Demystifying Accounting Concepts for Law Firms

In this episode we break down the accounting pitfalls law firms face - from IOLTA missteps to messy trust reconciliations.

We explain why early legal-accounting support matters, how to handle credit card fees correctly, and the key practices that keep firms compliant, confident, and profitable.

00:53 Demystifying Accounting Concepts for Law Firms
01:43 Understanding Trust Accounts and IOLTA
02:52 Reconciling Accounts and Compliance
04:49 Importance of Proper Record Keeping
06:44 When to Hire a Legal Accounting Professional
07:53 Common Mistakes in Legal Accounting
12:39 The Value of Specialized Legal Accountants
14:07 Random Conversation and Initial Connection
14:25 Common Mistakes in Legal Accounting
14:52 Challenges with Trust Accounts
17:57 Importance of Proper Documentation
20:34 Credit Card Fees and Client Relations

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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.