How to Avoid This Mistake: Develop a reconciliation schedule, and stick to it. Maintain a detailed reconciliation record, noting any comments or discrepancies for each transaction.
How to Avoid This Mistake: Depositing client funds directly into a trust account and keeping business and operating expenses entirely separate.
How to Avoid This Mistake: Allocate adequate resources to maintain thorough records, including all online payment systems.
How to Avoid This Mistake: Track the status of all accounts, examine inactive accounts, and maintain accurate data to avoid issues.
How to Avoid This Mistake: Access and read the state’s trust account rules and participate in continuing legal education to keep abreast of updates.