With advanced features like trust accounting, built-in payments, mobile access, and CRM, TimeSolv helps you streamline operations without adding complexity. See invoices paid 70% faster with LeanLaw’s streamlined accounting workflows. LeanLaw is the alternative to law practice management software. LeanLaw’s direct integration with QuickBooks Online eliminates the reconciliation burden that plagues most legal accounting systems. Yes, outsourced accounting improves cash flow by speeding up billing, tracking payments, and managing expenses. We’re your go-to resource for learning how to start a new law firm or manage an existing one.
Marketing AI in professional services: How law and accounting firms win in 2026
Non-compliance can result in severe penalties, reputational damage, and in extreme cases, loss of practising certificates. Without strong financial management, law firms’ growth potential is limited. If a firm decides to enter new markets, expand its team, or launch new departments, its financial operations become increasingly complex.
Scalable Systems
- We combine legal accounting expertise, clear processes, and personal support to ensure accuracy, compliance, and trust.
- We handle payroll tax filings, compliance reports, and ongoing support for your firm.
- Customized support improves efficiency and financial visibility.
- Organization and entry of historical financial transactions.
- These regulations govern how to receive, store, and report funds received from clients.
- You get a dedicated professional who knows your client accounts, case types, and firm processes.
- A baseline understanding can make it easier to review reports and comprehend recommendations from your accounting team.
Bill by campaign, track hours across clients, and show results with clear reports. TimeSolv helps you manage retainers, control budgets, and stay one step ahead of the deadline. Track time on your terms and turn it into beautiful invoices in seconds.
Ongoing accounting and review
Specialized systems designed for law firms offer multiple features to improve accuracy, compliance, and efficiency. In the legal profession, managing finances efficiently is as important as winning cases. This blog explains how law firms can avoid costly errors and compliance issues, and why using legal trust accounting software can make a big difference. This frees up attorneys to focus on legal work while reducing the chances of errors or compliance issues. For solo or small firms, outsourcing bookkeeping on a part-time or project basis can provide structure without a full-time commitment. Each jurisdiction has specific guidelines for managing retainer funds, so make sure your law firm is compliant with state bar trust accounting regulations.
Why Law Firms Trust Legal Payroll and Tax Services
Your documentation should stay intact for at least five years. This improved focus often translates directly into increased revenue and stronger client retention—key contributors to profitability. These challenges often distract partners and senior staff from core legal work, ultimately impacting profitability. Leveraging deep industry knowledge and investing time to understand your business.
- We optimize law firm financial management by providing an integrated solution that transforms legal billing from start to finish.
- Strong alignment improves invoice accuracy and reduces payment delays.
- However, accounting is an essential function that helps ensure your firm is profitable, your team is fairly compensated, and your accounts are compliant.
- Law firms should match revenue recognition with completed work.
- All activity is logged and traceable within the system.
- Such challenges may damage a business’s profitability and reputation if not addressed promptly.
Better visibility supports stronger cost control decisions. An accountant or tax advisor can help you navigate gray areas and make sure your filings hold up under scrutiny. This system can keep everything organized and prepare you for tax season. In addition to keeping clear records, your State Bar will also ask you to run regular reconciliation, and in particular, regular three-way reconciliation.
Secure Your Trust Accounts. Hire Expert Bookkeepers.
Before meeting Susan, these areas of my firm were taking up too much of my time as a solo attorney. Sadly, I would often only run billing once I needed to pay bills. I never knew how much revenue I had at any time and my clients were frustrated by the lack of consistent billing. I was frustrated by the lack of potential clients calling my office and law firm bookkeeping the overwhelming task of running a law firm by myself.
Monthly trust reconciliations are prepared and maintained to support compliance and audits. We record client retainers, operating expenses, billable revenue, and reimbursements. Transactions are entered following legal accounting standards as part of our white label bookkeeping services. Each setup is documented and reviewed before live processing begins. Historical balances are validated, opening entries are checked, and reporting templates are finalized.
