The Anti-DIY Chart of Accounts: How to Build it Right

The Anti-DIY Chart of Accounts: How to Build it Right

Building a law firm's chart of accounts by leaving QuickBooks or Xero on default settings almost never works, and it usually creates a mess someone else has to clean up later. In this episode, Lynda Artesani, Sarah Prevost, and Steven Libhart break down why the default chart of accounts (built for contractors, not law firms) falls short, and what a proper setup actually looks like. They cover separating operating accounts from IOLTA/trust accounts, common naming mistakes that confuse tax preparers, the $2,500 fixed asset rule and why it trips people up, handling attorney compensation versus distributions, avoiding accounts that expose employee names, and why housekeeping your chart of accounts once a year (hint: now is a great time) keeps your books usable instead of unmanageable. If you've ever looked at a law firm's profit and loss and had no idea where to look, this conversation is for you. 01:20 Why Default COA Fails 02:03 Separate IOLTA and Operating 03:56 Align Books With Tax Return 05:48 Common DIY COA Mistakes 06:59 Estimated Taxes and Equity 07:40 Fixed Assets and Thresholds 10:34 Marketing Buckets and KPIs 14:00 Cost of Sales and Client Costs 16:05 Housekeeping and Subaccounts 18:34 Payroll and Bank Feed Pitfalls 22:47 When to Stop DIY Have a question or topic you want covered on a future episode? Email info@accountantslawpod.com or reach out through accountantslawpod.com. Join the Accountants Law Lab Mastermind at accountantslawlab.com. 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. The stories we share from the field are meant to educate, never to shame. We have deep respect for attorneys and the complexity of running a firm, and we recognize that many of the mistakes we discuss happen simply because no one ever explained the rules.

Dear Attorney, Your Bookkeeper Deserves A Vacation (Everything is Going To Be Fine)

Lynda is back after a trip to California that ended with a broken shoulder and a great story, and the team is diving into two topics that the community has been asking about. First up: Dear Attorney, Your Bookkeeper Deserves a Vacation. Lynda, Sarah, and Steve talk about why every bookkeeper needs time off, how to set up coverage so nothing falls through the cracks, and why they actually added vacation language to their engagement letters. Then the team tackles a listener question from their legal software showdown episode: what about Caret Legal, TimeSolv, and Rocket Matter? The hosts share their honest takes on all-in-one versus integrated systems, the real cost of a data migration gone wrong, and why support quality matters more than any feature list when you are locked into a platform. 01:37 Why Bookkeepers Need Breaks 05:45 Coverage Plans and SOPs 08:18 Setting Client Expectations 11:42 Legal Software Question 15:35 All in One vs Integrations 18:55 Support and Switching Costs 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. The stories we share from the field are meant to educate, never to shame. We have deep respect for attorneys and the complexity of running a firm, and we recognize that many of the mistakes we discuss happen simply because no one ever explained the rules.

Advisory Services 101

Advisory services are no longer optional for accountants and bookkeepers. They are the future of the profession. In this episode, Sarah Prevost and Steven Libhart dig into what it really means to be a trusted financial partner to your law firm clients in the age of AI. From beverage machines that diagnose themselves to bank transitions handled with a single phone call to a senior vice president, the conversation covers what AI can and cannot do, why human relationships and institutional knowledge are irreplaceable, and how bookkeepers and accountants can step confidently into the advisory role without being overwhelmed. Practical, honest, and genuinely fun, this one is for every accountant who has ever wondered what being a trusted advisor actually looks like in practice. 05:17 Advisory Services 101 06:55 Follow Up and Add Value 08:26 Apps and Adoption Pitfalls 11:34 KPIs Need Human Coaching 15:13 Be Included in Decisions 17:12 Bank Switch Success Story 20:53 Guiding Firm Transitions 25:22 Tool Risks and Confidentiality 28:32 Practical Steps for Advisors 🔔 Subscribe for weekly episodes covering law firm bookkeeping, legal tech, and accounting practice tips. 📩 Have a question or topic idea? Email us at info@accountantslawpod.com [info@accountantslawpod.com] 🧑‍💼 Join the Accountants Law Lab Mastermind: accountantslawlab.com 🌐 Visit us at accountantslawpod.com What does being a trusted advisor look like in your practice? Drop it in the comments! 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. The stories we share from the field are meant to educate, never to shame. We have deep respect for attorneys and the complexity of running a firm, and we recognize that many of the mistakes we discuss happen simply because no one ever explained the rules.

If You Hate Numbers, That’s Exactly Why You Need Them

If you hate numbers, this episode is exactly for you. Sarah Prevost and Steven Libhart make the case that the attorneys and firm owners who avoid their financial reports are the ones who end up in the biggest messes, and that understanding your numbers does not require loving them. The conversation covers KPIs, AI as a financial tool and its very real limitations, partner compensation planning, labor costs, and why your firm administrator is probably making you more money than you realize. 00:31 Why Numbers Matter 01:45 Entrepreneur Mindset Shift 02:28 AI Needs Context 05:14 Garbage In Garbage Out 07:39 KPI Case Study 10:04 Finding the Real Issues 12:55 Hidden Admin Money Leaks 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.

Evergreen Retainer Tips

Evergreen retainers are one of the most powerful tools a law firm can use to protect cash flow and reduce accounts receivable headaches — but only when they are set up and monitored correctly. In this episode, Sarah Prevost and Steven Libhart break down exactly what evergreen retainers are, how they work, and the nuances that attorneys, bookkeepers, and accountants need to understand before putting them in place. From engagement letter requirements and bar rules to dispute management, milestone billing, and the tickler system trick. If you work with law firm clients or are an attorney managing your own billing, this one is worth a listen. 00:39 Episode Topic Evergreen Retainers 01:30 Why Evergreens Help Cashflow 04:00 Definition and Simple Example 06:07 Tracking and Tickler Systems 06:49 Client Communication and Budgets 08:46 Disputes and Reconciliation Risks 11:11 Complex Cases and Outside Costs 13:44 Tools Payments and Transparency 15:31 Wrap Up and Call to Action 🔔 Subscribe for weekly episodes covering law firm bookkeeping, legal tech, and accounting practice tips. 📩 Have a question or topic idea? Email us at info@accountantslawpod.com [info@accountantslawpod.com] 🧑‍💼 Join the Accountants Law Lab Mastermind: accountantslawlab.com 🌐 Visit us at accountantslawpod.com 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.