The legal practice industry has a multifaceted area of practice. 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 vital for your organisation as it is for any other business in a different industry. While law firm accounting procedures are not a core function for your law or legal practice, it is an unavoidable and time-consuming process. The legal practice industry has multiple accounting and bookkeeping challenges, which are -
Every individual client has individual funds related to settlements, retainers, escrow funds, and so on. These funds must be handled so that every individual's fund is distinct while keeping the law firm's fund separate to avoid any error in charts of accounts.
Matter costs, that is, the cost incurred on individual clients, is a minor part, but it is vital. For example, reimbursable cost shows up on the Profit & Loss Statement while advanced client costs appear on the Balance Sheet. 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. It is essential to integrate this two as a failure might result in errors like billing issues, data duplication, missed revenue, or more considerable chaos like legal accounting non-compliance.
As a law and legal professional, you can focus on what you do best while you can rely on Whiz Consulting for accounting and bookkeeping services for legal practices & lawyers. With our legal accounting services, we help the law and legal practice organisations to serve their clients better without taking the headache of accounting. Our professional accountant will help with your legal practice's accounting, bookkeeping, and tax administration.
Our expert will perform all the accounting services for law firms to help your business function seamlessly. We assist with matter cost funding helping to produce accurate financial reports whenever required without any delay. You can hire our complete legal accounting services or just legal bookkeeping services per your firm's requirement. We also keep up to date with all technological advancements to help you integrate multiple accounting software for increased productivity.
Whiz Consulting provides accounting and bookkeeping for the legal practice industry in the UK, irrespective of your area of practice. If you are looking for accounting & bookkeeping services for legal practices & lawyers, here is why you should choose us –
We use sophisticated accounting and bookkeeping software to ensure that your finance is error-free and is always up to date with existing practices.
Our highly experienced team will provide you with integrated bookkeeping and accounting systems, increasing productivity and smooth functioning.
Hiring an expert or a local bookkeeper and accountant will cost you 70% more than hiring our service, where you will have a pool of resources under one roof.
While we take care of your vital function, you can focus on serving your client with the best legal service possible, thus helping you bring scalability.
Our experts are available for boundless phone and email consultations, and we can modify a plan for you based on your particular business needs.
We provide regular detailed reports of all the invoices that are processed, along with the status of your invoices and reconciliation summary statements.