Law Firm Accounting FLEXCAST
Available Until
Your Desk
3.0 Credits
Member Price $49.00
Non-Member Price $56.00
Overview
A law firm has a number of unique accounting requirements. It is strongly focused on the proper identification of chargeable hours, correctly structured billings, distributable income calculations, partner accounts, practice group reporting, realization rates, and much more. Law Firm Accounting provides the accountant with the information needed to set up a charge code system, account for ongoing business transactions, prepare financial statements, and issue a broad array of reports that are specifically targeted at the needs of a law firm. In short, it addresses every aspect of the accounting for a law firm.
Highlights
The essentials of law firm accounting. Law firm financial statements. Fee revenue. Law firm management reporting. Bad debts. Billing rates. Chargeable hours. Law firm controls.
Prerequisites
None.
Designed For
CPAs, CEOs, CFPs, and other financial managers.
Objectives
Recognize how the modified cash basis varies from accrual basis accounting, and how this impacts the recognition of various transactions. Specify the circumstances that can lead to the under-realization or over-realization of hourly rates. Specify the types of billing arrangements in which a law firm typically engages. Identify the accounting techniques that can be used to reduce the amount of reported income. Specify the controls applicable to the handling of cash within a law firm, and more.
Preparation
None.
Notice
This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.
Leader(s):
Leader Bios
Steven Bragg, Western CPE
Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.
Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).
Non-Member Price $56.00
Member Price $49.00