What We Do
firmTRAK Solutions has expert accounting services for law firms, including solo and small firms with a focus on actionable reports with our firmTRAK visualize app.
Our motivation
Our team was founded by Attorneys and Accountants with a passion for helping solo to mid-sized law firms be successful as a business, as well as a law firm. To be successful, a firm has to have accurate reporting, timely record keeping of client related funds, and the ability to focus on the legal work and not worry about the administrative work of the firm piling up.
Our strategic partnerships
We offer that peace of mind through a range of services that are available in whole or in part. Read more about each core competency below.
DISCOUNTS FROM CLIOCON 2022
CLIO firmTRAK Reporting App
1 year subscription at 50% discount
6 month subscription at 25% discount
Law Firm Bookkeeping Service
1-Year free audit period with 1 year commitment. ($3,500 value)
1-Year commitment at 25% discount on monthly subscription, 50% discount on set up fees
6-Month commitment at 10% discount on monthly subscription, 50% discount on set up fees
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Who Are We
Richard Marvel
Carin Weiss-Krolikowski
Ryan Oltman
firmTRAK Solutions was born when two accountants Carin and Ryan were talking to attorneys in central Illinois trying to grow their accounting practice that focuses on legal firms. They were seeking technology-forward, entrepreneurial-minded lawyers who were also ready to grow their business with the advantage of having great reporting and financial services to give lawyers an edge when it came time to make informed decisions. They met Rich Marvel, a practicing attorney in Illinois.
Rich has nearly two decades as a practicing attorney with his passion for technology, he created an expanded reporting application to transform the business of data visualization within the legal industry. firmTRAK began as a simple concept to solve a growing need within his own solo law practice for organization and data analytics. Under Rich’s leadership and vision, and the insights provided by the firmTRAK data and key performance metrics, his law firm grew through multiple iterations. This growth translated to real earnings and moved his firm into the 7 figures.
Now firmTRAK directly integrates and partners with some of the largest practice management and accounting systems, including CLIO. With Carin and Ryan on the firmTRAK team, our eyes are set on becoming a leader in bookkeeping and business reporting within the law firm space.
Cloud Accounting Software Experts
Our team are Xero certified advisors and use QuickBooks Online. Each week we will post cash transactions into the accounting software of your choice and code the revenue and expenses to the correct account. This is the foundation of the financial cycle that will lead to accurate reporting at month end and accurate metrics within any expanded reporting tool you may be using, like our own firmTRAK APP. Each month you will receive the standard group of financial statements including the balance sheet and profit and loss or income statement. Any specialty reports, like partner profit allocations, can be provided upon request when signing up with us. Our team is ready to work with you to provide excellent accounting services.
Cloud Legal CRM Experts
The accountants for firmTRAK know many legal CRM’s including CLIO. We can help process your customer billing once, or multiple times per month. We know how to integrate this data into the accounting software seamlessly. We strive to record each customer payment and update the legal CRM as timely as possible to provide attorney’s with the clearest picture of the current client trust balances and invoice receivable balances. Each month we can work with your attorneys to process time, make revisions, and send out invoices to your customers to streamline your monthly billing process.
Expanded Reporting for CLIO Users.
firmTRAK integrates seamlessly at the API level to automatically update a wide range of reports “out of the box” including reports on clients, matters, productivity, trust balances, accounts receivable, and a matter tracker that continuously scans your files to ensure your valuable clients are getting the proper staff attention and are on schedule. Customize employee productivity targets to have a realistic picture of what work is being done daily in the firm. Sort most reports by responsible attorney, date, practice area, and other CLIO fields. With lots of powerful visualizations, our firmTRAK app harnesses your data for performance insights, at a glance, from anywhere.
Custom Reports Upon Request
In our experience working with law firms and in the legal industry, firmTRAK knows that each firm has a slightly different mix of practice areas and ways of operating. Our team offers two ways to get a customized reporting package. 1. We can work with your law firm to create custom fields in CLIO and a workflow review of data capture points to provide each law firm a truly customized dashboard in the firmTRAK application. 2. With our monthly service, the accounting team can combine multiple data sets to provide custom reports with the end of month financial report package that includes Profit & Loss, balance sheet, 3-way trust reconciliations, cash flow, and budget.
Cloud Payroll Integration Experts
Each business has their own combination of software, checks and payment services to fund the operations of their business, i.e. their employees, contractors, and vendors. firmTRAK has experience in using all the standard cloud based payroll solutions, like GUSTO, and can integrate them to the correct chart of accounts in the accounting system. We also know that sometimes a manager will “cash app” themselves reimbursements for stamps or refund customers on the fly. firmTRAK can handle every situation and accurately record the company’s expenses while doing it.
Training
We said our passion is to help law firms be successful as a business, and we meant it. Our team is ready to evaluate your current workflows for data collection and document management as it relates to the financial cycle of the law firm and provide training to your staff. If your law firm doesn’t have any official policies and procedures we can help you establish what they are and document them. Once the processes are known to the firm, improvements can be explored and the procedures can be optimized for the firm. For example, the matters of the firm should be identified and always labeled in the CRM for “area of practice”. If this isn’t happening, the client intake process should be examined to find and assign the appropriate staff to this function.
Historical Clean Up
We know that DIY can turn into NOPE. So historical clean up is part and parcel of the service we offer to law firms looking to gain some horsepower in their practice by outsourcing the bookkeeping and customer invoicing. Some of our clients have relied on us to complete their reports to get multiple years of tax filings completed. If you have past years to clean up, firmTRAK solutions can help.
3-Way Trust Accounting and Trust Audits
The bedrock of our service to attorneys and law firms is a complete 3-way trust reconciliation that complies with all major state bar associations.
The definition of the three accounts are:
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Receipt and disbursement journals (CRM Software, CLIO, PP, Action Step, Excel, Paper)
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Contemporaneous ledger records (Accounting Liability on balance sheet, Accounting software, Xero, QB, Other)
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IOLTA Bank Account records (checkbook registers, check stubs, bank statements, records of deposit, and checks or other records of debits)
By reconciling these 3 records each month, we ensure accurate client balances for proper record keeping and billing. firmTRAK can also establish past reconciliations from banking source documents in a trust audit to reconcile any discrepancies in the trust ledgers.
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DISCOUNTS FROM CLIOCON 2022
CLIO firmTRAK Reporting App
1 year subscription at 50% discount
6 month subscription at 25% discount
Law Firm Bookkeeping Service
1-Year free audit period with 1 year commitment. ($3,500 value)
1-Year commitment at 25% discount on monthly subscription, 50% discount on set up fees
6-Month commitment at 10% discount on monthly subscription, 50% discount on set up fees
