Law firms are inherently busy. Lawyers need to focus on cases and billable hours and don’t typically have time to worry about accounting for law firms. Hiring an accounting firm can alleviate much of that stress and solve other problems as well.
You can save a lot of time by outsourcing your accounting functions to a reputable accounting firm. Accounting for law firms is time-consuming, keeping track of each lawyer’s billable hours, and expenses. A trusted accountant can take these repetitive, labor-intensive tasks off your plate, freeing you up to focus on case matters.
Businesses need to comply with various state and federal laws while bookkeeping or accounting for law firms. An accounting firm can resolve compliance issues before they become a problem by monitoring your figures and alerting you to deadlines and filings.
Preparing taxes is stressful, and often law firms don’t have the time or human resources to deal with it. Hiring an accounting partner can help you file all your tax forms and returns on time and in compliance with the law. Accountants may also save you money by pointing out opportunities for tax deductions you may have overlooked. Additionally, accountants can help you avoid penalties and interest by filing more accurately and on time.
A trusted financial advisor can help your law firm make educated financial decisions and provide you with advice about investing for the future. In addition, by monitoring your law firm’s spending and income habits, they can offer insightful thoughts about ways to save or increase revenue or predict future trends.
Weekly, bi-weekly, or even monthly payroll processing is a complex and tedious business task subject to strict Department of Labor laws. It will save you a lot of headaches if you hire an accounting firm to take payroll off your plate.
Day-to-day bookkeeping tasks for law firms can be overwhelming to keep up with. A good accounting firm can relieve that stress by managing your daily receipts and expenses and supplying you with regular financial reports to see where you stand at any point in time.
Accounting for law firms doesn’t just include bookkeeping, taxes, and financial reports. Your accounting firm can also represent you when dealing with banks or other lenders to borrow money for expansion. They will have an intimate knowledge of your income and expenses, net worth, and cash flow so they can easily negotiate with lenders on your behalf to get you the best rates and loans that work for you.
Interactive Accountants have over 100 years of experience and specialize in accounting for law firms. We have a team of dedicated professionals ready to help you. Contact us today if you want to learn more about how we can help your law firm with all types of accounting, tax issues, or bookkeeping. We offer free consultations.