Frequently Asked Questions
What is the purpose of a chart of accounts in law firm accounting?
The chart of accounts is essentially an organized list of financial accounts. It helps categorize and organize financial transactions in a standardized way. Bookkeepers and accountants use it to record and track transactions in the organization's main financial record, making reporting and analysis easier and more accurate.
Can a law firm customize its chart of accounts?
Yes, a law firm can customize its chart of accounts to align with its specific needs and reporting requirements. While there are standard account categories and codes that are commonly used across industries, law firms will have unique requirements based on their practice areas, billing methods, and regulatory obligations.
7 Steps to Easier, More Efficient Law Firm Billing
Read this guide to implement smarter billing workflows that help you get paid faster with less effort.
Check out Clio's latest blog articles.
Get the latest articles on how to run a more efficient, profitable law firm.
Loading ...
