Yesh Quijano, Author at SMS Accounting

Common Trust Accounting Mistakes By Law Firms and How To Avoid Them

Trust accounting mistakes can cost law firms significantly. Mismanagement of trust accounts can lead to loss of client trust and legal repercussions. Law firms must comply with regulations and uphold fiduciary duties to maintain their reputation and avoid penalties. Are you aware of the most common trust accounting mistakes and how to avoid them? Key

Differences Between Bookkeeping and Accounting: Key Differences & What Lawyers Need to Know

Jun 20, 2024Yesh QuijanoAll

Understanding the difference between bookkeeping and accounting is essential for any law firm wanting to remain compliant with regulatory rules. Bookkeeping involves recording financial transactions, while accounting focuses on interpreting and classifying financial data. Are you confident that your law firm is leveraging both properly for optimal financial health? Key Takeaways Bookkeeping vs Accounting: Let’s