Legal  Accounting Services

Bring Sanity To Your Financial Process – Without Insane Law Practice Fees.

 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.

01

Bookkeeping

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.

02

Tax Preparation

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.

03

CFO Services

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.

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 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:

Organize and report on all of your transactions in a way that is easy to understand

Develop budgets and forecasts used for strategic planning

Implement profitable decision making for your practice management system

Minimize your tax burden by maximizing on all tax deductions that are applicable to you

Why LYFE Accounting For
 Legal Accounting
 

We Are Certified

Our team consists of Certified Public Accountants, Registered Investment Advisors, Enrolled Agents, and Tax Preparers. We have the qualifications and experience to service all of your legal accounting needs.

Industry Knowledge

Our team has direct experience with doing legal accounting for many clients. You will be assigned a designated accountant who will work closely with you to help you achieve your goals and assist you in every step of the way. Rest assured you are in very capable hands with someone who knows your industry.

Niche Experience

Accounting in every industry is different. LYFE Accounting has established a reputation with legal accounting services and many clients were happy with the results. Which is why working with our team will be a pleasure for you! We have specific experience working with different law firms.

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 Law Firm  Accounting Considerations

Handling of Client Funds

Handling of Client Funds

All client funds are not treated equally for accounting purposes. Depending on what stage of the client service process they pay you, we will determine how those funds are handled. For example, if you receive retainers in advance, this represents a liability to your firm until it is earned.

Client Costs

Client Costs

For every client, there are costs associated. It is important to make sure that all client costs are recorded and assigned accordingly. If possible, you should let your clients cover the costs.

Commingling Funds

Commingling Funds

Commingling of funds should never occur. In legal accounting, funds you receive in advance should never be confused with the funds you earn. Your accounts receivable should be closely monitored. There needs to be a clear distinction of this on your financial statements.

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.


Data Entry

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.


Reconciliation

To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.


Reporting

We prepare your financial statements. The financial statements include income statements and balance sheets.


Use Insights

We help you use your reports and KPIs to make informed, profitable decisions.

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.

Data Entry

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.

Reconciliation

To ensure accuracy on your financial statements and ultimately your tax return, we reconcile your accounts.

Reporting

We prepare your financial statements. The financial statements include income statements and balance sheets.

Use Insights

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.

Schedule A Call With An Expert Or Talk To An Expert Right Now!
470-240-1437

CLIENT TESTIMONIAL

“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