In the legal realm, trust accounts act as a safeguard, ensuring upfront payments from clients remain separate until earned by the attorney. Our approach involves creating a liability account in your QuickBooks file, maintaining a clear distinction between trust funds and business income. With our meticulous tracking, we ensure compliance with IRS regulations, preventing potential pitfalls.
Client advances, often termed client cost advances, involve offering short-term financial support to cover case-related expenses. At TMD Consulting, we understand the delicate balance of managing these advances. We work closely with your firm to track expenses, send out invoices, and seamlessly integrate this process into your financial workflow.
Navigating attorney commissions, a common practice in law firms, is our expertise. We streamline the income categorization process, allocating percentages accurately based on each attorney’s contributions. Using industry-leading tools like QuickBooks and specialized legal management systems, such as Clio, we ensure a cohesive and efficient financial management system.
At TMD Consulting, we pride ourselves on providing specialized, client-focused bookkeeping services for law firms. Let us handle the financial intricacies, allowing you to focus on what you do best—delivering exceptional legal services. Trust us to keep your books in order, so you can navigate the legal landscape with confidence.