Upholding Compliance in the Legal Industry - What Bookkeepers Should Know
In this episode we dive into the high-stakes world of compliance in the legal industry. From managing trust accounts to navigating ethical obligations, they explore the essential role bookkeepers play in keeping law firms on the right side of financial regulations.
Through personal stories and practical insights, the trio discusses:
The day-to-day realities of maintaining compliance
State-specific nuances every legal bookkeeper should know
The power of clear documentation
The real risks of non-complianceā€”and how to avoid them
Whether you're a seasoned pro or new to legal bookkeeping, this episode is a must-listen for anyone committed to protecting law firms from financial missteps and upholding ethical best practices.
01:37 Main Topic Introduction: Upholding Compliance in the Legal Industry
02:27 Bookkeepers' Responsibilities and Legal Compliance
04:28 Common Compliance Issues and Solutions
07:10 Navigating Trust Accounts and Software Challenges
12:57 Ensuring Accurate Billing and Record-Keeping
13:57 Handling Payroll and Trust Account Compliance
14:14 Addressing Cash Flow Issues and Billing Practices
14:52 Ethical Dilemmas and Compliance Conversations
16:29 Fraud and Trust Account Management
20:55 Documentation and Record Keeping
26:33 Internal and External Compliance Measures
Be sure to subscribe for more episodes!
Find us on YouTube as well!
If you have questions, topic requests, or guest suggestions you can email us at [email protected] or send us a message through our website, www.accountantslawpod.com
If you want to join us in the Accountants Law Lab, visit our website at www.accountantslawlab.com to sign up!
Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk
Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.