Accounting for Attorneys

Accounting for AttorneysThe primary reason lawyers in Atlanta lose their license is due to combining clients’ money with the firm’s funds. The Georgia Bar Association requires all lawyers to keep the customers’ money and unearned lawyer’s fees in their IOLTA bank account and separate them from the company’s general account. Every attorney with client trust accounts must maintain a secure accounting system and separate consumer assets from the firm’s assets. At Prestige Accounting Solutions, we the team to provide legal professionals and legal organizations with accounting solutions. With our profound knowledge of the IOLTA account criteria, we can help you customize your company’s accounting to meet the requirements of IOLTA. Prestige Accounting Solutions is highly trained to assist you in maintaining your license.

We accommodate the corporate, financial, and accounting needs of private attorneys and legal firms. We have a professional and knowledgeable accounting department who knows daily life, regulatory problems, and legal issues. We participate in strategic research to offer realistic approaches that help you grasp emerging industry patterns and development opportunities and improve your operations, which will lead to more efficiency and profitability in your practice.

With our many years of experience in accounting for lawyers, you can ensure that we meet all your tax and accounting needs for your profession. Below is the list of accounting services we offer for the legal practitioners:

Accounting and Bookkeeping

Many law companies and self-employed lawyers often have difficulties related to their businesses’ bookkeeping and accounting standards, which are usually set by the bar association or other governing bodies.

Prestige Accounting Solutions help lawyers maintain records which directly reflect how their transactions comply with the laws of the regulatory bodies for lawyers. We will teach you how to:

  • Establish and record your retainer payment
  • Record income received from each of your clients
  • Set up those essential files particularly for attorneys
  • Bill a client
  • Manage a customer who pays his/her fee late
  • Calculate the CPC or cost per client
  • Calculate the profit and loss of a specific client
  • Set up consumer accounts and all expenses relating to the case and allocate the charges to customers when working out the fact costing

Taxes

With the help of Prestige Accounting Solutions, you can carry out your legal profession without stress and having to look over your shoulders. Moreover, you will gain more flexibility and benefits from your job.

As long as you fulfill your business’s tax requirements, the IRS will not always be on your heels, and it seems that your job and life are balanced. It isn’t very easy to negotiate with court proceedings as it also has to be dealt with by the Internal Revenue Service. That is why the accountants of Prestige Accounting Solutions have extended their limbs into filing self-employed lawyers’ tax problems.

Payroll and Employee Concerns

Our qualified payroll experts will help you prepare the company’s payroll on time and help you figure out any problems relevant to your employees. A cordial partnership between the board of directors, administrators, and employees is one of the basic requirements of a development company. When conflict gets out of control, it will negatively affect the staff’s attitude to their jobs, which in turn would directly influence the work of the lawyer and, hence, the firm’s overall efficiency.

Accounting System Design and Maintenance

To be a prosperous law firm, an effective accounting system must be implemented. A well-designed accounting system can send you a warning if your company is facing an impending financial crisis. Some lawyers may neglect the importance of establishing an accounting system. If you go astray, our excellently-designed accounting system can give you a heads up when your business is faced with an imminent financial crisis.

Overhead/Cost Analysis

The simplest way to monitor overhead costs is to see where such expenses take place. A law firm may classify these expenses using a total expense review, split them down to multiple groups, and conduct pattern analysis. Cost analysis can be categorized into activity costing and cost element accounting.

This includes tracking the expenses incurred by the specified department in which the expense flow happens. Cost element accounting consists of many expenditure components, such as insurance, utilities, workplace compensation, and other expenditures.

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