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Demystifying Accounting Concepts for Law Firms

In this episode we break down the accounting pitfalls law firms face - from IOLTA missteps to messy trust reconciliations. We explain why early legal-accounting support matters, how to handle credit card fees correctly, and the key practices that keep firms compliant, confident, and profitable. 00:53 Demystifying Accounting Concepts for Law Firms 01:43 Understanding Trust Accounts and IOLTA 02:52 Reconciling Accounts and Compliance 04:49 Importance of Proper Record Keeping 06:44 When to Hire a Legal Accounting Professional 07:53 Common Mistakes in Legal Accounting 12:39 The Value of Specialized Legal Accountants 14:07 Random Conversation and Initial Connection 14:25 Common Mistakes in Legal Accounting 14:52 Challenges with Trust Accounts 17:57 Importance of Proper Documentation 20:34 Credit Card Fees and Client Relations Be sure to subscribe for more episodes! Find us on YouTube as well! If you have questions, topic requests, or guest suggestions you can email us at info@accountantslawpod.com or send us a message through our website, www.accountantslawpod.com (http://www.accountantslawpod.com) If you want to join us in the Accountants Law Lab, visit our website at www.accountantslawlab.com to sign up! Accountants Law Pod is hosted by Lynda Artesani, Sarah Prevost, and Steve Libhart and directed/produced by Teaira Burge and The Proper Trust. Music by ComaStudio from Pixabay - Edited by audiovideo_uk Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.