law firm bookkeeping service

That is, If you’re anything like most of the attorneys we work with. Nonetheless, you’re in business, and you’re undoubtedly faced with the same challenges that every business has to deal with. Handling all aspects of management of your business is not all that much fun. It’s certainly time-consuming, and takes you away from working on your caseload.

Working with us eliminates the need to hire a controller, an HR administrator or an accounts payable manager. We can fill all those functions, giving your firm one comprehensive, cost-effective, long-term solution for your back-office needs. Supporting Strategies offers a range of outsourced bookkeeping and controller services that will transform the financial management of your law firm.

Real Estate Accounting & Bookkeeping Services

Would you hire someone who has mediocre recordkeeping skills to manage your books for $300/hour? If that’s your billable rate, then that’s what you’re effectively doing. The best solution is to open up a business credit card and record expenses on that card, ensuring that you won’t forget them even if you are keeping up with your books on a weekly or monthly basis. Now you cross off law bookkeeping out of your to-do list and feel stress-free about the financial aspect. As a result, you take comfort in allowing yourself to offload financial tasks and turn your attention exclusively to business development and legal cases. The Trust Reconciliation – the trust bank statement provides a third-party verification to the transactions posted to the trust account.

That way, you’ll know exactly which company to use based on reviews, recommendations, and level of experience. Now you have the basics to get your law firm bookkeeping off to law firm bookkeeping a good start. If you’re trying to handle bookkeeping on your own in addition to putting in all those billable hours, it’s easy to overlook workflow steps or make mistakes.

Financial Statements & Reporting

When it comes to accounting for law firms, whether you handle it yourself or hire someone, your bookkeeping system must maintain a consistent schedule for carrying out bookkeeping tasks. This is because a professional legal bookkeeper and accountant can help you manage your firm’s revenue and ensure your firm’s financial transactions are handled ethically and accurately. While it’s essential to understand the fundamentals of accounting for law firms, you still aren’t an accountant or bookkeeper.

  • Remote bookkeeping service is ideal for lawyers who have low volume of transactions.
  • Accounts receivables, also known as A/R, are amounts owed to you by clients.
  • One major challenge many law firms face is the high cost of hiring a full-time CFO (Chief Financial Officer) and accounting staff.
  • 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.
  • With a more significant focus on technology in the legal industry, law firms that cannot grow will struggle to succeed.

With a CFO handling your firm’s cash, you have a professional to rely on for help and advice at any time. Just as your clients rely on your expertise with the law, there comes a point when you need to call in accounting professionals. 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. Once you develop a bookkeeping system, business owners will want to consider working with a CPA or professional tax accountant around tax time to handle tax returns. While there are some outsourced services that offer this functionality, so far I’ve found that working with individuals and small accounting firms is better for this task. Here’s the list of tax accountants that we’ve vetted at the Biglaw Investor.