Trust Accounting
Audit-Ready Books
We don’t just do your books. We help protect your license and your reputation. When your trust account is wrong, everything is at risk — your business, your clients, your name. It doesn’t matter if you’re a law firm, real estate broker, title or escrow company or run a medical practice.
Schedule a Call
How do you feel when you hear, “Let’s take a look at your trust accounting?"
If you break out in a cold sweat, it may be time to take proactive steps. Truth is, seemingly minor bookkeeping errors in your trust accounting can lead to disbarment or suspension.
The kicker? Even if you didn’t intentionally misuse client funds, it’s still non-compliance.
It’s not just a bookkeeping error. It could be considered fraud.
That’s right: If the books are wrong and lawyers produce reports based on them, they may unknowingly issue fraudulent statements to clients.
For example, forgetting to reconcile monthly, mixing trust funds with operating funds – even temporarily, holding client funds too long after a matter is resolved or using the wrong client ledger – may seem like innocent mistakes.
But when one of these errors is tagged it can trigger a complaint or random audit.
This means you’ll then have to provide bank records, ledgers and reconciliations. The process not only takes time, but it’s stressful and can harm your firm’s reputation.
Aside from damage to your reputation, consequences can lead to bar violations and a license suspension. And once this becomes public knowledge, your ability to practice may be beyond repair.
The good news? You can prevent these consequences by being proactive and getting your books in order before it’s an emergency.
At Penney Counter, we get it.
In fact, trust accounting and audit-ready books aren’t just something we do – they’re our specialty.
We know mistakes aren’t intentional. Many lawyers and law firms are overburdened or unaware, not malicious — their bookkeeper quit, or they’re relying on AI/QuickBooks with no oversight.
Problem is, random audits are real. Firms often operate under a “hope strategy,” assuming they won’t get audited. But audits can also be client-triggered, not just random or routine.
Inaccurate books = red flag: “If your books are wrong, your trust accounting is wrong
Most bookkeepers won’t touch trust accounting because of its complexity and compliance risk.
We, on the other hand, lean in. We welcome the challenge.
In fact, we handle trust accounts across industries — not just law firms, but realtors, brokers, and any company managing client money.
The biggest mistakes firms make? Waiting until it’s an emergency: an audit, lawsuit or tax issue.
Schedule a call to see how we can help
Book My ConsultationWhy Penney Counter?
Most bookkeepers won’t touch trust accounting because of its complexity and compliance risk.
We, on the other hand, lean in. We welcome the challenge.
In fact, we handle trust accounts across industries — not just law firms, but realtors, brokers, and any company managing client money.
The biggest mistakes firms make? Waiting until it’s an emergency: an audit, lawsuit or tax issue.
Let’s work together
Don’t wait until it’s too late.