting the Most out of a Law Firm's Back-Office Budget

December 14, 2017 / by Naman Trivedi posted in NYC - Midtown, Law Firm

0 Comments

If you are starting a law firm, or have an established firm and are looking to expand, you might find invaluable support where you'd least expect it.

Outsourced bookkeeping services.

A Scalable Solution
One of the great challenges for any new law firm is deciding how much to budget for full-time staff. Given the importance of thorough, accurate trust account management, there might be a temptation to bring on a full-time bookkeeper from day one. But if your billable hours are lean early on, you could find yourself with a budget shortfall.

On the other hand, if you try doing the books yourself, or if you delegate the job to a paralegal or office manager, you run the risk of making a crucial mistake with billing or trust accounts.

Read More


Subscribe to Email Updates

Download our E-book "What You Need to Know About Cloud Accounting"

Recent Posts