Look at Your Bank Accounts at Least Once a Month
It is obviously necessary for your law firm to hire people to get the work done. I believe I have already said numerous times you cannot do everything - and practice law. This includes hiring someone to handle firm accounts including the trust account.
Although you cannot do the day-to-day bookkeeping or trust account transfers and reconciliation, you need to set aside time once a month to review your books. You need to become familiar with the finances of your firm. Doing this will also provide you with an opportunity to ensure that the trust account is reconciled properly and that all clients' monies are accounted for. Failing to do this, especially if a bookkeeper is involved, opens up the business to wasteful spending or even embezzlement. I am Liz Miller, Law Practice Management Consultant. My firm can assist with billing and collections as well as trust account matters and bookkeeping. We can do a 3-way reconciliation (as required by the Bar Association) every month and make sure your books are in good order.
Call us today at 1-813-340-9569 to find out more about our all services, including billing and collections. Check out our websites at www.fromlawyertolawfirm.com or our Facebook profile and recommendations at From Lawyer to Law Firm.