BOOKKEEPING FOR ATTORNEYS
Your law firm has special bookkeeping needs and record-keeping requirements, especially pertaining to your IOLTA (Interest On Lawyers' Trust Accounts). These rules are set by the American Bar Association and individual State and local Bar Associations. As your law firm handles money belonging to your clients – such as settlement checks, fees advanced for services not yet performed, or money for costs associated with client cases – these funds need to be deposited into an IOLTA account. Depending on the amount being deposited and the length of time these funds need to be held, they may need to be deposited into separate IOLTA accounts or your law firm's general IOLTA account. Law firms can have more than one IOLTA account that needs to be maintained at a time. We can manage the bookkeeping for all your IOLTA accounts.
Your law firm needs a bookkeeper who is versed in the legalities of, and experienced in managing, IOLTA accounts. Balanced Books by Brenda will maintain a three-way reconciliation – bank balance, IOLTA liability account, balance in your time and billing software – of your IOLTA accounts at all times.
- Allows you to focus on your law practice and growing your firm.
- Reduces stress by taking your firm's bookkeeping needs off your plate.
- Secures compliance with Bar and other regulations regarding your bookkeeping and IOLTA accounts.
- Saves payroll costs by eliminating the need to have an in-house bookkeeper.
- Strengthens your relationships with clients when they know their funds will be professionally managed.
- Systemizes the processes within your firm by adding professional and efficient bookkeeping and time keeping systems.
- Increases billable time and revenue by implementing more efficient and effective time tracking solutions.
- Enhances payment collection when invoices are sent on a timely basis, and when overdue payment reminders are regularly followed up by e-mail and phone calls.
