Accounting for Lawyers and Law Firms
|Lescault and Walderman’s team of law firm accounting experts provide specialized accounting services for solo practitioners and small-to-mid sized regional law firms. We focus on designing and implementing effective and efficient accounting systems, maintaining compliant and transparent Trust/IOLTA accounts, and providing complete financial management. We also offer:
Bookkeeping for Lawyers
Our bookkeeping rates are all per hour, allowing us to focus on providing the best, most comprehensive, and customizable services at a cost that fits your company. While we are proud to be Quickbooks Certified Proadvisors, we have experience with multiple bookkeeping packages and give our clients the ability to dictate the resources we utilize.
Typical Bookkeeping Tasks for Law Firms include:
Bookkeeping for Law Firms
Accounting Systems for Lawyers
Starting with accounting systems and related back office tools such as time and billing software, case management software, and AP/AR solutions, Lescault and Walderman works to understand the unique needs of each firm we serve. Thanks to years of experience providing custom law firm accounting solutions, we have a significant understanding of the capabilities and application of each individual accounting software component. This allows us to select and build the right custom accounting system for each client, one that meets their immediate needs and offers the right combination of future growth and utility.
The right accounting system can significantly impact the profitability of the firm in which it resides. First, it reduces the amount of time required to perform the ongoing accounting functions, saving on overhead costs. Second, it increases the efficiency of invoicing, allowing for more timely AR management and reducing the length of time it takes to get paid from clients. Finally, it can integrate at a high level with other individual back office components to provide more detailed reporting and insights into the daily operations of your firm.
As part of a solid accounting system, we also work with our law firm clients to implement custom solutions for everything from time and case management and billing to AP/AR and expense management.
Time Management Software
|Recognizing that billable hours are the true life blood of any law firm, we recommend every client implement a time and management software such as Nexonia. Easily integrated into nearly any accounting system, this system allows for the efficient entering and tracking of each attorney’s billable hours, creates target reports for management, and produces automated detailed invoices.
All of our time and management systems are designed for the individual firms service and billing models – hourly, fixed fee and/or contingency-based. In turn, we have deployed multiple types of software because no two firms are the same. This allows us to select the right software combination to best fit the needs of each client.
Expense Management Software
When operating a law firm, it is crucial to track every expenditure that you or your employees generate. This may sound overwhelming, but we are here to help with your expense management needs. Having served numerous businesses over the years, we are ready to help you implement the best expense tracking program for your law firm.
Examples of Software Capabilities:
- Tracks Credit Card Expenses
- Accounts Payable Automation
- Budget Control
- Tracks Travel Expenses
Case Management Software
|Case management software such as Clio can give your firm a serious advantage. By organizing and efficiently sharing information such as contacts, calendars, and case documents, attorneys are able to eliminate much of the lost time involved in resource management and client communication. In addition, today’s case management tools also provide an excellent foundation in time tracking and billing, allowing for payment planning, online processing, and more.|
On the other side of the journal, we recommend AP/AR Management Software like Bill.com to simplify and organize the process of paying vendors and collecting from clients. By receiving, approving, and paying bills online, our clients can cut their AP time by 50% or more. In addition, Expense Management Software like Expense Cloud offers online uploading and organization of receipts, the creation of paperless expense reports, and the segregation of accounting tasks and approval for both on-site and remote employees and consultants.
Trust/IOLTA Reconciliation for Lawyers
Mismanagement of IOLTA accounts can have serious repercussions for today’s law firms. Keeping this in mind, Lescault and Walderman focuses carefully on trust account management, including the maintenance of separate client ledgers, clear trust fund accounting summaries, handling of credit card retainers, and three-way trust account reconciliation. In addition, we address flat-fee payments individually, with full disclosure and client consent. In our experience, trust account management is a matter of both ethics and compliance.
We have managed these industry-specific accounts for several law firm clients over the years, acquiring the specialized knowledge and experience required for their successful oversight.
Our process for managing and reconciling client trust accounts to meet Bar standards ensures the highest levels of compliance and security. Because we never co-mingle funds, our clients have the peace of mind that they are always in compliance. In addition, our one-click Client Trust Ledger Reports provide the ability for any member of the firm to quickly pull client ledger reports for historic review and verification.
Financial Management for Lawyers
We can work with any accounting software to track and record each daily transaction. Then that allows us to reconcile all of your bank, credit card, and trust account activity to ensure accuracy and accountability. By following accepted bookkeeping practices, we are able to maintain the reliability and timeliness of your financial data, which is critical for invoicing, payroll, and expense management.
Our internal procedures also provide clients with the organized, detailed audit trail required for ethical and legal financial management. Whether you need us to work with your office managers and/or in-house staff, or manage your daily bookkeeping tasks, we can provide the oversight and accuracy your firm needs.
Specialized Law Firm Reporting
Gathering and organizing your financial data into an easy-to-understand format allows for appropriate daily application. Our process provides specialized law firm reporting, including partner/associate and practice area.
By producing and referencing a comprehensive partner/associate report, management is able to quickly identify the costs associated with each team member and reward/compensate the most valuable individuals. Timely review and action in this regard helps to maintain the proper oversight and motivation for your firm’s top producers.
Practice area reports are another key area that we focus on for our clients. By identifying the most efficient departments, management is able to quickly respond to a model proven, results-oriented tactic that impacts success. In addition, poor performance can be addressed and corrected before long-term profitability is affected.
Our extensive knowledge of law firm accounting rules, regulations, and best practice accounting procedures allows us to offer the most comprehensive Bookkeeping and CFO services for Attorneys.
As one of the leading accounting firms in the industry, we have the knowledge, skill, and experience necessary to quickly recognize issues and challenges that may impact your practice, while our unique expertise gives us the means to effectively implement solutions without reinventing the wheel. Simply put, we have seen what works and, more importantly, what does not.
Contact us today at 866-496-2042 to schedule your free in-office consultation.