ACCOUNTING SERVICES

• Bookkeeping: Systematically categorizing bank transactions and reconciling accounts to ensure accurate monthly financial statements

  

• IOLTA: Establish and maintain IOLTA accounts in compliance with state bar association requirements. Calculate and report interest earned on IOLTA accounts as required by state regulations.

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• Trust Account Management: Establish and manage trust accounts for client funds, ensuring separation from operational accounts.

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• Court Fee Tracking and Documentation: Track and document all court fees and related expenses incurred by the firm. Maintain detailed records of fees paid, including receipts and invoices. Prepare and submit reimbursement claims for court fees to clients or third parties.

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• Partner Distributions: Calculate partner distributions based on agreed-upon formulas and performance metrics. Ensure calculations reflect each partner’s share of profits, losses, and other relevant factors.

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• Audit Preparation: Prepare and organize documentation for audits or inspections by regulatory bodies.

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• Financial Strategy Development: Crafting and implementing long-term financial strategies to support the firm's goals.

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• Financial Reporting: Preparing and presenting detailed financial reports, including profit and loss statements, balance sheets, and cash flow statements.

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• Budgeting and Forecasting: Creating and managing budgets and financial forecasts to guide strategic planning.

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• Cash Flow Management: Monitoring and optimizing cash flow to ensure financial stability and operational efficiency.

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• Profitability Analysis: Evaluating the profitability of practice areas and making recommendations for improvement.

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• Cost Management: Identifying cost-saving opportunities and implementing measures to control expenses.

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• KPI Development: Establishing key performance indicators (KPIs) to measure and track the firm’s financial performance.

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• Risk Management: Identifying financial risks and developing strategies to mitigate them.

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• Tax Planning: Developing and implementing tax strategies to minimize liabilities and maximize savings.

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• Financial Compliance: Ensuring compliance with financial regulations and standards specific to law firms.

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• Capital Structure Management: Advising on the optimal mix of debt and equity financing.

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• Technology Integration: Advising on the adoption of financial technology and accounting software to enhance financial management.

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• Stakeholder Communication: Presenting financial information and strategies to partners, stakeholders, and board members.

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• Expense Reimbursement: Managing and processing expense reimbursements for attorneys and staff.

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