Attorneys

Law firms have special accounting requirements.  Most attorneys work on retainers, and must hold those retainers in a dedicated IOLTA trust account until they have “earned” fees for services performed. This means that there is a legal obligation to hold those monies separately, and carefully account for any transfers that go into the firm’s regular operating account to pay the firm’s expenses. ZumiFi is experienced working with this type of trust accounting, having worked with companies in this area since 2002. We know all about the requirements, the tools, and the best practices to ensure your firm is accounting for all activities cleanly and clearly, including:

Cash Flow Management

You cannot touch the monies in the trust account until you earn them, but you need monies to keep your operations flowing, the bills paid and payroll covered. ZumiFi can help you monitor your cash flows to ensure everything is covered by keeping your books up to date in real time, and anticipating future cash outlays.  We will also ensure that the monies get transferred over from the trust account promptly, so there’s no waiting to handle your business.

Third Party Billing Systems

Clio – Bill4Time – Rocket Matters. We work with all of these tools, and often for various clients. We have other attorneys who are using time tracking software, such as TSheets, and then we manage their billing for them in QuickBooks Online directly.

Let us discuss the optimal solutions for you and your team to ensure the time is captured, and billing is a breeze!

Retainer Reporting

Because you are legally obligated to hold the client’s retainer in trust, you are also required to report on the status and use of those funds.  

We know all about reconciling individual client retainer balances, and making sure that everything is captured and a statement of account can be produced accurately on demand.

Let ZumiFi help you with trust accounting

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