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Bookkeeping for Lawyers Industry
With over 9+ years of experience, we are a trusted partner for accounting and bookkeeping services in the US. Whether you’re a startup, a small business, or an established enterprise, our services can meet the unique needs of your industry. Our deep understanding of US regulations and best practices can empower your financial journey and drive you toward long-lasting success!
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Business Tax return filing by Certified
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Bookkeeping for lawyer industry in the US
For lawyers and law firms in the US legal industry, bookkeeping is an essential function that enables them to stay financially stable, comply with legal requirements, and make informed decisions about the growth and success of their practices.
Why Do Lawyers And Law Firms Need Bookkeeping And Accounting?
Financial Management:
Bookkeeping and accounting help lawyers and law firms effectively manage their finances. It allows them to track income, expenses, and cash flow, enabling better decision-making and financial planning. By having accurate and up-to-date financial records, lawyers can analyse their revenue sources, identify areas of high expenditure, and make informed financial decisions.
Compliance:
Lawyers and law firms are subject to various legal and regulatory requirements related to financial reporting and taxation. Proper bookkeeping and accounting ensure compliance with these obligations, such as filing accurate tax returns, maintaining trust accounts for client funds (if applicable), and adhering to accounting standards. Compliance avoids legal issues and fosters trust and credibility with clients, regulators, and other stakeholders.
Client Billing and Trust Accounting:
Law firms often bill clients based on time spent on cases, retainers, or contingency fees. Accurate bookkeeping and accounting systems help track billable hours, generate invoices, and manage client accounts receivable. Additionally, if the law firm holds client funds in trust, proper trust accounting procedures ensure compliance with ethical rules and safeguarding of client funds.
Financial Reporting:
Bookkeeping and accounting facilitate the preparation of financial statements and reports, such as income statements, balance sheets, and cash flow statements. These reports provide a snapshot of the firm's financial performance, profitability, and position, allowing lawyers and managers to assess the business's health, identify trends, and make strategic decisions.
Taxation:
Lawyers and law firms have specific tax obligations, including income tax, payroll tax, and sales tax. Accurate bookkeeping and accounting records help calculate taxable income, track deductible expenses, and ensure compliance with tax regulations. Properly maintained financial records also simplify the tax preparation process, making filing tax returns accurately and on time more manageable.
Financial Analysis and Planning:
Bookkeeping and accounting provide fundamental economic analysis and planning data. By reviewing financial reports, lawyers can identify areas for cost savings, evaluate the profitability of specific practice areas or cases, set budgets, and forecast future financial performance. This information enables informed decision-making to support the growth and sustainability of the law firm.
Below Are Some Core Aspects Of Accounting for Law Firm.
Getting Started: Bookkeeping And Accounting System For A Law Firm.
Handling Tax Preparation And Compliances At Meru Accounting
- Tax preparation is always challenging, even for a lawyer. The US tax laws consist of so many layers and codes. It is so complicated that single filing requires too much clarification that can be better handled by a qualified tax accountant like Meru Accounting. You may miss out on credits and deductions applicable to you, costing your hard-earned money.
- You may use a tax software system to assist you in tax filings. However, it can never provide the insights that an accounting and tax professional specialises gained after working for so many years in the legal industry.
- At Meru Accounting, we have a dedicated team of tax professionals who deliver accurate and efficient preparation of all the tax returns of a law firm, multi-state taxes and individual income tax returns of your partners.
- Lawyer’s profession needs different bookkeeping for legal businesses as it requires them to compile it for various governing bodies. Therefore, we accurately manage our clients’ accounts to help them flourish. We also help our clients smoothly integrate their online websites with accounting software. In addition, we understand a legal business’s intricacies and trust accounting for your legal business.
- Accounting for lawyers needs a detailed understanding of bookkeeping requirements in complying with various governing bodies. Hence, we at Meru Accounting work on integrating our client’s accounting systems with their legal software. Some legal software available is leaping their Legal software (Cloud-based, Trust accounting, providing suitable formats for conveyance, Will and Estate Accounting), Clio Software (Integrates with Xero, Invoicing the clients, Cloud-based platform, Case Management), Case Fox (Web-based software, Timekeeping via SMS, Integration with Google, Trust accounting, Calendering).
- Meru Accounting helps in managing the accounts of a law firm. We are well equipped with accounting software, ensuring smooth integration of the online website of the client with the software. We have a qualified and competent team of skilled CPAs with years of experience doing tax returns for lawyers. We also serve their bookkeeping and accounting requirements.
Tax Preparation And Compliances
- Tax preparation is never simple and easy, even for a lawyer. The US tax laws consist of so many layers and code. It is so complicated that single filing requires too much clarification that can better handle by qualified tax accountant like Meru accounting. You may miss out credits and deduction applicable to you, costing your hard-earned money.
- You may use a tax software system to assist you in tax filings but, it can never provide the insights that an accounting and tax professional specializes, gained after working for so many years for the legal industry.
- You may use a tax software system to assist you in tax filings but, it can never provide the insights that an accounting and tax professional specializes, gained after working for so many years for the legal industry.
- Lawyers’ profession needs a different bookkeeping for legal businesses as it requires them to compile it for various governing bodies. Therefore, we accurately manage our clients’ accounts to help them flourish. We also help our clients for smooth integration of their online websites with accounting software. In addition, we understand the intricacies of a legal business and understand trust accounting for your legal business. Accounting for lawyers needs a detailed understanding of bookkeeping requirements for lawyers in complying with various governing bodies.
- Hence, we at Meru Accounting work on integrating our client’s accounting system with their legal software. Some legal software available are leaping their Legal software (Cloud-based, Trust accounting, providing good formats for conveyance, Will and Estate Accounting) Clio Software (Integrates with Xero, Invoicing the clients, Cloud-based platform, Case Management) Case Fox (Web-based software, Timekeeping via SMS, Integration with Google, Trust accounting, Calendering).
Reasons For Our Professional Help
- Change in tax laws.
- Several type laws of IRS
- Acquaintance with tax laws
Our Tax Assistance For Lawyers Include
Business tax returns for attorneys and lawyers
We prepare business tax returns for lawyers, law firm, attorney and sole proprietor. Irrespective of your locations, we take care of all your state and federal tax filings.
Individual tax return
You will be at peace when you left your tax preparation with us. We assure your tax return is fully compliant with current regulations. Multi-state tax filling: We make sure of all the multi-state tax returns filings before the due date for law firms.
Trust, Gift And Estate Tax Returns
We are qualified to prepare a trust, gift and estate tax return applicable for both federal and State. We can accurately and diligently file these type of returns in time to avoid penalties.
Conclusion
In conclusion, bookkeeping and accounting play a crucial role in the success and financial stability of law firms in the US. Lawyers and law firms need bookkeeping and accounting services for various reasons, including financial management, compliance with legal and regulatory requirements, client billing and trust accounting, financial reporting, taxation, and financial analysis and planning. Setting up a comprehensive bookkeeping and accounting system involves selecting appropriate software, establishing guidelines and processes, and ensuring compliance with relevant laws and regulations. Hiring expert accountants or outsourcing financial tasks to specialised accounting firms like Meru Accounting can provide the necessary expertise and support. Additionally, for tax preparation and compliance, relying on experienced tax professionals can help law firms navigate the complexities of US tax laws and maximise deductions and credits. Overall, professional bookkeeping and accounting services are essential for law firms to thrive and maintain trust with clients and stakeholders.
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Individual Business Owners
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
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