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Sponsored by Lorman Education
Product ID: 409385EAU
 
Credit & Course Provided by:

Accounting Basics and Refreshers for Attorneys

OnDemand Webinar (65 minutes)

Gain a refresher on basic accounting knowledge necessary for practicing law.Becoming an attorney or even a paralegal requires many years of education and on-the-job training. And while it is a goal for many attorneys to own their own law firm someday, law school really doesn't teach you much about finance or basics in accounting. Every business owner needs accounting, and most of the time, this is outsourced to a bookkeeper or accounting firm. Yet when financial statements are submitted, many people feel lost on how to understand them, or sometimes even a little embarrassed that they don't know what they are looking at. The goal of this course is to educate you on accounting software packages and what they can do. Gain a general understanding of some accounting fundamentals, refresh your knowledge on financial statements and dive into how to read and understand them.

Authors

Matthew Shiebler, CPA, Interactive Accountants

Agenda

Choosing the Right Accounting Software for Your Law Firm

• Online vs. Desktop (Advantages/Disadvantages)

• Connecting Practice Management Software to Your Accounting Software and the Benefits of Doing So

• Taking Advantage of Online Bill Pay and Receipt Capture Using Your Accounting Software

Accounting Basics - the Debits and Credits

• Recording the Transactions - Concept of Balancing Our Entries aka Double-Entry Accounting

• Expenses vs. Assets - Where Do We Draw the Line on the Difference?

• Revenues vs. Liabilities and Equity - Defining These Terms and Why It's Important

Balance Sheet, P&L, and Cash Flow Statements

• Understanding the Balance Sheet and How to Read Them

• Going Through the P&L and How to Best Structure This for a Law Firm

• How to Read a Cash Flow Statement, and What Does It Mean

Why Are Financials Statements Important and a Beginner's Intro Into Reading Them

• Why/How Do Banks and Financial Institutions Use Financial Statements?

• What Financial Ratios Are Important to Law Firms

• How Can My Law Firm Create Key Performance Indicators (KPIs) From Our Financial Information?

Questions and Answers