Grow your Law Firm with Accounting and Bookkeeping Services For Legal Practice Industry
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Accounting and Bookkeeping Problem Faced by Businesses in the Legal Practice Industry
In the legal industry, whether you’re dealing with corporate law, litigation, criminal cases, or other areas, managing finances is crucial, just like in any business. Even though accounting isn’t your main focus as a lawyer, it’s essential but can be time-consuming. Legal firms face various accounting challenges that need attention.
Law firm chart of accounts
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 Cost Accounting
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.
Separate Billing & Accounting Systems
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.
How Do TaxPeak Accountants Legal Accounting Services Help You Tackle these Issues?
As a law and legal professional, you can focus on your core expertise while relying on TaxPeak Accountants for accounting and bookkeeping services tailored for legal practices and lawyers. With our specialized legal accounting services, we support legal organizations in enhancing client service without the burden of managing accounting tasks. Our dedicated team of accountants ensures meticulous handling of your legal practice’s accounting, bookkeeping, and tax administration needs.
Our experts handle all accounting services for law firms, ensuring smooth business operations. We assist with matter cost funding and deliver precise financial reports promptly. Choose our full legal accounting services or opt for legal bookkeeping services as per your firm’s needs. We stay updated on technological advancements to integrate multiple accounting software, boosting your productivity.
Legal Accounting Services We offer at TaxPeak Accountants
- Bookkeeping Service
- Accounts Payable
- Accounts Receivable
- Financial Reporting
- Payrolls
- Tax Filing
We provide the following bookkeeping services –
- Bank & Credit Card Reconciliation
- Accounts Receivable & Payable Management
- Payroll Calculation & Tax Payments
- Inventory Management & Reconciliation
- Monthly Financial Statements
- Financial Ratios Reporting
- Budgeting Quarterly/Yearly
- Cash/Revenue/Expenses Forecasting
- KPI Reporting
- Strategic Advice on managing revenue, expenses, cash flow
- Tax return Filing with FBR
- Preparing & Planning for taxes
We provide daily, biweekly, or weekly accounts payable reports as per your requirement. This ensures that you never breach payment terms with your clients. Our outsourced accounting service covers invoice scanning to ensuring payment terms adhere to your company policy. We will make certain things are exactly as they should be, and it is our responsibility to raise a red flag with you when they are not.
Accounts receivable is a vital part of any business; without it, you cannot expect your business to sustain itself, let alone talk about growing. You must be sure how much you receive from your debtors and how much others owe you while ensuring this is done promptly to keep that cash flow moving. We remind our clients of the overdue payments or by contacting the debtors directly on the client’s behalf to ensure that our clients receive money from the debtors, which is done in time.
We know exactly what is needed for PAK Accounting and the requirement of regulatory bodies, and we can produce the same for you as we have years of experience working with PAK clients. This includes Periodic Reports, Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis, and much more. We also connect with your chartered accountant and ensure everything is there as and when he wants, you can trust us with your financial reporting requirements and ensure you adhere to all applicable standards.
We provide comprehensive payroll management, including:
- Payroll Data Handling: Collection and analysis of payroll data.
- Tax Reporting: Reporting payroll taxes to the Federal Board of Revenue (FBR).
- Salary Payments & Reports: Disbursing salaries and providing detailed reports to employees.
- Contributions & Deductions: Managing Employee Provident Fund (EPF), Employee Old-Age Benefits Institution (EOBI) contributions, income tax, and other statutory deductions.
- Salary Slips: Emailing salary slips to employees.
Streamline your payroll with our efficient online accounting services.
Our team of experts will handle all tax compliance, including Sales Tax and FBR regulations. With deep expertise in Pakistani accounting and bookkeeping, we prepare and file tax returns for any business. We also offer tax advisory services to help clients optimize their tax liabilities effectively.
Why Choose TaxPeak Accountants For Legal Firms Accounting Services?
At TaxPeak Accountants, we specialize in providing tailored accounting and bookkeeping solutions for the real estate, building, and construction sectors across the PAK. Whether you’re a real estate agent, contractor, construction firm, or landlord managing multiple properties, our services are designed to meet your specific needs. Our expertise ensures meticulous financial management, including comprehensive bookkeeping and accounting services, uniquely crafted to support the dynamic operations of your industry. Choose us for reliable, industry-focused financial solutions that help streamline your business and enhance financial clarity.
Compliance
Our experts will keep up to date with any new laws and regulations so that they can apply this knowledge to your organisation and it does not face any non-compliance.
Decade long Experience
We have over a decade-long experience in the real estate industry, so we can streamline your bookkeeping and accounting systems for increased productivity.
Cost-saving
With our services, you can save 50% more than hiring an in-house professional accountant or local accountant, while you will get access to a long list of accounting and bookkeeping services.
Satisfaction Guaranteed
Having worked with the PAK Real Estate, Building, and Construction businesses for a while, we can guarantee your satisfaction like all our clients.
Limitless Consultation
We can contact our experts for boundless phone and email consultations. Any query, trouble, or issue related to the services, we are here to help with it all.
Customise service and report
We provide customised services and reports as per your specific requirements. We personalize it all if you want particular reports or the same on different timelines.
Frequently Asked Questions (FAQs)
Hiring a legal accountant for a law firm comes with numerous benefits. An essential advantage is a relief from managing the financial aspects of the firm so that the members can focus on the firm’s primary function.
Sound financial advice is a must for a business to conduct its business more profitably, and a legal accountant offers financial advice specific to law firms and lawyers. The legal accountant helps prepare industry-specific financial statements and reports while focusing on legal compliance. An accountant who works exclusively for law firms completes the bookkeeping and accounting functions per legal industry requirements. They also help in the easy management of accounts payable, invoicing, and bill payments.
• Referrals and reviews- One of the best ways to find a good accountant is to look for referrals and reviews from other similar law firms and lawyers. Referrals and recommendations can be received from community organizations or third parties like banks, loan officers, etc.
• Match the firm’s needs and accountants’ services- After getting referrals and recommendations, it is a must to review the accounting needs of the law firm and the services provided by the accountant. The accountant must provide efficient services that match the firm’s needs.
• Examine their qualifications and experiences- Ensure that the accountant has the qualifications required to work in a law firm. Also, check the experience record of the accountant, if any, in the relevant field.
• Meet some prospective accountants- Meet with the accountants that meet the needs of the law firm and lawyers to discuss any questions regarding the industry, their experience, their charges for services, etc.
• Determine the comfort and compatibility level- Since any accountant working with the law firm and the lawyers will have a long-term relationship, it is necessary to determine the comfort and compatibility level.