A growing law firm requires the best tools and people to help it reach its potential. You will need to figure out a way to streamline some of their tedious tasks, such as your law firm’s bookkeeping and tax planning. The best way to do this is to use excellent law firm accounting platforms like Accounting Seed. Accounting Seed is a cloud-based software that has several bookkeeping features ideal for the legal industry. To give you a glimpse of how Accounting Seed can help streamline your law firm’s accounting processes, we’ve listed some of its outstanding accounting features below.
Hassle-Free Customer Billing
Law firms cater to unique types of clients. As a law firm, you may bill your clients in one of two ways; namely, fixed or hourly rates. Using either one of these billing arrangements will result in the need for complex accounting methods. Luckily, Accounting Seed can accommodate a large range of billing methods.
Accounting Seed’s Time Card feature allows you to input labor hours, which you can then use to bill your customers. Additional layers of control can also be added to make sure that you’re customers are only charged for hours that are only utilized for their specific project. One such control is requiring your Time Cards to undergo an approval process before being posted. This feature also helps you save time by combining multiple operations, such as billing and recording, into one. Our team of law firm accountants can help you consolidate all your customer receivables.
Effective Tax Management & Accounting In One Platform
Taxes are one of the most significant expenses that your business will have to deal with during its existence. Filing inaccurate tax returns can also result in hefty fines that can severely derail your law firm’s chances of success. Luckily, Accounting Seed offers tax management features that can accompany your law firm tax planning activities to make it a much more efficient process.
Accounting Seed offers a Sales and Purchase Tax feature that can add automation to your sales tax calculation process. It also supports value-added tax and gross sales tax calculations. With Accounting Seed, you can also assign tax rates at a per customer or vendor basis to consider particular types of individuals. Our law firm CPAs have over a decade worth of experience in executing single and multi-state law firm tax filings. Our law firm financial advisers work with our law firm tax specialists to utilize your law firm’s financial metrics to streamline your tax planning strategy. The goal of our tax planning strategies is to identify and capture as many tax minimization opportunities as possible within tax regulations.
Consistently reviewing your law firm’s financial reports provides you a way to visualize your actual performance, because making financial decisions solely off of how much cash you have that day is not the best strategy for success. Areas within your business may need improvement and often times reviewing your financial metrics can help you identify them.
Accounting Seed offers various financial reports including:
Profit & Loss
Profit & Loss Versus Budget
Cash Flow Statement
Our team of law firm accountants provides dependable law firm bookkeeping and tax planning services to a wide range of law firm specialties including bankruptcy law, corporate law,criminal law, entertainment law, environmental law, family, health law, immigration law, intellectual property law, personal injury, real estate law, tax law and many more. We use the latest accounting principles and technologies to provide our clients with accountability based law firm financial advisory services. Click the button below to schedule a complimentary discovery call today.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.