The legal practice industry, with its multifaceted area of practice, had multiple accounting and bookkeeping challenges. Your area of practice can be corporate, litigation, criminal, annulment or anyone from the long list of practices. Still, you must understand that accounting and bookkeeping are as crucial for your organisation as it is for any other business in a different industry. Law firm accounting procedures are not a core function for your law or legal practice, but it can become a time-consuming process. Let's understand what more accounting and bookkeeping challenges are there for the legal practice industry are –
Legal practice organisation manages clients' funds related to settlements, retainers, escrow funds and so on. These funds are to be handled so that every individual's fund is distinct from each other while keeping the firm's fund separate, helping to maintain error-free charts of accounts.
Matter costs are costs incurred on individual clients. While it sounds simple, it is, in fact, a complicated process. Reimbursable cost shows up on the Profit & Loss Statement while advanced client costs appear on the Balance Sheet. Therefore, it is essential to record the right amount to accurate books of accounts.
Law firms generally use two separate systems for their accounting and billing. To maintain legal accounting compliance, one must not fail to integrate both the system result in error or more significant chaos like billing issue, duplication of data, missed revenue.
We at Whiz Consulting provide accounting and bookkeeping services for legal practices, which helps the organisation serve clients better without accounting for headaches. As a law and legal professional, you can focus on what you do best. Meanwhile, our professional accountant will help with the accounting, bookkeeping and tax administration of your law or legal practice. We make sure we apply best our industry knowledge, which will help you eliminate the accounting and bookkeeping challenges you face.
Our expert will perform all the accounting services for legal practice industry and assist you in serving your clients back taking care of you accounting for clients' fund. In addition, we assist with matter cost funding helping to produce accurate financial reports whenever required without any delay.
We keep up to date with all technological advancements to help you integrate multiple accounting software for increased productivity.
We at Whiz Consulting provide legal accounting services in Australia irrespective of your area of practice and scale of operations. If you are looking for accounting & bookkeeping services for legal practices, here is why you should choose us –
We use high-end up-to-date accounting and bookkeeping software to ensure that your finance is error-free and is always up to date with existing practices.
We have vast knowledge and experience of how the legal practice industry functions. We will provide integrated bookkeeping and accounting systems to increase your organisation's productivity and help it work seamlessly.
Hiring an expert who has in-depth knowledge of the legal practice industry can be difficult as it is a difficult decision, and it will cost you 50% more than hiring our service, where you will have a pool of resources serving you.
While we take care of your vital function, you can focus on serving your client with the best legal service possible, thus helping you grow your business while catering to the bookkeeping and accounting needs of the business.
We provide unlimited phone and e-mail consultations with experienced professionals, and we can modify a plan for you based on your particular business needs.
Our accounting services for the legal practice industry provide regular detailed reports of all the processed invoices along with the status of your invoices and reconciliation summary statements.