The legal practice industry has a multifaceted area of practice like corporate, litigation, criminal, annulment, and much more. Law firm accounting procedures are not a core function for your law or legal practice, but it is vital, and it is also a time-consuming process. It also has multiple accounting and bookkeeping challenges, some of which are listed below -
Legal firms manage multiple clients’ funds related to settlements, retainers, escrow funds, and so on, and these funds can not be mixed up amongst each other. These have to be done while keeping the firm’s funds separate.
The cost incurred on individual clients is what we call Matter costs. With multiple clients, it is not as simple as it sounds. The reimbursable cost ends on the Profit & Loss Statement, and advanced client costs show up on the Balance Sheet. It is essential to record the right amount to its accurate accounts.
There are two separate systems for accounting and billing in law firms. To ensure legal accounting compliance, one must not fail to integrate both the system. Or else it could result in future chaos like billing issues, duplication of data, missed revenue.
Whiz Consulting provides accounting and bookkeeping services for legal practices & lawyers that aids the firm in serving clients better. As a law and legal professional, you can focus on what you do best and should not take the headache of accounting. Our professional accountant will help up with the accounting, bookkeeping, and tax administration for your firm. We make sure to apply our industry knowledge which will help you eliminating accounting and bookkeeping challenges.
We provide comprehensive accounting services for law firms to function impeccably while taking care of your accounting for clients’ funds. We provide aid for matter-cost funding and help you make strategic decisions by providing accurate financial reports per your requirement.
We also keep ourselves updated with all technological advancements to help you integrate multiple accounting software for increased productivity.
Whiz Consulting provides accounting and bookkeeping for legal practice industry in India irrespective of your area of practice and the size of your organisation. If you are on lookout for accounting & bookkeeping services for legal practices & lawyers, here is why you should choose us –
We use high-end sophisticated accounting and bookkeeping software that enables us to provide an error-free accounting and bookkeeping process. Also, we make sure to keep the software updated.
We have decade-long experience in accounting and bookkeeping for the legal practice industry, and so we can provide integrated bookkeeping and accounting systems that will enable you to increase overall productivity.
Hiring an expert who has in-depth knowledge of the legal practice industry is a time-consuming and tricky process. But what is more of an issue is that it will cost you 70% more than hiring our service.
Ability to grow your business while we take care of your vital function so you can focus on serving your client with the best legal service possible, thus helping you bring scalability.
With our service, you get access to unlimited phone and e-mail consultations with our experienced professionals that can help you with your particular business needs.
With our accounting and bookkeeping services, we provide regular comprehensive reports that enable you to make strategic financial decisions for your firm.
Bookkeeping Service
Accounts Payable Services
Accounts Receivable
Financial Reporting
Payrolls Services Online
GST & Income Tax Returns