Law firms accounting requirements and service

The demand for law firms has always been ever-increasing since the last few decades. Providing an efficient and result oriented service is always the main priority for them, still, well-organized bookkeeping and accounting is very essential to ensure the efficient working of the firm. Here, the accounting system of the law firms stands a little different from other business firms due to the maintenance of the client trust account.

The client trust account is basically an account to hold money by law firms to conceal the expenses in the cost. The trust account is also referred to as Interest on Lawyers Trust Account (IOLTA account). This account helps to demarcate the funds and the operating account. The law firms cannot utilize or borrow the trust finds to run their business. In accounting, a proper financial statement is also necessary to analyze the expense and the revenue of a law firm.

Accounts Junction is one of the popular firms which provide bookkeeping and other accounting services for law firms. They have pioneered the accounting service giving to the legal firms.

What service do we offer?

(a) Accounts

We provide accounting services for the firms which are essential for businesses to understand the financial position of the business. It will help the business owners to take all important business decisions.

(b) Bookkeeping

Our bookkeeping services will provide a proper glimpse of all the financial transactions of the business. It will help to know all the important transactions in the business.

(c) Cash flow analysis

Cash flow analysis helps to record all the cash inflow and cash outflow in the business during the given period of time. It makes the business know how much cash they have and where is their cash going in the business.

(d) Tax planning

Tax planning is one of the vital things for any of the firms which are liable to pay tax. Every business wants to minimize the tax liability and pay proper tax as per the rules of the particular region.

Reasons to outsource your work to Accounts Junction:

(a) Accounting experts

Accounts Junction has a team of expert accounting individuals having a good deal of working with several firms. As law firms need a little different approach to the law firms, we have experience in providing proper accounting for the legal firms.

(b) Global experience

Accounts Junction is successfully handling the accounting work of many firms across the globe. We have clients in different nations like UK, US, Australia, etc. We ensure that the accounting is made as per the rules of particular nations.

(c) Accounting software

We use many of the accounting software like Xero, QuickBooks, Zoho Books, Tally, etc. These software’s makes the accounting work is automated by providing the accuracy in financial statements.

(d) Timely delivery

We know the importance of timely reports for our clients, so we make sure that we deliver all the reports on time. Our priority is to give error-free accounting.

Accounts Junction has emerged as a leading accounting service provider for law firms. By outsourcing accounting services to us, the law firms can assure of quality service.