We eliminate the need for a back-office entirely by streamlining all of your billing, bookkeeping, financial management and consulting needs. We make your bottom-line our bottom-line, partnering with you to reduce your overhead so you have the time to do what you do best—practice law. Let’s take the stress out of trust accounting and put systems in place that support your growth. Contact Chamberlain & Good Company today and find out how we’ll help your law firm thrive—financially and ethically. Law firm bookkeeping isn’t optional, and it’s not something to figure out as you go.
Full Charge Bookkeeper
Outsourced accounting provides clear reports that show Bookkeeping for Law Firms each office’s performance. Outsourced accounting teams handle payroll, tax deductions, and compliance. Schedule a free 15-minute discovery call to discuss your law firm’s needs, challenges, and goals.
- For example, the ABA requires firms to do three-way trust reconciliation at least quarterly.
- By adopting law firm management software, law firms can overcome the challenges of losing track of expenses and revenue.
- Some may bill by hour, others by fixed fee, and some may use mixed billing methods.
- Alternatively, engaging a seasoned professional accountant can provide expert guidance on legal obligations.
Trust Accounting Cleanup
However, accounting is an https://canvomagazine.com/how-bookkeeping-for-law-firms-strengthens-financial-health/ essential function that helps ensure your firm is profitable, your team is fairly compensated, and your accounts are compliant. We’ll also share tips, resources, and details about how law firm accounting software can help you manage accounting tasks more easily while boosting productivity and maintaining compliance. Consider partnering with a bookkeeping or accounting professional who specializes in law firms. Their expertise helps ensure your financial records are accurate and legally compliant. Manual accounting processes can consume valuable hours and increase the risk of costly errors—especially when managing trust accounts or tracking billable time.
Reduce & Optimize Costs
Our team specializes in outsourced law firm accounting and provides tailored law firm accounting solutions to support your growth. Instead of hiring a full in-house team, the firm relies on professionals who already understand legal accounting rules. For multi-office firms, this approach provides consistent financial management across all locations. Different locations, varied billing practices, and multiple teams make it hard to maintain consistent financial records. Our team is experienced in handling law firm trust accounting and maintaining compliance with applicable regulations and ethical standards.
- Stay compliant with state IOLTA requirements including proper interest remittance and reporting.
- Once bookkeeping workflows achieve consistency, invoices go out promptly, revenue collection accelerates, and top management gains an accurate picture of available finances.
- Creation and distribution of client invoices based on time records and expense entries.
- This means if a matter closes or a client’s funds are fully disbursed, you should still retain the trust account records for that client for at least five more years.
At District Advisory, we provide outsourced accounting and advisory services designed specifically for law firms. From independent attorneys to small and larger practices, we handle your financial management with expertise, so you can focus on serving clients and winning cases, not crunching numbers. Law firms have to comply with strict trust accounting rules and often manage client funds that require detailed tracking. Unlike general bookkeeping, legal bookkeeping includes client-specific ledgers, trust account reconciliations, and strict separation of funds. Errors can lead to ethical violations or even license suspension.
Why choose this provider?
It’s a quick, zero-pressure conversation to see if we’re a mutual fit—and to make sure you feel supported from the very beginning. We translate your numbers into meaningful insights, helping you make smart, confident decisions to scale your firm with intention and ease — so growth feels steady, not stressful.
What is Legal Matter Management? Insights and Value.
When performing accounting for law firms, it’s important to have a grasp on the basics. Below is a list of standard accounting terms and their definitions to better familiarize yourself with accounting practices for your law firm. Professional bookkeepers provide your law firm with prompt and accurate financial reports, delivering crucial insights that support informed decision-making and strategic planning. Our virtual trust account bookkeepers start at just $14/hour, offering a cost-effective way to manage trust accounts without hiring additional in-house staff.