While bookkeeping is more transactional and administrative, accounting is more subjective, giving you insights into your law firm’s financial health based on legal bookkeeping information. One key part of the accounting process is analyzing financial reports that provide you with a better understanding of actual profitability and awareness of cash flow in your business. If your law firm doesn’t already have business bank accounts, it’s time to open them.
You undoubtedly have more pressing matters than organizing your financial statements or monitoring your books. When you partner with Lescault & Walderman, enjoy the luxury of accruing more billable hours and scaling your law firm and less time worrying about your financial data. Our law firm accounting services are designed to automate your bookkeeping capabilities, manage your IOLTA accounting, and provide analytical insight to reduce overhead and increase profits. You don’t necessarily need accounting software or a professional bookkeeper to handle your law firm bookkeeping.
Focus on Your Core Business
Lawyers spend years honing their legal skills, but they often have little knowledge of accounting practices. The following tips can help you get a better handle on your finances. The Trust Reconciliation – the trust bank statement provides a third-party verification to the transactions posted to the trust account. In fact, some basic rules dictate how you must handle this money to ensure compliance. You can’t wait until right before tax time to start tracking your finances.
Accordingly, our managing partners and principal attorneys have a better visibility into the firm’s income capabilities. Request a free assessment and talk with our Managing Director to discover how your firm benefit from Practice Alchemy’s law firm specific bookkeeping and accounting services. Let our team of legal bookkeeping experts start doing the work for you. Practice Alchemy gives you a complete “plug and play” bookkeeping solution to manage your accounts and give you the necessary insights you need into your firm’s financials. Accounting for law firms lets you collect and analyze information, and make data-driven decisions based on what money comes in and leaves your firm, so it’s worth it to pay attention. Legal bookkeepers and legal accountants work with your firm’s financials, with the shared goal of helping your firm financially grow and succeed.
Our Promise in Legal Accounting Services
Whether it means using legal accounting software to simplify and automate your accounting, hiring a professional legal accountant, or both—don’t be afraid to delegate when you need to. Get in touch to learn more about our virtual accounting solutions today. Irvine bookkeeping offers you comprehensive, cost-effective, and long-term law firm bookkeeping. With our dedicated and experienced bookkeepers, you potentially transform the financial management of your law firm.
Unsurprisingly, having to deal with a combination of all these factors can eat away at precious time that would better be spent on clients. With access to vital information from numerous operating systems, including legal CRM, bank/credit card systems, payroll, and merchant processors, firmTRAK performs as an integrated team member. Our strategy entails asking questions about the business’s activities, which helps us understand its complexities and improve the current chart of accounts. Once we have a thorough grasp of the essential steps, we design a workflow document that is specific to the best practices of your law business. We uphold our dedication to providing great service throughout the month-end procedures, assuring the timely and accurate release of reports. By the end of the year, your CPA will be very grateful for our work, saving you time and money when it comes time to file your tax returns.
Large Firm
Practice Alchemyʼs team of legal bookkeeping experts know how to build and deploy successful bookkeeping programs to ensure your books are diligently and accurately kept. While this primarily applies to new law firms, ensuring that the basics are determined and set up correctly is critical. IOLTA accounts are designed to keep client funds separate from your typical business or operating account—where you are allowed to accrue interest. We can effectively manage all your daily financial needs, including payroll, invoicing, accounts payable and regular account reconciliations.