Law Firm Accounting Solutions
You started your law practice to help your clients, and that keeps you busy all day long; but you also need to focus on the business end. We know how time-consuming your law firm bookkeeping is with loads of administrative, often redundant, tasks that require a very high focus on detail.
Besides your law firm’s regular accounting needs, you might have to maintain client-owned money in a “trust account.” The Law Society of Alberta mandates specific trust accounting procedures for law firms in rule 119.36. Lawyers must engage in complicated accounting tasks like maintaining a detailed general ledger for every client, including a record of individual transactions, disbursements and service fees. You want rock-solid, economic trust accounting. Our skilled CPAs automate bookkeeping services for law firms, making trust accounting a breeze.
Did you know?
Client intake takes anywhere from several days to over a week in the average law firm
Lawyers who do not use modern CRM and scheduling systems have no show rates of 20-25%
Law firms have the potential to triple their total billings with existing capacity by focusing on practice efficiency
Most law firms do not bill immediately at the end of a job, reducing their chances of collecting
Most partners at law firms spend several hours per month preparing billings, and most of them hate doing it
Legal practices that invest in streamlined accounting and practice management system have more time to focus on their clients. Outsourcing bookkeeping for lawyers gives your firm more time to spend strategizing for your clients; increasing their chances of success.
Here are some of the ways we help Law Firms thrive
- Track WIP from anywhere, right on your phone
- View the status of all ongoing projects, and update those statuses from wherever you are, for the entire team to see
- View your team member’s availabilities and schedule work at the touch of a button
- Track expenses and mileage directly to jobs, from anywhere
- Send bills to and receive payments from clients immediately, through email
- Keep track of expenses and expense reports
- Manage the accounting for your law firm and your trust accounts, making sure they’re always up to date and consistently accurate
- Handle your time-tracking and payroll so that your employees, and the CRA are always paid on time and accurately
- Prepare your yearend financial statements
- Prepare your yearend corporate tax returns
- File your GST returns on time, every time
- Prepare and E-file complete Law Firm Self-Reports
Culture & Leadership
- Beautiful cash flow budgets and forecasts that give you insights into your future
- Understand each service line’s profitability so that you can make more informed decisions about the work you accept and your firm’s areas of focus
- We’ll help you interpret your financial results and give you ideas on how to improve them
- We work with business owners to create cultures that work. We help with everything from Leadership to hiring and team development, to business strategy and marketing
“I was introduced to Achen Henderson LLP at a networking meeting in Calgary. This turned out to be the best referral of 2014. [they are] fantastic, and I would recommend [them] to anyone who wants top quality, excellent customer service and reasonable rates (a rare find in Calgary’s busy and not always helpful market). Moreover, [they] went out of [their] way to provide meaningful and focused advice to some of my clients. It did not go unnoticed. We are looking forward to working with Achen Henderson in the future.
~ Nick Bryanskiy, J.D., L.L.M. – Bryanskiy Law, Barristers & Solicitors
Your cpa for law firmS: Quickbooks, Xero, Clio, and more
We know the challenges that you are facing because we have been a CPA for lawyers and have worked on legal accounting for years. If you are already using quickbooks for lawyers, or quickbooks for law firms or some other system, we’ll meet you where you are and help you build a system that works well for you, your team and your clients. Let us manage your legal accounting system, reporting, and payroll so that you can spend more time helping your clients.
Up late planning tomorrow? Up early checking the bank balances? We are right there with you every step of the way, no matter how big or small your business is.
It all starts right here, imagine the possibilities.