This session focuses on an introduction to accounting department duties, accounts payable process, accounts receivable process, general ledger, general ledger accounts, account types, cash versus accrual accounting methods, and fixed asset management. We will outline duties and processes in detail in the accounting department. There will be a review of the balance sheet and profit and loss statements so that you have an understanding of where account balances reside. We'll also discuss types of expenses and the importance of understanding the main expenses that affect a law firm. We will include a discussion of depreciation and some of the methods of applying depreciation.
Objectives:
- Develop an understanding of accounting department structure and responsibilities.
- Identify the main differences in cash versus accrual accounting.
- Recognize what types of accounts are on a balance sheet and profit and loss statement.
- Develop a clear process of accounts payable.
- Develop a clear process of accounts receivable.
Audience: Basic
Other Information:
90 Minutes
CLM App Management Category -FS: Financial Management
CPE Field of Study: Finance
Andrea L. Myers, CLM
Andrea L. Myers, CLM, is the Director of Finance and Operations with Miller Johnson where she is responsible for managing the accounting and collections team for the firm. Those functions include accounts payable and receivable, cash management, financial reporting, tax preparation and filing, and overseeing the firm's billing systems. Myers also oversees the firm's Operations Departments and manages third-party relationships to which document services have been outsourced. An ALA member with 11 years of legal industry experience, she has served on the board of ALA West Michigan Chapter for 10 years in various roles, served as a Regional Representative for two years, and served on 2017 Annual Conference Planning Committee.
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