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Clio accounting seminar on March 27 2014


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Legal accounting made easier, with content from Fleet Street Law and Alluvion

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Clio accounting seminar on March 27 2014

  1. 1. Differences Between Accounting and Legal Accounting •Trust accounting –Statutory/regulatory duty –Common law duty of trustee •Growing need for Document Management –Attaching reporting letters or memos to docket entries •Increasing demand for mobility –Lawyers on the move or virtual –Loss of billables if not recorded contemporaneously
  2. 2. Accounting at Aluvion A quick intro to Aluvion’s bookeeping philosophy
  3. 3. Bookkeeping is important. Bookkeeping doesn’t have to be hard. Systems and Organization Drudgery Bookkeeping keeps your client happy. Transparent Billing Surprises Bookkeeping increases profitability. Profitable Work Delinquent Accounts
  4. 4. Aluvion’s Bookeeping Principles Track Everything! -Many Small Entries (mistakes less important) -Store Everything (reliability, analytics) Filter Aggressively! -Limit the noise -Review and track
  5. 5. The Data Collection Funnel Everything Billing Accounting Every step of every task you completed in the office. A summary of every task/deliverable you completed for every client. The result of every financial transaction.
  6. 6. The Data Collection Funnel Everything Billing Accounting Daily and Weekly Review of ‘billable hours’ Bi-weekly Case File Reviews, Invoice Reviews
  7. 7. Tools we use: -Everything -Billing -Accounting
  8. 8. Docketing Tool -Describe every task -Tag them appropriately -Record time away from computer on mobile app, or any other way you feel comfortable
  9. 9. Daily Docketing Review Daily email to review spreadsheet that grabs ‘billable hours’ from their timedoctor. -Ensure only billable work is logged -Ensure time measurements are correct. -Add any time that wasn’t logged via computer.
  10. 10. Weekly Docketing Review - Review Task Descriptions -Consult internal Style Guide re: F/U John Doe the client J.Doe john doe
  11. 11. Export from Spreadsheet to Clio
  12. 12. Systematize Reporting Client Intake Form Clio -Contact -Mater CRM -Source -Closer Client File -Know your Client - Retainer Agreement Xero Information is entered once Information is tracked in many different locations
  13. 13. Contact Information • Email: – – – • Social Media: – Twitter: @omarharedeye – LinkedIn: (special thanks to Peter MacDonald at Aluvion for assistance with this presentation)