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We have been working with Velan Bookkeeping for a few years, and they’ve been great! There was a massive amount of back reconciling that needed to be done because our previous accountant had abandoned us, but they persevered, accounted for all of the data, and now keep us up to date regularly. Providing several flexible payment options can help your team get paid faster and improve payment collection.<\/p>\n<\/p>\n
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Oregon rules provide factors to consider in determining whether funds can earn net interest for the client (such as the amount, expected duration, and interest rates). But you don\u2019t have to calculate interest on each small deposit \u2013 IOLTA takes care of that by pooling many clients\u2019 The Primary Aspects of Bookkeeping for Law Firms<\/a> small funds together. The bank tracks the interest on the overall IOLTA account and sends it directly to the OLF. Neither you nor the client receive interest on IOLTA deposits (hence no taxable interest to worry about for clients on small amounts).<\/p>\n<\/p>\n