Grow your Law Firm with Accounting and Bookkeeping Services For Legal Practice Industry
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Accounting and Bookkeeping Problem Faced by Businesses in the Legal Practice Industry
The legal practice industry encompasses various sectors, known as areas of practice, such as litigation, corporate law, family law, criminal law, and more. Accounting and bookkeeping are crucial for legal firms, despite not being core functions. As a law firm’s caseload and client base grow, managing accounting becomes increasingly complex. There are specific challenges associated with accounting and bookkeeping in the legal practice industry:
Law firm chart of accounts
A legal practice firm manages a lot of clients’ funds in settlements, retainers, escrow funds and so on. These funds must be work properly to ensure that every individual client fund is distinct from each other. Also, the firm’s fund should be well separated from its clients.
Matter Cost Accounting
Matter cost accounting is related to cost incurred on individual clients. This might sound sounds simple, but it is a complicated process. Advanced client costs appear on the Balance Sheet while reimbursable cost shows up on the Profit & Loss Statement.
Separate Billing & Accounting Systems
Law firms generally use two separate systems for their accounting and billing. One must not fail to integrate its accounting and billing system to help maintain legal accounting compliance and avoid errors or more significant issues like billing issues, duplication of data, and missed revenue in the future.
How does TaxPeak Accountants Help You Tackle these Issues?
At TaxPeak Accountants, we specialize in providing dedicated accounting and bookkeeping services tailored for legal practices and lawyers. Our aim is to enable your firm to focus on delivering exceptional client service without the burden of managing accounting, bookkeeping, and tax administration.
Accounting for lawyers doesn’t have to be daunting. With our services, we ensure that your firm can seamlessly handle all accounting and bookkeeping tasks, making them straightforward and efficient.
Our experts handle all aspects of bookkeeping and accounting specific to the legal practice industry. We stay updated with the latest technological advancements to facilitate the integration of multiple accounting software, enhancing your firm’s productivity.
Accounting & Bookkeeping Services We offer for Legal Industry at TaxPeak Accountants
We provide the following bookkeeping services –
- Bank & Credit Card Reconciliation
- Accounts Receivable & Payable Management
- Payroll Calculation & Tax Payments
- Inventory Management & Reconciliation
- Monthly Financial Statements
- Financial Ratios Reporting
- Budgeting Quarterly/Yearly
- Cash/Revenue/Expenses Forecasting
- KPI Reporting
- Strategic Advice on Managing Revenues, Expenses & Cash Flows
- Planning Individual & Corporation Taxes
- Finalizing State & Federal Taxes and Payments
We make sure you never breach payment terms with your clients by preparing a daily, biweekly or weekly report for accounts payable and sending the same to you on time. Our outsourced accounting service covers the scanning of invoices to ensure payment terms and other processes that adhere to your company policy. It will be our responsibility to ensure that things are exactly as they should be and inform you when they are not.
If you are not sure how much you ought to receive from your debtors, you cannot expect your business to sustain, let alone talk about growing. It is essential to make sure you receive what the others owe you that too on time to keep that cash flow moving. It is our duty to ensure you receive money from your debtors on time. We provide this by reminding you of the overdue payments or by contacting the clients directly on your behalf.
With years of experience working with Canada clients, we know exactly what is needed by the regulatory bodies and produce the same for you. We got you covered, whether financial statements, periodic reports, debtor reports, bank reconciliation reports, financial analysis reports, ratio analysis or any ad-hoc report. We can even get in touch with your CPA and make sure everything is there as and when he wants.
We manage payroll for our clients, including pay calculations, reimbursements, deductions, payslip generation, amounts to be withheld for federal and provincial income taxes, Canada Pension Plan (CPP) contributions, Employment Insurance (EI) contributions, payment of taxes, and preparation of tax returns. We can handle all or part of these tasks for you. Our online accounting service ensures meticulous oversight of all payroll activities for your business.
With the experienced Accountant and CPA in our team who has been serving Canada Clients for an extended period, we can prepare and lodge your tax returns and also planning your tax liability in the most efficient way
Why Choose TaxPeak Accountants Real Estate Accounting Services?
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At TaxPeak Accountants, we specialize in providing comprehensive Accounting and Bookkeeping services tailored specifically for the Legal Practice Industry in the CA, regardless of your area of practice or the scale of your operations. If you are seeking accounting and bookkeeping services for legal practices and lawyers, here are compelling reasons to choose us:
Automation
We use high-end updated accounting and bookkeeping software to ensure that your finance is error-free and is always up to date with existing practices.
Decade long Experience
We have vast knowledge and decade long experience of how the legal practice industry functions and what best will work for your organization.
Reduction in cost
You can save up to 50% cost compared to hiring a local or in-house accountant and bookkeepers compared to hiring our service, where you will have a pool of resources serving you.
Business
With our service, you can focus on serving your client in the best possible manner allowing you to grow your business.
Boundless Consultation
Connect to us on phone or e-mail with our experienced professionals for consultations and any queries or supports.
Consistent Report
Get access to regular detailed reports that enable you to make a better financial decision for your firm.
Frequently Asked Questions (FAQs)
Hiring a legal accountant for a law firm comes with numerous benefits. An essential advantage is a relief from managing the financial aspects of the firm so that the members can focus on the firm’s primary function.
Sound financial advice is a must for a business to conduct its business more profitably, and a legal accountant offers financial advice specific to law firms and lawyers. The legal accountant helps prepare industry-specific financial statements and reports while focusing on legal and ABA compliance. An accountant who works exclusively for law firms completes the bookkeeping and accounting functions per legal industry requirements. They also help in the easy management of accounts payable, invoicing, and bill payments.
• Referrals and reviews- One of the best ways to find a good accountant is to look for referrals and reviews from other similar law firms and lawyers. Referrals and recommendations can be received from community organizations or third parties like banks, loan officers, etc.
• Match the firm’s needs and accountants’ services- After getting referrals and recommendations, it is a must to review the accounting needs of the law firm and the services provided by the accountant. The accountant must provide efficient services that match the firm’s needs.
• Examine their qualifications and experiences- Ensure that the accountant has the qualifications required to work in a law firm. Also, check the experience record of the accountant, if any, in the relevant field.
• Meet some prospective accountants- Meet with the accountants that meet the needs of the law firm and lawyers to discuss any questions regarding the industry, their experience, their charges for services, etc.
• Determine the comfort and compatibility level- Since any accountant working with the law firm and the lawyers will have a long-term relationship, it is necessary to determine the comfort and compatibility level.
