Legal Accounting Services
Our team will customize a financial plan and strategy built to achieve your specific firm goals. We offer a multitude of financial services that effectively manages all of your law firm’s financial and accounting information regardless if you are a big or small law firm. We also offer document management and provide assistance to your bank reconciliation.
As a law office, it is important for you to maintain documents and records. Maintaining accounting and bookkeeping records are no different. With legal bookkeeping, you will have up to date knowledge of your sales revenue and expenses. We use the latest accounting software like quickbooks and xero. It’s like having accurate accounting solutions and accounting functions. Knowing this information gives you the inputs needed to make strategic decisions. In addition, you’ll have instant access to the clients with open invoices. Regardless of whether you bill fixed, hourly, or contingent fees, you’ll have a clear understanding of who owes you – which is how proper invoicing is done. Our team provides you with the insight you need to be profitable with the right billing software just like how a bookkeeper would.
One of our legal accounting features is accurately filing a law firm tax return is more difficult than it sounds. With tax laws constantly changing, it’s making what was once simple filings, more complicated. Which is raising more taxpayer questions. Our team of CPAs makes sure you take full advantage of tax deductions and credits you’re entitled to. We not only file your business’ tax return but that of yourself and partners. We make it easy to file multi-state returns and other filings. We can also provide you with an annual tax strategy plan that focuses on saving you the maximum in taxes for your law office accounting.
If you are not 100% satisfied with your financial results, it’s time to consider CFO services. CFO services take your firm to the next level by digging deeper into your firm’s finances. You already know that the more billable hours, the better. But knowing that alone provides you with little to no insight into how you can improve your current operations and legal services. It’s critical to know how every area of your firm is performing, so you can make the right choices to grow. Are you growing and operating as efficiently as you could? Our CFO services will help you answer this and more.
Legal Practice Accounting Services Done Right With The Latest Legal Accounting Software
Accounting is difficult, even for a lawyer. It consists of complex rules and regulations, which if not followed, leads to hefty penalties by the IRS. LYFE Accounting uses the most compatible legal practice management software that has both billing and accounting functions.
Beyond the compliance component, you need to know your law firm’s numbers! Keeping up with your financial results each and every month provides you with certainty on cash flow and insight into your firm’s financial health. As a business owner, it can be easy to put your head down in client work. However, it is important to keep a bigger picture view of your business so you can gain more client trust. Legal accounting services help you to do that and keep you on the top of the legal industry.
Law firm accounting service gives you the freedom to work on other practice areas of your business. You would not need to worry about learning complex accounting solutions and tax rules yet, you still would have the assurance that your accounting is done correctly.
Benefits Of Legal Accounting
Legal accounting helps you keep a long term perspective when it comes to your firm’s growth and sustainability. Having your financial activity and reports on a monthly basis ensures that you are keeping your finances at the forefront of your business. You are also secured that all your numbers are aligned to your goal. In addition, legal accounting helps to:
Why LYFE Accounting For
Law Firm Accounting Considerations
Our Methods To Legal Accounting
Catch Up Your Books
We take the time to catch up your books to the present month.
Set Up Chart Of Accounts
We set up your chart of accounts so that reviewing your financial statements is easy and tax return filing is a breeze.
We gather data. Whether you use Paypal or a credit card processor, we incorporate that information into your books. We will also connect your financial accounts to your bookkeeping software and begin data entry.
To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.
We prepare your financial statements. The financial statements include income statements and balance sheets.
We help you use your reports and KPIs to make informed, profitable decisions.
Take The Necessary Step To Grow Your Law Firm
What’s your goal? Maybe you want your firm to grow exponentially in the next year. Or maybe you just want to maintain organized books throughout the year so you can file taxes more efficiently. You might also want to try trust accounting.
The key with either one of these goals is you need to have an accounting process in place to achieve them. The unique thing about accounting is that it is an area of your business that impacts all of the other areas. Marketing, operations, human resources, etc. all are impacted by your accounting department.
The insights a proper accounting system provides is endless. Having this information at your disposal makes growing and improving your business easier and efficient.
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“My experience with LYFE Accounting was nothing short of amazing. Krystal is professional, detail oriented, and truly cares about her clients. I will continue to use LYFE Accounting for all of my personal and business tax needs as well for my business bookkeeping needs.”
– C. James