Bookkeeping for a Law Firm and Its Attorneys

bookkeeping for law firmBookkeeping for law firm

Bookkeeping for law firm – Did you know that since the year 2000, the number of licensed attorneys in Florida has gone up to just a little over 96,000.

According to a 2014 article in the Miami Herald, back in 1980, the Sunshine state only had 27,000 licensed attorneys. So if you’re part of the ever-growing legal community, keep reading this article for advice on virtual bookkeeping solutions from Your Miami Beach Bookkeeping Department.

Bookkeeping For Lawyers Doesn’t Come In One-Size Fits All:

Whether you have your own small private practice or are a partner in a large law firm, you know that legal bookkeeping is not an easy feat. As your law firm grows, you may realize that you need a billing system that’s specially made for attorneys to fit your needs. When it comes to bookkeeping, it’s not always a one-size fits all, various industries have unique challenges that need to be addressed and in the case of the legal field, elements such as case lists and trial dates may need to be a part of your reporting.

Virtual bookkeeping for law firm

At Your Bookkeeping Department, we specialize in convenient and virtual bookkeeping services for law firms and private medical practices. We have tools and processes to specifically handle the legal industry’s needs such as cloud-based retrieval that allows attorneys to access their financial information 24/7 on any device from a laptop to mobile. From payroll to expense reports to tax payments, all the data is securely hosted on a cloud and ready for consumption. So with busy days being a common thing in the legal world, an attorney can verify expenses during a lunch break, right from their phone. The cloud-based retrieval allows for multi-tasking and efficiency, which is part the day-to-day for people in the legal industry.

Virtual Bookkeeping For All Types of Attorneys:

Law Firm BooksWhether you’re in criminal defense, civil litigation, or other legal proceedings, know that our Miami Beach bookkeeping company offers a number of flexible solutions for legal billing. These include preparing payroll, keeping track of accounts payable and receivables, small business account reconciliation and assisting with preparing financial statements. Manal Oliver, founder of Miami Beach bookkeeping company is an accountant with 30 years of experience working with many law firms as their virtual bookkeeper. With a remote and well-managed bookkeeping process, Manal is able to work seamlessly with a multitude of attorneys not only in Miami Beach, but also neighboring cities such as Fort Lauderdale, Aventura, North Bay Village as well as across the entire state.

If you’re an attorney, we know you’re busy and ensuring CPA-ready books is probably not a priority. There’s so much to do for your own clients that your bookkeeping is probably taking the backseat. But a well-run practice with aligned finances can truly make a difference in your bottom line. You’re able to clearly view your finances, at all types, making it easier to implement changes that can increase your profit margin.

Is Your Law Firm Financially Healthy?

A virtual bookkeeping company can help you get caught up on all that paperwork as well as establish a reporting system that allows you to get a snapshot of your financial health in an instant. You can easily spot who has paid their invoices and who hasn’t, ensuring you collect it all. After all, you work hard as an attorney and you want to make sure you’re compensated for your time and effort.Legal Bookkeeping

As mentioned earlier in this article, attorneys have specific challenges. Tracking advanced costs, such as paying fees on behalf of your clients only to get paid later, can really impact your operating account. So how do your reports these paying fees? How do you ensure proper reimbursement? How about the costs associated with these fees such as post office charges and other miscellaneous fees. These costs all add up and if your bookkeeping isn’t on track, well you’re missing out. Your cash flow isn’t precise, your books may not balance, and you may not be ready should an audit occur.

Hire a virtual bookkeeper like Your Bookkeeping Department for meticulous work, analytical skills and the capability of rectifying any discrepancies. You can expect complete confidentiality for your peace of mind, return and delivery of secure data as well as data backup and domain knowledge. For virtual bookkeeping services, you can definitely count on Your Bookkeeping Department.

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