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 is not something which is 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 –
A legal practice firm manages a lot of clients’ fund in the form of 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 is 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 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 error or bigger issue like billing issue, duplication of data, missed revenue in future.
Whiz Consulting is dedicated to providing accounting and bookkeeping services for legal practices & lawyers, that helps the firm to serve clients better without the worry of accounting, bookkeeping and tax administration of your law or legal practice. Focus on serving your clients in with impressive service while we put our efforts into making your accounting and bookkeeping process flawless.
Our expert will perform all bookkeeping accounting services for law firms and assist you to tackle all accounting challenges specific to 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 Legal Practice Industry in U.S.A irrespective of your area of practice and scale of operations. If 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 practice.
We have vast knowledge and decade long experience of how legal practice industry functions and what best will work for your organisation
You can save up to 50% cost as compared to hiring a local or in-house accountant and bookkeepers as compare to hiring our service where you will have a pool of resource 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 query or supports.
Get access to regular detailed reports that enable to make a better financial decision for your firm.