If you're a busy law firm entrepreneur, one of your biggest tasks is to stay on top of your financials and law firm accounting requirements. With the advancement of the digital age, this requirement has been streamlined and made easier with software such as Tabs3 Financials. Its General ledger software functionality allows you to reconcile bank statements and create financial statements. The Accounts Payable section lets you organize your invoices, track cash requirements, write checks and create 1099 forms. You also have an easy way to manage individual trust accounts and the bank accounts that are associated with them.
Providing Law Firm Tax Planning and Preparation
If a steady flow of clients is utilizing the services your law firm provides, it can become easy to start focusing strictly on your day-to-day operations. While this helps ensure short-term success, it may leave your law firm unprepared for the future when tax time rolls around. It's imperative to incorporate a law firm tax planning and preparation strategy into your workflow, which will help establish and provide the funds needed to pay the IRS in the future. The problem of not having enough funds to pay your taxes can be avoided by getting assistance from one of our law firm tax planning CPAs. With the help of Tabs3 Financials and our experienced law firm tax specialists, we can analyze the revenue of your firm and estimate an amount for the taxes you'll need to pay.
Assisting With Trust Accounting
When you utilize a law firm trust accounting specialist from Fusion CPA, you'll have someone on your team who can streamline your law firm’s trust account bookkeeping. It is imperative that the deposits and payments that flow through your client’s trust accounts are properly tracked and reconciled. We have experience and expertise in this area, which can provide you with the professional assistance you need to make certain your client's trust accounts keep accurate balances.
Keeping Your Financials Accurate
The General Ledger software provided by Tabs3 Financials provides a convenient and efficient way to add or adjust your journal entries. Our team of law firm accountants can import transactions that have been downloaded from your bank and create a balance sheet and income statement. Journal reports can be used by our law firm accounting CPAs to make sure all of the debits and credits are accurate and accounted for. Tabs3 also has a premier law firm accounting integration with QuickBooks. When Tabs3 and QBO have been correctly integrated a payment, cost or client is added to the Tabs3 Financials application, a corresponding entry is automatically added to QuickBooks, which helps streamline the bookkeeping process. With the assistance of these applications and our law firm bookkeeping experience, we can help your law firm monitor your cash flow and keep an eye on invoice aging and vendor discounts.
Utilize Our Powerful Law Firm CFO Advisory Services
Our team of knowledgeable law firm financial advisors can also provide you with assistance from our CFO advisory service. When your law firm gets busy with multiple clients, it helps to have an expert available who can take an unbiased look at your financials and see if any problems need to be addressed or make suggestions on ways your firm can grow larger and create a higher revenue figure. Our law firm CFO advisory specialists can assist with compliance work, make sure your financial reports are accurate and completed within a timely manner and assist with contract negotiations if needed.
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.