Keep your law practice compliant
Running a small law firm requires smart accounting practices to be successful – and compliant. Failing on the compliance front could mean costly penalty fees, and in the extreme cases, disbarment. Plus, do you really want to be devoting time you could be billing clients struggling to get the money side of your business set up and running right?
Different client billables shouldn’t be logged in the same way. For example, money you charge a client in advance of doing work is recorded as an asset on the balance sheet. Out-of-pocket expenses incurred on the client’s behalf go on the P & L (profit and loss). If you don’t do this right, you risk another type of compliance issue – this one with the IRS.
Track Expenses Effortlessly
Of course, you’ll also want to be able to track costs in almost real time for efficient and accurate billing, right? Those small credit card, check, or cash transactions you fail to allocate to the right account can add up to big bucks over time. Do you really have the time or desire to stay on top of this daily?
What about tracking invoice payments? Income and revenue are not the same. Are you paying for out-of-pocket expenses first? You should be. Not doing so will make it hard to accurately track income. This can be easily resolved by synching your billing and accounting systems.
The cost for 360+ Services is less than a typical manual-entry accountant with better and faster results.
Opportunities with this efficient, user-friendly service can include:
Near Real-Time Bookkeeping
On-Demand Reporting
Financial Consulting Support
Integrated Payroll Services
Quarterly Tax Filings
Estimated Taxes & Returns