Law Firm Accountants of Atlanta
As a professional services firm, we understand your time is valuable. The law firm services group of Fusion CPA is recognized as specialists in law firm accounting, tax planning and preparation, and CFO business advisory for the legal profession. We address the issues our law firm clients are concerned about, such as consolidations, accounting and practice management software evaluations, succession planning, labor cost management, and strategic CPA support.
We are Accounting Experts
Handling your accounting as a law firm may result in inaccurate books if you're finding it challenging to enter transactions consistently. The use of outdated tools may also make it difficult for accounting to be completed correctly. Outsourcing this essential work to experienced accountants for lawyers is probably your best choice when you want to ensure it gets done effectively and efficiently. Suppose you're currently focusing on clients and trying to keep up with your bookkeeping needs simultaneously. In that case, you may want to have a highly professional CPA assist with your expense tracking, invoicing, and other essential accounting requirements.
Helping to ensure you are on the right path towards your financial goals can only be done when you have a complete understanding of where you're spending money. Tracking expenses for overhead costs or other areas should be completed regularly to help maintain accuracy. Understanding how to perform these tasks effectively is critical.
Problems can occur if you're unsure about how to use specialized accounting software for lawyers efficiently or if your process includes monitoring a paper trail of receipts. Remembering to enter each expense into a ledger can also be challenging when you're focusing on providing clients with the best assistance possible. Missing one or more transactions can make it difficult to reconcile your account and honestly know your real expenses.
Invoicing clients is another area where utilizing the knowledge and experience of specialized accountants for lawyers can be highly beneficial. Getting invoices sent to each client and collecting payments can be tedious and time-consuming. Handing this critical task over to a highly experienced CPA will ensure it's being done with the latest technologies and processes. CPAs continue to stay abreast of best practices to deliver accuracy and ensure your law firm stays compliant with current regulations.
If you're a law firm handling trust accounting, you understand how essential it is to follow all of the responsibilities and rules associated with this area. Keeping accurate records and following state-regulated guidelines is a vital part of the process. Using a CPA who is highly knowledgeable about several different types of accounting makes it more straightforward to ensure the accuracy of your clients' trust accounts and prevent embarrassing mistakes.
Win with Industry-Specific Tax Planning
Getting assistance from a CPA specializing in tax planning for lawyers may be essential if you want to safeguard against making costly errors. You never want to pay too much to the IRS if you can help it. Implementing a comprehensive strategy to handle your law firm's tax obligations should be more straightforward by utilizing an accountant familiar with tax planning for lawyers.
You've got a great deal to think about when you're setting up your law firm's strategy to handle taxes. Maximizing your deductions by knowing what's accepted by the IRS can be more straightforward to understand when this element of your taxes is outsourced to a tax specialist. A seasoned CPA can examine categories like office expenses, advertising costs, and travel expenses to determine if you can save any money and help boost your profits. Operating your law firm may require you to obtain updated books and periodicals regularly. Knowing the best way to handle this type of expense on your taxes should be advantageous.
Focusing on your clients' needs and spending time acquiring new clients are tasks you complete that can produce the highest margins. Getting assistance from an accountant specializing in tax planning for lawyers frees you up from filling out IRS forms and ensures you follow the appropriate guidelines and regulations.
Hiring a CPA allows you to handle your law firm's tax responsibilities efficiently. You won't have to spend hours wasting time preparing and filing each form and hope it's done correctly. It's highly likely you'll also have the funds required to pay your tax bill by incorporating it into your tax strategy.
While there may be a few guides available online about filing taxes as a law firm, using these resources may be risky. Getting assistance from a tax professional who stays current with legislation is usually your best option. You'll have access to a knowledgeable CPA not just during tax season, but when you need to find answers that may be rooted deep in your financial data.
Optimize Your Business with Accounting Software Integration
Working with our knowledgeable team of accountants here at Fusion CPA may also be highly effective in keeping your practice up to speed with the latest software innovations. Utilizing the best accounting software for lawyers should help make your accounting tasks more transparent and straightforward to handle. We feel that incorporating the right software for your firm's specific applications should offer a seamless way to complete some of the processes used for your accounting requirements.
While utilizing these types of business solutions for lawyers, it should make it more efficient to get essential accounting tasks completed. Understanding how to use the software effectively may take some experience. Having a seasoned CPA available to manually review trust account balances or assist in moving the required funds from the trust account for an invoice payment may be challenging to complete error-free, depending on the number of times it's done.
Time tracking can also be streamlined by utilizing business solutions for lawyers. Outsourcing this crucial task helps ensure reliability and accuracy. It should help eliminate the possibility of overbilling your clients. Avoiding the damage to your reputation and embarrassment this could create should make it worthwhile to get assistance from one of our knowledgeable accountants. Undercharging clients for your valuable services can damage your bottom line and make it more challenging to reach your financial goals.
Having the capability to review your law firm's financial health regularly is also critical. Taking this action should help identify areas where you might be able to improve or eliminate processes that aren't working efficiently. Receiving various financial reports about your accounts receivables, expenses, or billing practices may prove to be highly advantageous. Getting current information allows you to keep a constant eye on your practice, making decision-making more straightforward and quicker.
We can help you keep track of your billable hours and expenses by implementing the software required to make it more efficient to get these tasks completed accurately and quickly.
Whether you are a small firm or an established firm, Fusion CPA applies our experience and resources to help you identify opportunities to achieve your goals, provide operational efficiency through effective workflows and processes, and increase profits for your firm.
We have the resources to respond to your needs quickly. Contact us today or call us at 404 955 7338 to connect with someone in our professional services practice.
Optimize Your Legal Practice Across The Board
Our goal is to be partners who help you grow revenue
Explore Law Firm Practice Areas We Serve:
Bridge the gap between you and the advanced accounting processes you need.
“Trevor and Fusion CPA has been awesome to work with. I own an LLC. Not only were they able to advise and guide me through my questions, but they also set me up for success for the previous and forthcoming tax seasons. You won't get the big, corporate firm mentality from these guys. They genuinely care about each of their clients and uphold them as personal relationships versus a paycheck” - Eric K
Legal Practice Specialized Services:
- Accounting and bookkeeping services
- Associate and Partner compensation modeling (lockstep, realization rates, books of business, etc)
- Identifying the proper entity formation (proprietorship, corporation, partnership, or limited liability company) given your Law firm's growth goals and management structure
- Accounts receivable management for both flat fee and billable hour clientele
- Law firm practice management software solutions and integrating them to your accounting platform
- Tax planning for year-end to minimize tax liabilities
- Monitor revenue and collection patterns
- Identifying key metrics and bench-marking to Law firm industry standards and statistics
- Work to establish financial reporting best practices
- Escrow/Trust account management
- CFO business advisory and evaluation services for Law Firms
- Risk management for Law firms
- Budgeting, forecasting, and performance reviews
- Customized monthly, quarterly, or annual financial reports
- Succession and ownership transfer planning (internal installment buyouts, etc)
- Assist with ownership and transition strategies
- Mergers and acquisitions
DISCOVER THE BEST ACCOUNTING METHODS FOR YOU
We have the team, the tools, and the expertise to transform your firm.
Speak With A CPA Today!