Accountants Law Pod™

Navigating IOLTA Trust Accounts

Here are the updated versions without em dashes: Spotify Description Trust accounting is one of the most compliance-heavy areas in legal bookkeeping, and post-tax season is exactly the right time to audit where things stand. In this episode, Lynda and Steve dig into the common traps law firms fall into with their IOLTA and trust accounts: timing issues with Clio Pay and e-checks, commingling funds (intentional or not), the danger of moving money before it clears, and why switching bank accounts doesn't fix underlying reconciliation problems. They cover the three-way reconciliation that every firm should be doing (bank, billing software, accounting system), how to structure your chart of accounts with proper sub-accounts and a trust suspense account, and what to expect and do if the bar's attorney regulation counsel comes knocking for an audit. Whether you're new to legal accounting or doing a post-tax-season cleanup, this episode is packed with practical guidance on protecting both your clients and your license. Topics covered: IOLTA trust accounting, Clio Pay timing, three-way reconciliation, chart of accounts setup, QuickBooks Online, bar compliance, trust audits, personal injury disbursements, and more. 00:53 Trust Accounting Reset 01:28 Tax Return Reporting 02:27 One File vs Two 03:46 Bar Rules First 05:15 Clio Pay Timing Risks 07:31 PI Checks and Disbursements 11:21 Client Loans and Compliance 13:14 Choosing Legal Software 15:20 Clio vs LeanLaw Workflows 16:09 Spotting Date Errors 16:35 Retainers and Payments 17:30 Three Way Reconciliation 17:59 Account Bucketing Setup 19:06 QuickBooks Lock Feature 20:41 Trust Suspense Accounts 21:53 Reconciliation Misconceptions 22:59 Avoiding Commingling 24:43 Handling Trust Audits 25:53 Cleanup and Opening Balances 28:06 Outsourced Help and Notes 🌐 Website: accountantslawpod.com 💬 Community: accountantslawlab.com 📩 Contact: info@accountantslawpod.com [info@accountantslawpod.com] Disclaimer: The content presented in this podcast is for informational purposes only and should not be considered as legal, financial, or professional advice.

Maybe Your Paralegal Shouldn’t Be Handling Bookkeeping…

Your paralegal is great at their job. That is exactly why they should not be doing your books. In this episode of Accountants Law Pod, Lynda and Steve make the case for why assigning bookkeeping to your paralegal is one of the costliest mistakes a law firm can make. From trust account disasters and reconciliation nightmares to payroll privacy risks and bar audit exposure, they break down the real consequences of this all-too-common decision and what to do instead. If you are a paralegal currently doing the books, maybe share this one with your boss... 02:20 Why Paralegals Shouldn't Bookkeep 03:15 Real World Bookkeeping Horror 05:22 Reconciliation and Cleanup Risks 08:24 Payroll Privacy Pitfalls 11:30 Software Integrations Gone Wrong 14:26 Segregation of Duties Matters 18:28 Trust Accounting Audit Readiness 21:11 War Stories From Law Firms 24:51 Key Takeaways and Next Steps 🔔 Subscribe for weekly episodes on legal accounting, trust accounting, law firm bookkeeping, and growing a compliant and profitable law practice. 👉 Join the Accountants Law Lab Mastermind: accountantslawlab.com 🌐 Visit us at: accountantslawpod.com 📧 Submit a topic or question: info@accountantslawpod.com [info@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.

The Future of Legal Accounting: Trends and Predictions

The future of legal accounting is moving fast and AI is at the center of it. In this episode of Accountants Law Pod, we take an honest and sometimes hilarious look at where AI is actually delivering in legal and accounting workflows, where it is falling short, and what it means for the future of the profession. From trust accounting and docketing to bank feeds, client billing, and the very real risk of skill atrophy, this is a grounded and candid conversation about what is coming and how to stay ahead of it. 🔔 Subscribe for weekly episodes on legal accounting, trust accounting, AI in legal tech, law firm bookkeeping, and growing a legal accounting practice. 👉 Join the Accountants Law Lab Mastermind: accountantslawlab.com 🌐 Visit us at: accountantslawpod.com 📧 Submit a topic or question: info@accountantslawpod.com [info@accountantslawpod.com] 01:02 AI Takes Center Stage 02:06 Tesla AI Reality Check 03:18 Automation Myths and Trust Recs 04:35 Prompting and App Ecosystems 06:03 QuickBooks AI Skepticism 07:18 Reconciliation Limits and Nuance 09:04 Banks Security and Shifting 10:13 AI in Attorney Billing 12:58 Tool Skills and Hiring Future 15:37 Advisors to Validators 16:18 Multi Business Valuation 17:11 Real Time Accounting 17:31 Legal Data Complexity 18:49 Compliance and Cyber Risk 20:05 Keeping Human Skills 21:40 AI for Firm Operations 23:12 Meeting Analysis Insights 24:42 Curiosity and Marketing 26:20 Frontier With Foundations 28:37 Industry and Banking Shifts 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.

Most Common Mistakes in Legal Accounting

Whether you are an attorney managing your own books or a bookkeeper supporting law firms, the same costly mistakes show up again and again. In this episode of Accountants Law Pod, we break down the most common legal accounting errors they encounter, from unbalanced trust accounts and uncollected AR to bonus checks that bypass payroll and chart of accounts setups that create more problems than they solve. If you want to protect your firm, your license, and your bottom line, this one is worth your full attention. 00:46 Common Trust Accounting Errors 01:39 Reconciling Trust Accounts 02:05 Tracking Trust by Client 03:07 Spreadsheets vs Real Ledgers 04:03 Choosing Legal Billing Software 06:58 Advanced Client Costs Basics 08:12 Hybrid Methods and IRS Rules 10:26 Workflows and Timekeeping 12:36 Year End Chaos and Tax Pain 13:48 Undeposited Funds Chaos 14:34 Benefits That Don’t Fit 15:25 AR Piling Up 17:01 Weekly Reporting Rhythm 18:17 Trust Compliance Reality 22:49 Chart of Accounts Clarity 23:51 Bonus Checks Payroll Trap 25:06 Docketing and Fee Risks 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.

LEDES Billing

If you’ve ever heard of LEDES billing and thought, “How hard can it be?”… this episode might just save you from a full-blown billing meltdown. In this episode of Accountants Law Pod, we dive into the surprisingly complex (and often frustrating) world of legal electronic billing. From rejected invoices over a single misplaced comma to navigating strict code sets, budgets, and insurance requirements - LEDES billing is truly its own beast. We break down: What LEDES billing actually is (and why it exists) Why it’s more common in larger firms and insurance work The hidden layers: budgets, approvals, and negotiations Common mistakes that can get your invoices rejected The reality of managing receivables, appeals, and follow-ups Why strong workflows (and patience) are non-negotiable How AI tools are helping, and where they’re still falling short Whether you’re a bookkeeper, legal accountant, or firm owner, this episode gives you a real-world look at what it takes to handle LEDES billing and whether it’s a service you actually want to offer. Because in this line of work… precision isn’t optional. 03:16 What Is LEDES Billing 04:31 Codes Formats Rejections 06:05 Budgets Approvals Write Downs 08:59 Workflow Teams Micro Niche 12:13 Code Sets And Support 13:41 Tools Hubdoc Vs QuickBooks 17:46 Pricing Client Intake Tips 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.