Law Firm Accounting Basics
Understanding the complexities of law firm accounting
This course will give you a solid foundation of accounting for solo and small law firms. You will learn key concepts of bookkeeping and financial statements as applied to law firms, including:
- a glossary of key law firm terms
- monthly processes for law firms
- how to set up an accounting system for a law firm
- how to recognize different types of revenue
- basic income tax considerations
- an intro to IOLTA and trust accounting
Plus, a sample chart of accounts and other bonus material!
Amanda Aguillard, CPA started Aguillard Accounting LLC in 2012, committed to running a cloud-based practice from anywhere in the world. She was the Xero Evangelist of the Year in 2016 and used her experience as an instructor of the Xero Certification Course to co-found Elefant, a software training company.She has been a Hubdoc Top 50 Cloud Accountant for the last two years. In 2017, she launched Bluewire Strategy, a consulting group that empowers traditional accounting firms to fully embrace the cloud with technology and processes.
While she holds a Masters Degree in Taxation from the University of Denver, she would much rather craft and implement ecosystems for small businesses, and help other advisors build and grow cloud-based practices.
Jan Haugo is the President of JH & Associates and loves helping people through education, training, and collaboration. She has spent the majority of her career in the accounting industry focusing on the legal niche, specifically passionate about integrations and third party apps. Jan’s work helping the accounting industry has been recognized by the CPA Academy, naming her one of the Most Powerful Women in Accounting. The respect of her peers has led her to be included in Intuit’s exclusive Trainer Writer Network as one of only 300 members worldwide. She continues the education and promotion of accounting and bookkeeping through ventures such as her USA Bookkeeping Facebook group which grew to over 2000 members in just over a year.
While growing her bookkeeping firm is her primary job by day, Jan spends as much time as she can enjoying golf and travel.
StartLesson 1: Exploring the Opportunities & Struggles of Law Firm Accounting VIDEO (49:56)
StartLesson 2: Meet the Instructors (27:08)
StartLesson 3: How will the legal niche help me expand my service offerings? (4:53)
StartLesson 5: Why is accurate and timely financial management critical for law firms? (2:26)
StartResource 1: Template for State Trust Requirements
StartResource 2: Jan and Amanda's Law Firm Facebook Group
StartLesson 1: Types of Law Firm Revenue (3:55)
StartLesson 2: Retainers (6:06)
StartLesson 3: Typical Law Firm Expenses (7:06)
StartLesson 4: Client Costs- Asset or Expense? (9:06)
StartResource 1: Chart of Accounts for Solo or Small Law Firm
StartResource 2: Chart of Accounts for Large Law Firm
StartResource 3: New Law Firm Client Review Checklist
StartResource 4: Law Firm Terms