Simon Honours

Monthly Bookkeeping Newsletter for Attorneys Bookkeeping Related Insights and Updates for Attorneys In this edition, we look at different legal and bookkeeping related news including the implications of not keeping accurate trust accounts, how Stock Ledgers are being revolutionized with Delaware Corporate Blockchain Legislation, and an ongoing McDonald’s bookkeeping saga. In addition, we review some of the popular bookkeeping software for attorneys including an update on the Global Law Practice Management Software Market Research Report 2017. The consequences of not keeping accurate Trust Accounts Keeping track of client trusts can be challenging especially if you manage several client trusts. Each one needs to be managed and tracked independently and must have a full paper trail so there can never be a question that funds were used improperly. Disgraced attorney, Geoffrey Saltzstein was recently disbarred for failing to place clients’ funds in trust and properly account for those funds. Hiring a reliable bookkeeper to help you manage your fiduciary duties as they relate to trusts and eliminate the risks posed by improper management of trust funds should be a priority. Our approach makes it simple to identify and keep track of funds that are placed in trust accounts. Delaware corporations now able to store corporate records on a blockchain The Delaware General Assembly has now passed legislation that will allow Delaware companies to finally provide a secure and immutable electronic record of share activity that eliminates bookkeeping errors and costly ownership disputes. It will also enable existing corporations to convert their paperbased shares to distributed ledger shares, while new corporations will use electronic records from the outset and never hold paper records. McDonald's interrogates Bookkeeping Expert in Unpaid Overdue Taxes Trial Michael Gray of Jones Day who is also McDonald’s attorney cross-examined the plaintiffs’ bookkeeping expert from Hemming Morse LLP, David Breshears who had testified that the company could owe a wide range of statutory penalties for incidences in which it failed to pay out overtime. Depending on what starting point the court sets for the 24-hour “workday” McDonald’s must use to calculate overtime, Breshears' report suggested that the penalties could range from $41 million if the workday started at 9 p.m. down to roughly $9 million if it started at 4 a.m., as McDonald’s has argued it should. McDonald’s questioned the accountant’s qualifications and methodologies during crossexamination in the damages trial which is set to continue in the coming days. Popular Practice Management Software Available to Attorneys MyCase is a cloud-based law firm practice management software that allows attorneys to create cases, manage correspondence, documents, calendars, timekeeping, and billing for clients. Since it is a cloud-based solution, MyCase allows the legal professional to work anytime, and from anywhere; allowing them to do more in less time. It increases efficiency by centralizing and streamlining case management. From installation to daily use, all the procedures are easy to use and don’t require expert level knowledge to run it. MyCase addresses the challenge of maintaining effective communication between clients and attorneys. Clio has three tiers, a Starter, Boutique, and Elite. The Starter tier has all of the essential features including matter tracking, calendaring, timekeeping, and invoicing. The Boutique offers greater automation and integration with bookkeeping platforms like Quickbooks and Xero. The elite includes priority support, court calendaring rules, and allows you to set matter budgets. It’s also easy to merge client contacts from Outlook or Google to Clio. Clio’s three product plans cater to varying needs and budgets of law offices. A free trial is also offered for law offices that want to take Clio for a test drive. LawPay credit card processing software is designed specifically for attorneys. In the past, regulations and requirements associated with credit card payments specific to the legal industry have made many attorneys and firms reluctant to adopt credit cards payments in their practices. According to the American Bar Association, members can accept credit cards with confidence and trust LawPay's unique processing program to correctly separate earned and unearned fees in compliance with ABA and most State guidelines. To find out which software will work best for your practice, feel free to contact us to discuss designing, establishing and reviewing accounting systems. We'll happily advise you on the right solutions to enhance your operations. Global Law Practice Management Software Market Research Report 2017 is now available The popular law practice management trends report has recently been released. It tracks the major market events including product launches, technological developments, mergers & acquisitions, and the innovative business strategies opted by key market players. The research report outlines in-depth analysis of legal industry trends and forecasts according to market size, market share, major market segments, and different geographic regions. It also focuses on the key drivers, restraints, opportunities and challenges, making it a worthwhile read. Get In Touch Let's work closely with you to evaluate your practice in key areas of bookkeeping. We offer critical analysis and practical solutions by identifying business trends and opportunities for growth to help you improve the operations, efficiency, and profitability of your practice. Contact us for assistance with ongoing financial upkeep of your business, processing invoices, receipts, payments, and other financial transactions, reconciling accounts and preparing reconciliation reports, or to discuss software – how to run custom reports, how to fix a transaction, and how to reconcile bank statements. Our depth of experience and know-how of legal practices allows us to offer invaluable advice customized to your firm's requirements.