Accounting for Law Firms: A Guide Including Best Practices

legal bookkeeping services

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. 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.

Once you really know where you are starting and aware of the options, DRIVE your future. This is an active implementation of tactical pieces of your business. Let’s face it, the legal pad did not get named by office supply stores!

The good news is, we’ve made this guide to help you know the essentials of bookkeeping and accounting for law firms. Each aspect of law firm accounting is explained understandably and concisely. If your law firm doesn’t already have business bank accounts, it’s time to open them.

This way, your firm can stay compliant with ethics rules—and you can ensure you aren’t leaving money on the table. Its bookkeeping service comes with its Enterprise plan, which costs $399 per month when billed annually. You’ll get a dedicated accountant, year-round tax advice, tax prep, bookkeeping and financial reports. If you’re looking to move outside of the Quickbooks universe, Xero is a fast-growing and popular online software option.

RemoteTrust Management and Accounting

Many businesses find that their bookkeeping needs have outgrown the capabilities of a part-time bookkeeper or office manager. We can provide your business with all the help it needs to keep its finances in order. With over 30 years experience working with attorneys, we are experts in handling your Iolta Trust Accounts and maintain a three-way reconciliation procedure which is required by the Ethics Committee. We can work with you on a monthly or quarterly basis to maintain a client trust reconciliation and provide you with the financial reporting to stay informed of client balances.

NIS Office is a full-service bookkeeping firm specializing in cloud-based legal accounting and practice management software. Whether working with new firms, firms looking to migrate their accounting systems, or firms that need to catch up on their financials, our team is here to legal bookkeeping services help. As an attorney, you may be aware of state bar requirements for trust accounts, but that doesn’t prevent you make mistakes. The most common mistakes are putting funds in the wrong account, accidentally or intentionally withdrawing funds, fail to report monthly, and so on.

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