The legal practice industry is an industry with multiple sectors or generally called an area of practice. A firm’s area of practice can be litigation, corporate, annulment, criminal, or any other practice. However, you must understand the importance of accounting and bookkeeping for your legal practice service firm. Accounting for lawyers can be complex as the number of cases and clients increase. Accounting and bookkeeping for law firms are not something that is a core function for your firm, but they can be a vital function like any other business. But some accounting and bookkeeping challenges exist in the legal practice industry, which are -
A legal practice firm manages a lot of clients’ funds in settlements, retainers, escrow funds and so on. These funds must be work properly to ensure that every individual client fund is distinct from each other. Also, the firm’s fund should be well separated from its clients.
Matter cost accounting is related to cost incurred on individual clients. This might sound sounds simple, but it is a complicated process. Advanced client costs appear on the Balance Sheet while reimbursable cost shows up on the Profit & Loss Statement.
Law firms generally use two separate systems for their accounting and billing. One must not fail to integrate its accounting and billing system to help maintain legal accounting compliance and avoid errors or more significant issues like billing issues, duplication of data, and missed revenue in the future.
Whiz Consulting is dedicated to providing accounting and bookkeeping services for legal practices & lawyers that help the firm serve clients better without worrying about accounting, bookkeeping, and tax administration of your law or legal practice.
Accounting for lawyers does not have to be complex, and with our service, we can ensure that you can focus on serving your clients with impressive service while we make accounting and bookkeeping for law firms flawless and easy for you.
Our expert will perform all bookkeeping and accounting services for law firms and assist you to tackle all accounting challenges specific to the legal practice industry. We keep up to date with all technological advancements to help you integrate multiple accounting software for increased productivity.
We at Whiz Consulting provide Accounting and Bookkeeping for the Legal Practice Industry in the USA irrespective of your area of practice and scale of operations. f you are looking for accounting & bookkeeping services for legal practices & lawyers, here is why you should choose us –
We use high-end updated 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 decade long experience of how the legal practice industry functions and what best will work for your organization.
You can save up to 50% cost compared to hiring a local or in-house accountant and bookkeepers compared to hiring our service, where you will have a pool of resources serving you.
With our service, you can focus on serving your client in the best possible manner allowing you to grow your business.
Connect to us on phone or e-mail with our experienced professionals for consultations and any queries or supports.
Get access to regular detailed reports that enable you to make a better financial decision for your firm.