Accountants for law firms specialize in managing the financial aspects of your law business. Whether you work as an independent attorney or own a law firm, managing accounts is something that requires attention to detail, but often you may not have time to focus on it nor enough knowledge of accounting.
Therefore, a qualified law firm accountant is the best solution for your firm’s accounting needs. These professionals will manage your financial operations, giving you the opportunity to focus on your clients and attorney tasks.
Lawyers have one of the most demanding professional schedules. Besides trying to improve and grow their business, lawyers and Law firms must manage numerous tasks and responsibilities during a regular working day that may include:
- Meeting clients, answering phone calls and emails,
- drafting motions,
- legal research,
- attending hearings, and
- hiring and training new attorneys.
Accurate And Detail-Oriented Accounting For Lawyers In Philadelphia PA.
Law firms often have to manage not only their own money but also their clients’ money. An accounting error relating to clients’ money can cost the firm its license and professional reputation too.
If clients come to you seeking legal knowledge and expertise; why shouldn’t you go to accountants for law firms for their unique skills?
Entrusting your law firm’s taxation, accounting, and bookkeeping requirements to a law firm accountant from A+ Tax Experts will let you focus more on providing excellent professional service to your clients. By spending more time nurturing your relationships with clients, you will attract more clients and improve your firm’s reputation.
Our law office accounting has helped Philadelphia law firms and lawyers manage their cash flow, track income, and expenses, and understand where their money is coming from and going with our unique and meaningful financial reports
Why Is Accounting Important For Lawyers In Philadelphia?
Running a law practice can be all too time-consuming. Accountants help you keep track of what money is coming in, how you’re spending it, and who it belongs to. An efficient system of accounting for attorneys will keep you organized, ensuring you meet all of your financial obligations to your clients, firm, employees, and the state bar.
Some key reasons why it’s essential for law firms to work with professional legal accountants include:
- Accounting services help your law practice save time and money related to hiring and maintaining an in-house accountant on a full-time or part-time basis. By outsourcing their accounting needs to professionals, law firms and lawyers can save substantially on wages, perks, office space and equipment, and operating expenses.
- Accountants make sure that your financial records are organized, and that you have access to accurate financial statements. They monitor relevant key performance indicators (KPIs) and help you develop growth strategies for your legal practice.
- Data breaches continue to negatively impact businesses in the US and law firms are no exception.
CPA firms use accounting software such as QuickBooks® which have bank-level encryption and security features to protect the financial data of their clients.
- State Bar Associations require attorneys, law firms, and legal practitioners to keep their clients’ money and unearned attorney fees in an IOLTA (Interest On Lawyer Trust Account) bank account separate from the attorney’s or firm’s general account. Accountants can assist law firms and lawyers maintain good accounting practices by segregating the clients’ funds from the attorney’s or firm’s funds.
Accounting For Legal Services In Philadelphia.
If you want your law firm to grow over time, you require strong financial planning. Working closely with an accountant can help you plan for growth with fewer risks and more rewards.
An experienced accountant can take your law firm’s financial data, analyze it, and use it to make the best decisions for your business. Common duties of a legal accountant involve the following:
- Capturing expenses,
- Financial forecasting and strategy,
- Preparing financial statements,
- Tax planning, preparation, and filing,
- key performance indicators (KPIs) reporting.
- Compliance,
- Monitoring financial performance,
- Managing payroll,
- Client trust accounting, and
- Undertaking monthly and/or quarterly reviews of accounts
We Combine Various Areas Of Expertise Into Our Services For Law Firms And Lawyers.
At A+ Tax Experts, our team is made up of a network of highly trained professionals with diverse skill sets. We focus on providing comprehensive bookkeeping, accounting, CFO, and tax services for law firms, sole legal practitioners, and legal partnerships.
Being recognized as an accounting firm that has a lot of lawyer clients has elevated our brand and allowed us to have a positive association with a very sophisticated group of professionals.
Contact Us Today To Find Out How You Can Benefit From Our Services, Capabilities, and Resources.
As one of the premier accounting firm in Philadelphia, A+ Tax Experts is trusted by lawyers and law firms for accounting, tax, consulting, and litigation support services to maintain lucrative and successful practices.
Are you ready to see what our Philadelphia-based accounting law firm can do for you? Contact us to schedule an appointment today to discuss how your legal practice can benefit from our full catalog of legal accounting and tax services.
