Meru Accounting

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Bookkeeping For Lawyers

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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Bookkeeping in the lawyer industry in the US

Accounting is vital to the prosperity and fiscal well-being of U.S-based law firms. Legal practitioners and entities necessitate tailored bookkeeping and accounting services to administer their financials effectively, ensure adherence to legal and regulatory norms, and make informed choices. This not only allows them to record income, expenses, and liquidity but also divulges a vivid insight into the firm’s financial state. Moreover, it simplifies invoicing clients, trust accounting, financial declarations, and taxation proceedings, particularly in the legal sector.
Setting up a comprehensive bookkeeping and accounting system for a law firm entails selecting the right software, setting out regulations for expense logging and invoicing, and upholding applicable statutes and ethical rules. While classic approaches exist, technological solutions such as cloud-based systems and outsourcing can speed up processes while economising time and finances. The intricate tax laws in place further strengthen the need to use trained accountants. Accounting companies like Meru Accounting understand the particular requirements of the legal field and offer tailored solutions to help law firms succeed.
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?

Lawyers and law firms need bookkeeping and accounting for several reasons:

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 In A Law Firm.

Getting Started: Bookkeeping And Accounting System For A Law Firm.

Setting up a bookkeeping and accounting system for a law firm can seem daunting, but ensuring that your business runs smoothly is essential. The first step is to determine the appropriate software you will need based on the size of your law firm. Numerous software programs are available today designed specifically for managing finances in legal practices.
Next, decide who will be responsible for handling financial matters. Hiring an expert accountant or outsourcing these tasks to an offshore company specialising in legal finance management may be wise.
Once you have established this framework, create guidelines and processes outlining how expenses should be recorded, invoices issued, payments received, and payroll managed. This information should also include any tax regulations applicable to lawyers’ businesses.
Regularly analyse your financial reports generated by the software program chosen earlier and make decisions based on them—this helps keep track of cash flow while providing data-driven insights into areas where more investment may improve revenue streams.
Ensure compliance with all relevant laws concerning bookkeeping and accounting systems within the industry. A well-structured system ensures that audits run smoothly while keeping clients confident about their lawyers’ ability to manage their finances effectively without compromising ethics or integrity standards dictated by laws governing professionals in this field.
Bookkeeping for Lawyers
Ensure compliance with all relevant laws concerning bookkeeping and accounting systems within the industry. A well-structured system ensures that audits run smoothly while keeping clients confident about their lawyers’ ability to manage their finances effectively without compromising ethics or integrity standards dictated by laws governing professionals in this field.

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

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 qualified CPA who have years of experience of doing a tax return for lawyers. We also serve their bookkeeping and accounting requirements.
We won’t cost you too much. We charge only $US 10 per hour with 24 x7 services via mail, call and chat. Our team has experts in QB advisor, MYOB, Xero Silver champion.

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.

In 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. 1. Cost-saving
  2. 2. Access to skilled and experienced professionals
  3. 3. Better management of books of accounts
  4. 4. Decreased chances of errors
  5. 5. Improve business efficiency
  6. 6. De-burdens in-office employee’s dependency
  7. 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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      We Service All Types Of Industries

      Construction Industry

      Real Estate Industry

      Lawyers

      Advertising & Marketing Industry

      Physicians Doctors Physiotherapist Dentist

      Pharma

      Online/ ECommerce

      Nonprofit Organizations

      Franchise Business

      Amazon Sellers

      Rental Business

      Mining Industry

      Manufacturing Industry

      Information Technology & SAAS Based Companies

      Age Care/ Health Care/ Spa & Saloons

      Logistics, Transportation & Trucking

      Travel, Tourism & Entertainment Industry

      Trading /Brokers

      Power & Infrastructure

      Wholsale & Retail Industry

      Gems & Jewelry Retailer & Exporter

      Education

      Brick & Mortar Industry

      Professional Training Business

      Consultancy Business

      Aerospace Industry

      Financial Services

      Energy

      Restaurant & Hotel Business

      Professional Services

      We Service All Types Of Industries

      Construction Industry

      Real Estate Industry

      Lawyers

      Advertising & Marketing Industry

      Physicians Doctors Physiotherapist Dentist

      Pharma

      Online/ ECommerce

      Nonprofit Organizations

      Franchise Business

      Amazon Sellers

      Rental Business

      Mining Industry

      Manufacturing Industry

      Information Technology & SAAS Based Companies

      Age Care/ Health Care/ Spa & Saloons

      Logistics, Transportation & Trucking

      Travel, Tourism & Entertainment Industry

      Trading /Brokers

      Power & Infrastructure

      Wholsale & Retail Industry

      Gems & Jewelry Retailer & Exporter

      Education

      Brick & Mortar Industry

      Professional Training Business

      Consultancy Business

      Aerospace Industry

      Financial Services

      Energy

      Restaurant & Hotel Business

      Professional Services

      Our Young and Dedicated Team

      Our Office Address

      US Office (Florida)

      603 E Fort King St, Ocala, FL 34471, United States.

      US Office (Texas)

      10440 N Central Expy, Suite 800 Dallas, TX 75231 United States.

      US Office ( New York )

      26 Broadway 8th Floor, New York, NY 10004 United States.

      Our Office Address

      US Office (Florida)

      603 E Fort King St, Ocala, FL 34471, United States.

      US Office (Texas)

      10440 N Central Expy, Suite 800 Dallas, TX 75231 United States.

      US Office (New York)

      26 Broadway 8th Floor, New York, NY 10004 United States.


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