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Accounting Basics and Refreshers for Attorneys

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.

65 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on March 22, 2022.

Call 1-866-352-9540 for further credit information.

  • AR CLE 1.0
     
  • This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.0
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.0
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
     
  • CT CLE 1.0
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
     
  • GA CLE 1.0
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
     
  • HI CLE 1.0
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.0 CLE credit hours.
     
  • IL CLE 1.0
     
  • This course was approved for a total of 1.0 hours of MCLE Credit by the Illinois MCLE Board.
     
  • IN CLE 1.1
     
  • This program has been approved by the Indiana Commission on Continuing Legal Education. Participating attorneys are eligible to receive up to 1.1 hours of Distance Education credit.
     
  • ME CLE 1.0
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.0 hours of CLE credit under M. Bar R. 5.
     
  • MN CLE 1.0
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.0 hours of credit.
     
  • MO CLE 1.3
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • MS CLE 1.1
     
  • This program has been approved by the Mississippi Commission on Continuing Legal Education for a maximum of 1.1 credit hours.
     
  • MT CLE 1.0
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.0 CLE credits.
     
  • NC CLE 1.0
     
  • This program has been approved by the North Carolina State Bar Board of Continuing Legal Education for 1.0 CLE hours.
     
  • NH MCLE 1.1
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 65 Minutes.
     
  • NJ CLE 1.3
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.3 hours of total CLE credit.
     
  • NV CLE 1.0
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
     
  • OH CLE 1.0
     
  • This course has been approved by the Ohio Supreme Court Commission on Continuing Legal Education for 1.0 CLE credit hours. Please note: No more than twelve (12) hours of self-study CLE credit for any biennial reporting period may be earned by an Attorney or Judge under Regulation 409.2. To fulfill CLE requirements for self-study, web-based programs, you must complete 100% of the polling questions during the program. Your hours will be filed electronically within thirty (30) business days by Lorman Education Services provided you fulfilled 100% attendance and polling questions answered.
     
  • PA CLE 1.0
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.0 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
     
  • TN CLE 1.08
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.08 hours of credit.
     
  • VT CLE 1.0
     
  • This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WA CLE 1.0
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.0 hours of A/V credit under the Law & Legal Procedure category.
     
  • WI CLE 1.0
     
  • This program qualifies for 1.0 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.3
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.3 MCLE hours.
     
  • NALA 1.08
     
  • This program is applicable for continuing legal assistant education credit. Please check with your accrediting board to see if this course will qualify towards your recertification requirements. Program Length: 1.08 hour(s).
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.0
     
  • CA MCLE 1.0
     
  • HI CLE 1.0
     
  • MO CLE 1.3
     
  • NJ CLE 1.3
     
  • OR CLE 1.0
     
  • VT CLE 1.0
     
  • WA CLE 1.0
     
  • WV MCLE 1.3
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Matthew Shiebler, CPA

Matthew Shiebler, CPA

Interactive Accountants

  • President and Owner of Interactive Accountants, LLC, with offices in Miami, FL, River Edge, NJ, and Santiago, D.R.
  • Interactive Accountants, LLC is a complete accounting solution provider for legal professionals, health care, e-commerce, Amazon Delivery Service Partners, and the cannabis industry
  • Past speaking and teaching engagements include the Miami Dade County Bar Association, The Coalition of Optometrists in Broward County, The Rockland County Plumbers Association, and The Miami PBA, as well as being a mentor and educator to a staff of 17
  • Blog posts at www.interactiveaccountants.com are written by Matthew Shiebler, CPA, and his son Evan Shiebler
  • AICPA member since 1999; licensed CPA in FL, NJ, and NY
  • B.S. degree in accounting, Ramapo College of New Jersey
  • Can be contacted at [email protected], 305-517-3977 x104, 914-263-9806, https://interactiveaccountants.com/, or https://thethccpas.com/
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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  • State Specific Credit Tracker
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Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 409385
Published 2022
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