And, while law school taught you the ins and outs of the legal system, it did not teach you about law firm accounting and bookkeeping. Time is the most precious asset a lawyer possesses, and we’re here to ensure you have the tools to maximize your law firm accounting efficiency. And the security in your ability to satisfy Trust/IOLTA compliance, along with the financial reporting to make informed decisions. You need an accounting partner with industry expertise and applied knowledge, and at Lescault and Walderman, your satisfaction is our benchmark for success. Sync your legal accounting software to apps that organize clients, billing, and documents in one place.
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. Here, we discuss what back taxes are, consequences of not filing, advantages of being up-to-date, and what we do to help. We are open to working with all fields of law, provided you meet the requirements to work with us.
Your Gatekeeper for Every Dollar that Enters and Exits Your Law Firm
We help you keep track of your finances, so you can focus on helping your clients. Irvine Bookkeeping captures every dollar that enters and exits each case seriously so you may precisely determine your law firm’s revenue. In today’s world, it is easy to find and use a virtual bookkeeping service.
Small business bookkeeping is an annoyance for big firms, and you won’t get the level of service you deserve. Your monthly rate would increase if you also needed payroll, bill pay, and sales tax. Other pricing factors include unusually complex books or special requests. Partnering with Patriot earned this accountant law firm bookkeeping a 50% cost savings from his previous provider, decreased his time running payroll, and more! Whichever structure you choose at the beginning, know that it will likely evolve throughout the maturity of your firm. For instance, a firm might accept the risk and start as unincorporated to avoid the incorporation fees.
Best practices in law firm bookkeeping
Bookkeeping requires dedication and attention just like everything else in your firm. We understand what it’s like to have everything fall on your shoulders. That’s also why we recommend eventually hiring a professional bookkeeper to ensure nothing falls through the cracks. It’s also a great practice to record the details of each expense. For example, if you’re expensing a meal, you might record who you were with and what you discussed.
According to the 2018 Legal Trends Report, the loss of income due to inaccurate bookkeeping, billings or failure to collect can amount to up to 15% of actual billable hours. An accounting firm can work with you to develop a system that allows you to keep track of your billable hours and ensure that your invoices reach your clients on time. For just $129 a month, clients receive a dedicated accountant and a detailed monthly reports.