Accountants Law Pod™

26 Sept 2024 · 33 min

0:00

In this episode of the Accountants Law Pod, hosts Linda Artesani, Sarah Prevost, and Stephen Libhart dive deep into the process of conducting accounting and bookkeeping file reviews for law firms. They begin by emphasizing the importance of charging for file reviews and outline pricing strategies based on firm size and complexity. The conversation moves to the initial client interview, where probing questions help determine scope and pricing. They stress the value of audit logs, balance‑sheet‑first analysis, and reconciling books to tax returns. Specific QuickBooks tools are highlighted—undeposited funds, class accounting, chart of accounts, reclass tool, and the accountant’s briefcase—along with how to spot duplicate entries and missing transactions. Integration with practice‑management software such as Clio is discussed, including checking AR alignment and sync errors. Trust‑account reviews, chart‑of‑accounts hygiene, and distinguishing assets from expenses are covered. The hosts advocate a non‑judgmental, fact‑based approach, using Loom video walkthroughs instead of lengthy write‑ups, and creating clear communication channels, point‑person designations, and review checklists. They share practical tips like using the “What’s That Charge?” lookup tool, handling multiple partners with conflicting ideas, and deciding when to rebuild a messy file versus cleaning it. Throughout, they weave anecdotes, war‑story examples, and a collaborative tone to equip accounting professionals with tactical steps for effective legal file reviews.

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