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. Beyond general journal and ledger bookkeeping, an accounting firm also can perform account reconciliation, law firm bookkeeping payroll processing, cash flow management, monthly statement preparation, and tax services. It also can provide additional layers of accounting functions to accommodate a growing business’s expanding needs. SLC Bookkeeping’s team brings deep experience in legal accounting to your practice.
Generate statements such as cash flow, profit and loss, balance sheets, etc. Email reports directly to clients, banks, partners, or equity members. For an additional fee, Bench offers catch-up bookkeeping if you’re behind on your financials.
Keep strict records
In most cases, a website is static and allows businesses to transmit basic, evergreen information such as phone number, services provided, and credentials. Social media, on the other hand, can drive business in a longer and more indirect fashion. However, while a strong work ethic, exceptional service, and competitive pricing will undoubtedly attract clients, a successful business always requires more than just good luck. Your location and your goals will determine cost in several ways, including whether you want to start a traditional brick and mortar firm or are looking to create a virtual office environment. Starting a business is filled with new and challenging decisions. However, once the business is up and running, it’s common to be unprepared for typical day-to-day operations.
For small businesses with straightforward accounting needs, 1-800Accountant offers a solid basic plan for a flat fee of $129 a month, making it our pick as the best accounting firm for basic plans. If you’re curious about how outsourcing your law firm bookkeeping can benefit your business, start your free trial of Bench today. It’s also a good idea to reconcile trust accounts at least once a month and prepare monthly reports for each client, listing all of the activity in and out of the account and the ending balance. FinOp Group provides legal Bookkeeping Services for law firms looking to improve the quality, efficiency, and cost structure of their financial operations. At FinOp Group, we specialize in understanding the unique financial needs of law firms at every stage of their growth. We help our clients adapt and improve their financial operations to meet these evolving needs.
Let’s schedule a discovery meeting so we can discuss your needs and confirm there’s a fit. Find help articles, video tutorials, and connect with other businesses in our online community. Also, 1-800Accountant offers every business a free tax savings consultation with an expert. Better yet, 1-800Accountant guarantees its customers maximum tax savings by finding every deduction. On the downside, if you aren’t using Gusto, Stripe, Expensify, Netsuite, or TriNet, you’ll have to use inDinero’s software, which is very powerful, but it’s not portable if you ever decide to switch firms.
You can add as many accounts to your chart of accounts as you need to prepare accurate and informative financial statements, but don’t let your chart of accounts get too unwieldy. We can effectively manage all your daily financial needs, including payroll, invoicing, accounts payable and regular account reconciliations. Accounting for law firms may be new or challenging to you, but it doesn’t have to be scary. What’s most important is that you get the details right so that you can stay compliant with ethics rules and help your firm grow to its full potential. Both general accounting and trust accounting are necessary for your firm’s success—and integrations seamlessly tie the two areas together.