Invoicing is a large part of law firms and comes with many challenges however effective billing is important to the success of any firm.

The financial statements, the balance sheet, the income statement, and the statement of cash flows are all related.

The statement of cash flows reports how cash was generated and used during a specific period.

The Income Statement shows the profitability of a business during a specific timeframe.

The balance sheet is the first of the financial statements. This represents your business’ financial health at the end of a specific date.

A law firm chart of accounts needs to be specific for each firm. Here is a sample chart of accounts to get you started.