Caren Schwartz is a trainer, consultant and expert problem solver. She will teach a course called “Introduction to Billing and Accounting” at Solo Practice University®.

Caren Schwartz founded Time & Cents Consultants, LLC, to help professionals select, install and get the most out of their software. Her philosophy is that companies can save time and money when they can better manage their time and money.

Time & Cents works with a diverse range of industries including law firms, accounting, engineering and other consulting firms. Ms. Schwartz is an Advanced Certified Professional Advisor for QuickBooks® and a Certified Consultant for Timeslips® by Sage, Peachtree® by Sage, Amicus Attorney®, and CLIO as well as a Certified Independent Consultant for Time Matters® and Billing Matters™, and PCLaw. In 2009 she became a member of the 7 Second System, a Premier LexisNexis Certified Consultant group to better serve her LexisNexis clients.

Prior to establishing the company, Ms. Schwartz spent over 14 years as an executive with IBM, accountable for marketing support, quality development and training, and multi-million dollar revenue planning. She received her MBA from Cornell University and her Bachelor’s from Colby College. She is active in community affairs, currently serving on the boards of Congregation B’nai Israel, ORT, and the High School Scholarship Foundation of Fairfield.

Syllabus – Introduction to Billing and Accounting

What they never taught you in law school and what you need to know to run your legal practice.

1. Introduction to Accounting
   • Accounting methods – Cash, Accrual Modified Cash – What do they mean and Which is right for your practice
   • Accounting 101
     • Assets, Liabilities, Retained Earnings
     • Balance Sheet, Income Statement
   • Operating account vs Trust/IOLTA account
2. Billing Basics
   • There’s more to a bill than hours and dollars. How the information is shown can reduce calls from clients with questions and help you get paid more quickly.
   • The secrets of creating successful bills – Understanding client needs, what should be on the bills
3. Billing
   • Hourly billing and types of flat fees
   • Rates
   • Electronic billing – what is it, why do it
4. Billing & Accounting Options
   • Analyzing software options – what’s out there and how to choose
   • Cloud or Server
   • Stand-alone or Integrated
5. Getting Paid
   • Collections
   • Terms
   • Retainers
   • Service Agreements