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Our one-of-a-kind TimeSolv Legal Bookkeeping Service is designed to provide a fast, efficient, and cost-effective solution for billing. It’s the ideal choice for lawyers who recognize the advantages of applying their valuable time to practicing law instead of creating invoices. Get timely and reliable financial information about your firm so you can monitor your performance and make data-driven business decisions. With ProFix on your side managing the numbers, you can have more time back in your day to focus on your caseload.
For example, most lawyers use the cash basis method instead of the accrual method. However, it often makes sense for law firms to run their books on an accrual basis. Switching from cash basis to accrual basis many times can give the law firm a better understanding of how it is genuinely performing financially. Embracing our specialized accounting legal bookkeeping solutions enables lawyers and law firms to leverage expert financial guidance without the burden of a full-time, in-house accountant. It’s a practical approach that ensures financial stability and empowers firms to focus on their core competencies. We’ll take care of your finances for you so you can do the job you were meant to do – growing your firm and ensuring client success.
Stay On Top Of Your Accounting
We excel in Clio, Law Pay & Zoho platforms and other specialized law firm accounting software (both traditional software and cloud-based practice management systems). Our goal is to be an invaluable source of financial guidance and a dependable partner to our clients, offering objective advice and comprehensive solutions that support business growth. Want to focus more on what you do best and stop worrying about whether or not your books are taken care of?
For example, if you purchase office supplies for your business, you should have an “Office Supplies Expense” account. But you don’t want to set up separate accounts for legal pads, pens, printer ink, etc. The firm could face compliance issues, and law firm bookkeeping their books will be inaccurate (skewing the value of any accounting data derived from them). IOLTA accounts are designed to keep client funds separate from your typical business or operating account—where you are allowed to accrue interest.
Continue Providing Exemplary Service To Your Clients When You Leverage Our Services On Bookkeeping For Law Firm
We offer a full range of billing and accounting products, services, training, and technical support for the legal industry. Since 1999 TimeSolv has been committed to providing the best web-based time and billing solutions for lawyers and other professionals. Tracking time accurately provides important insights to all PR professionals for budgeting and bidding on new fixed-fee projects. Collect your client’s payment information during intake and store in TimeSolv with our TimeSolvPay payment processing service.
A chart of accounts (COA) is a list of all the financial accounts in the general ledger of your law firm. The difference is, the interest earned in a lawyers’ trust account is directed to the state IOLTA board to be used toward advancing legal services and non-profits. Legal bookkeepers manage your finances on a transaction-by-transaction level while ensuring the books are balanced. They take count of every transaction the firm makes, watching what money comes in and goes out. And while you learned the ins and outs of the legal system in law school, they didn’t teach you about accounting and bookkeeping.
Our Promise in Legal Accounting Services
A controller can help you set up and oversee your financial system and accounting infrastructure. Controllers often oversee the bookkeeper’s work, reconcile the accounts, and make more significant ledger adjustments. They can use your financial data to understand what it tells you about your business.
When you know and monitor your numbers, you can quickly see when you’re off target and cut costs or make strategic investments to increase revenue. In today’s world, it is easy to find and use a virtual bookkeeping service. Also, many outsourced companies are now offering a team approach where you get the benefit of their bookkeeper, controller, and outsourced CFO for higher-level financial analysis. Track and code credit card transactions to the GL and ensure statements agree to GL. With the knowledge you’ve gained, you’re well on your way to better financial health. The hope is that, by knowing where your money is coming and going, you can spend more wisely and capitalize on valuable opportunities.
But the way they go about it is different, doing different tasks for the good of your law firm. CFO services will help your firm stand out in today’s market, which is no simple task. With a more significant focus on technology in the legal industry, law firms that cannot grow will struggle to succeed. We stay current with the latest industry news and tech, giving your financial accounting system an edge and making it more efficient. We provide 3-way reconciliation for trust accounts, consulting, and tax ready financials from our centralized office in Denver, Colorado. Let Pearl Lemon Accountants’ bookkeeping services make it a lot easier.
We recommend you hire a legal bookkeeper and accountant to help keep you and your firm on track. Everyone makes mistakes, including lawyers (and bookkeepers, and accountants). Thankfully, there are a lot of tools available to help you manage your trust accounts, so you don’t have to go at it alone. Here are five common law firm accounting obstacles and mistakes you should be aware of so you can avoid them. That’s why accrual accounting necessitates you track accounts receivable and accounts payable on your balance sheet.
Follow these rules and keep track of client funds every day to ensure you don’t cross any lines that can cause your firm serious problems. Many lawyers assume their bookkeeper can or should help them with their financial analysis and get frustrated when they don’t. If you understand the different roles and skillsets each position has, you’ll be able to assess what type of help they can provide to you.
- We will explain why you should consider remote accounting and CFO services for your firm.
- Typical accounting tasks are (1) preparing monthly income and balance sheet statements; (2) preparing and completing tax returns; and (3) forecasting future cash flow.
- If you commingle your personal and business funds, you’re “piercing the veil,” and courts will ignore the legal protection that comes with incorporating.
- The balance sheet will contain assets, liabilities, and equity.
- We can get you back to servicing your clients and building your law firm in no time!
- Your bookkeeeping shouldn’t be handled by the same accountant who services your plumber.