Your job is to win cases, not to juggle books. Law firm bookkeeping can be intimidating even for experienced lawyers. Effective legal accounting is important to your law firm’s success. Your practice isn’t just a law firm, it is also your business. Lawyer accounting enables you to collect, interpret and make informed decisions based on the money that comes in and leaves your law firm.
A law firm had an $80,000 loss because no one ever looked at the checkimages. Injury Lawyer Accounting has worked with personal injury firms likeyours for 30 years. When we diagnose the problem, we could create asituation where the money would not fall through the cracks and tax timewould be just another day. We conduct an in-depth analysis of youraccounting system and financial records to determine that you arecapturing all your client case costs, your Interest on Lawyer Trust Accounts(IOLTA), and Client Trust Liability are reconciled and you have full reign ofyour finances to avoid simple fraud.
Our usual diagnosis involves a review of your QuickBooks file andsupporting ledgers and files. We aim to uncover real problems with youraccounting and finances. We also look at your entire system regarding yourTrust (IOLTA) account. Injury Lawyer Accounting checks if your bankaccount is reconciled regularly and the schedule of Client Trust Liability tiesinto the bank account. We also evaluate how the firm documents thedisbursements from the trust account to the operating account. We look atdifferent angles to find out the areas that fall into the cracks.
Our diagnoses allow us to come up with a real-world cost-effective solutionfor your accounting and financial issues. Injury Lawyer Accounting preparesa roadmap that will help fix past issues and ensure that your law firm stayson track moving forward.
One of the most common financial mistakes that lawyers make is losing track of their business expenses. We comb through your different vendors and request a schedule from the vendor of bills and payments over the last six months or so and reconcile to QuickBooks. After we uncover the root cause of your accounting and finances, we work with your staff to create a system and checklist unique to your situation.
An extra set of eyes is always critical for your law firm’s finances. We perform important accounting functions including regular vendor audits and client file adults. We also create and review accounting reports and checklists that lawyer needs to review. Whatever accounting and bookkeeping you need, we can provide support and more. We can also manage accounts payable and do data entry.
Mishandling funds can lead to grave consequences. Whether it is intentional or negligent, violating legal accounting rules could lead to penalties, suspension, or even disbarment. Besides these repercussions, accounting mistakes can also ruin your reputation. Reputation is everything, especially in the legal industry. You don’t want to risk your law firm’s reputation and lose your clients, referrals, and financial opportunities.
Your law firm is a business that you need to grow. Through legal accounting, you can collect and analyze financial data and arrive at data-driven decisions. Using financial reporting helps you determine growth opportunities beyond staying on track and compliant to the low. One of the great results, when you have your accounting organized and updated, is getting valuable data on the status of your law firm. You can mine these sets of data to reduce overhead costs and grow financially.
Every lawyer needs to understand where bookkeeping fits in their law firm. Regardless of whether you DIY your bookkeeping or not, understanding bookkeeping basics saves you from a great deal of stress. Bookkeeping provides financial statements that you can use to file your taxes. These statements can also be used to help you understand your law firm’s financial health on a monthly basis. Injury Lawyer Accounting can take bookkeeping off your plate so you can focus on your law firm. We can develop an efficient system so you can monitor your finances.
Injury Lawyer Accounting doesn’t just put out fires or organize your financial data. We also help uncover insights critical to the growth of your law firm. Our goal is to help you come up with data-driven decisions through our extensive reports. We can establish a solid foundation and develop healthy financial habits and practices to help you focus on your practice. Why waste your time accounting and bookkeeping when you can hire Injury Lawyer Accounting? We can make your life easier and better as you run your firm more efficiently and proactively.
Law firm accounting involves time-consuming repetitive tasks that
require attention and dedication. Injury Lawyer Accounting allows you to focus on your firm as we automate these redundant tasks including managing transactions, processing payrolls, making invoices, and tracking accounts receivable. We integrate efficient solutions after we uncover the reasons for your accounting and financial troubles.
No two law firms are alike regardless of whether they have the same areas of practice. Our approach to accounting and bookkeeping for law firms explores your unique needs and manages everything from processing payrolls, tracking monthly expenses to filing taxes. We reconcile bank and vendor statements accurately and efficiently. Our solution involves a framework for your firm to follow and a system of checklists and reports so you know you are on the right path. Our goal is to help personal injury lawyers gain financial control. Contact us to learn more.