THE LATEST DEVELOPMENTS IN LAW FIRM ACCOUNTING

Cash Flow Calrity
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Achieving Cash Flow Clarity for Your Law Firm

In the dynamic world of law practice, managing finances effectively is just as crucial as mastering the intricacies of the legal system. Cash flow serves as the lifeblood of any business, including law firms. As a lawyer managing your own practice,…
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Escrow Cushion
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Escrow Accounts: Where a Cushion Can Be a Pitfall

In legal practices, managing client funds appropriately is paramount. Escrow accounts serve as a vehicle for holding these funds and, as a result, are subject to meticulous rules and regulations. One commonly misconstrued area is the practice…
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AFP Fraud And Control Report
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Understanding the Trends in Payment Fraud Attacks

Introduction: Addressing the Challenge of Payment Fraud Attacks In the dynamic world of financial accounting, the challenge of countering payment fraud attacks is more pressing than ever. Amidst technological advancements and the shift to…
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Fraudulent Checks
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Protecting Your Law Firm from Fraudulent Checks: Strategies and Best Practices

Introduction In today's fast-paced legal environment, law firms must remain vigilant to protect their financial interests. Fraudulent checks have become increasingly prevalent, causing substantial losses for businesses that fall victim to…
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contractor vs employee
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Employee vs. Independent Contractor: Understanding the Key Differences for Law Firms

In the legal industry, the decision to classify legal professionals as employees or independent contractors can have significant implications for both law firms and the lawyers themselves. This classification affects various aspects, including…
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Law Firm Financial Statements
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Demystifying Law Firm Financial Statements

Financial statements are essential tools for monitoring your law firm's financial health and making informed business decisions. However, interpreting these reports can be challenging for those without an accounting background. In this post,…
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financial metrics
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Five Financial Metrics Every Law Firm Should Track

Monitoring financial metrics is essential for law firms looking to optimize performance, drive growth, and maintain a competitive edge. By tracking key performance indicators (KPIs), you can make data-driven decisions, identify areas for improvement,…
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law firm tax
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Navigating Tax Deductions for Law Firms

Tax planning is an essential aspect of managing your law firm's finances. By understanding and taking advantage of available tax deductions, you can minimize your tax liability and maximize your firm's financial health. In this blog post, we'll…
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cash flow law firms
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Six Tips For Law Firm Cash Flow Management

Managing cash flow is critical for the success and growth of any business, and law firms are no exception. Ensuring steady revenue streams and maintaining financial stability allows your firm to meet its obligations, invest in growth opportunities,…
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Law Ledgers is an accounting firm providing full-charge tax and bookkeeping services to New York lawyers and law firms.  Our work focuses on meeting the unique needs of the legal profession, assuring compliance with the stringent record-keeping and reporting requirements of doing business and paying taxes in New York while also maximizing profits. To learn more, call us at 1 (929) 327-7711, or contact us by e-mail for general inquiries at staff@lawledgers.com.