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Law Practice Bookkeeping/Accounting Pain Points

I am writing an article on the pains of lawyers with solo and small practices when it comes to taking care of their bookkeeping for the practice. So my questions are: What is the biggest pain you have when it comes to bookkeeping for your law practice? Is it dealing with trust accounting? Could it be just finding the time to keep your books up-to-date while managing your practice? Please share your personal experiences. Your help is much appreciated.

Comments

  • SarahGoldSarahGold Albany, NY

    Other than finding the time, which is always an issue, early on for me was the learning curve of Quickbooks. Looking back, I might have chosen differently on the software, but it is what it is, and I've invested the time and effort now. I don't do a lot of trust/escrow work, but I still worry even now that I'm entering things wrong in QB.

  • via Email
    Hello SarahGold,
    Thanks for your input! So, do find yourself spending too much time on
    Quickbooks for your practice instead of doing law-related work?

    Victor
  • SarahGoldSarahGold Albany, NY

    Not so much now...early on, yes. That being said, I still find myself sometimes sitting down for a couple hours to bring everything up to spec and reconciling everything. I know I should probably hire someone do it and free myself up, but I'm cheap and a control freak about such things. :smile:

  • via Email
    Do you combine Quickbooks with a Law Practice Software like Clio? If you
    had a choice, would you use a more simplified program instead of Quickbooks?

    Victor
  • SarahGoldSarahGold Albany, NY

    I've never found a LPM system that I've liked, so no, I don't do that. I think if I had to do it over I'd pick a simpler program, though now I've got QB working so that doing my taxes at the end of the year is as simple as printing out a report for my Schedule C expenses and entering a few numbers.

  • via Email
    Hi Sarah,
    I have a few more questions for you. What is the best thing you like about
    using Quickbooks for your law practice? What is the worst?

    Thanks
  • SarahGoldSarahGold Albany, NY

    The best thing, now that I know what I'm doing, it's pretty easy to enter expenses and generate invoices. What's the worst? I'm wed to this system, and to change at this point would involve a lot of sunk time and cost. I'm also dependent on finding a LPM that would work with QB, and not everyone has that capability.

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