A Blog for Legal Bookkeeping
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? KeyRead…
Differences Between Bookkeeping and Accounting: Key Differences & What Lawyers Need to Know
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’sRead…
Trust Accounting For Lawyers: Mastering The Basics
Trust accounting might sound like a dry topic, but managing client trust funds properly is essential for any lawyer and law firm. From setting up accounts to satisfying legal requirements, mastering trust accounting can save you a lot of headaches and possibly a few gray hairs. Ready to dive into the essentials and keep yourRead…
Frequently Asked Questions
- How can SMS Accounting help my practice?
- First, we will make sure you are in compliance with all BC Law Society rules. Second, we can take care of most full-cycle bookkeeping activities, and last and most importantly, we’ll help you navigate the different financial scenarios your firm faces.
- Is SMS Accounting insured?
- Yes, we are fully insured
- Can SMS do our income taxes?
- Sorry, we don’t do personal or corporate income taxes.
Technology We Work With
We strongly believe that leveraging technology is key to a law firm’s success.
We believe that our greatest contribution to your business is not just the work that we do for you, but the security that comes with knowing that we share your best interests.