Apex Law Firm Bookkeeping Service Tampa Florida - Apex Advisors Group Inc
Law firm bookkeeping means keeping track of all the money stuff for a law firm. It's like regular money records, but for law firms, there are some special challenges, like keeping track of all the different costs and payments for a case.
Law Firm Bookkeeping Services to Keep Your Law Firm Finances on Track
Regular bookkeeping might involve recording your income and expenses for groceries, rent, and entertainment. In a law firm, you'd be tracking income from client fees, but also recording all the expenses related to each individual case. This could include things like court filing fees, travel costs for meeting clients, and even photocopying expenses. Basically, you need to know exactly how much money comes in and goes out for every case the firm handles.
Why Law Firm Bookkeeping matter
Law firms need to keep good money records for a few reasons. First, they need to know how much money they're making and spending. This helps them make smart choices and follow the tax rules. Second, these records help firms know how much they're spending on each case. This is important to make sure they're making a profit. Third, they help firms know how much they're spending on each part of a case. This helps them make sure they're not spending too much.
Setting up a money system
First we’ll create a plan that will outline the specific needs of your firm, considering factors like size, practice areas, and number of staff. We'll identify the types of financial data you need to track and how often. Then we can recommend the perfect software for your situation. There are computer programs that handle tasks like time tracking, billing, and trust accounting. Finally, we'll establish clear financial policies. This includes setting guidelines for collecting fees, documenting expenses and approval, and maintaining client trust accounts.
Keeping track of money in and out
We’ll track every penny that flows in and out of the firm. This includes client fees, based on billable hours – the time lawyers spend working on cases. We'll keep a close eye on these hours to ensure accurate billing and max revenue. We'll also track everything from photocopying costs and travel expenses to court filing fees and legal research subscriptions. Law firms hold client money in trust accounts, and these require undivided attention. We'll ensure every transaction in these accounts is documented accurately and adheres to strict regulations.
Making money reports
These reports will clearly show if the firm is making money or not. They'll detail your income from client fees and compare it to all the expenses incurred, giving you a clear picture of your profitability. The reports will also reveal any outstanding debts the firm owes, such as loans or unpaid bills. This allows you to identify areas where you might need to adjust spending or explore debt repayment strategies. Financial reports aren't just about the present; they can also be used for future planning.
Doing taxes right
We'll help you understand the sometimes-confusing tax rules and make sure the firm files everything on time. No more last-minute tax season stress or unexpected penalties – we'll keep you covered. On top of that, we'll make sure client money is handled squeaky clean. This money goes into special accounts called trust accounts, and there are strict rules about how to manage them. We'll be there to ensure every transaction is documented properly and follows all the regulations to the letter.
Consultations for our service
By being available to our clients, we can respond to their concerns and questions and carry out our duty for keeping our clients up-to-date about the case.