Bookkeeping Services for Attorneys
When you hire a bookkeeper, you want to make sure you find someone who knows their way around a law firm. In a law firm, as with most businesses, time is money and the more time you are spending training someone, the less time you have to crank out those billable hours, or time you have in preparing your case. That's why it's nice to have someone who already knows and understands the basics of a law firm and how it works. Things like a trust account and a Bar License are common knowledge around here.
What can an attorney bookkeeping do for your law practice?
We can keep track of the law specific transactions and record them in such a way, so that when we go to run reports we can show you valuable data for your firm- like court costs, and case revenue flow. This will help you in determining growth and better reading current practices.
At Papillon House, we use QuickBooks as our accounting software to help keep track of your law firm's business accounting needs including making sure your chart of accounts is accurate for your law firm, managing your transactions and delivering financial reporting necessary to assist a legal practice in its organization and planning.
This software allows us to keep better track of important records without requiring our business clients to spend hours preparing and organizing documents. This bookkeeping software also allows us to separate your accounts for proper categorization, run financial reports on demand, and keep in contact with our clients at the click of a button.
Basically our job as your legal bookkeeper involves us handling the day to day data entry of financial records to remove the hours of time and effort on your part. The records we use include vendor bills, invoices and bank feeds - all of which can be quickly and painlessly set up for you. We perform the basic accounting practices that allow you the peace of mind that comes with hiring a "law firms accountant" without the price tag that goes along with it. We take all our knowledge and perform law firm bookkeeping instead. Which gives you the same information you need on a monthly basis while offering a more personalized relationship with our company for a lesser expense.
Key financial statements prepared by a bookkeeper can help you understand what your finances are, and help guide you to make better and more informed decisions on how best to take the company where you want it to go. There are many different reports to choose from, but the most common are:
Profit & Loss Statements
The Profit and Loss report, also known as an Income Statement, shows the revenue and expenses of your business over a particular period of time. Typically, these reports are produced monthly, quarterly and annually.
A Balance Sheet is a snapshot of your companies finances at any one point in time. This report is used for business planning.
Statement of Cash Flows
A Cash Flow Statement is a record of the money (cash, electronic payments, etc.) entering and leaving your company. This can help you identify and budget particular categories of income and expenses.
We Get It...
We understand that you do not want to be in the books for hours every week. You are a busy professional who is managing clients, staff, judges, deadlines, and cases- all the while keeping the business afloat. You do not have the time for the tediousness of bookkeeping as well as running the reports every month- plus it's boring. But we know, that you are diligent and intelligent business owners that just "want the problem solved," and so we are here to help. We reconcile every month and we will either send you reports every month- or let you know so you can pull yourself.
But what we really understand is time. We understand how heavy the workload is and that sometimes you just need a job done without all of the hand holding and the importance of peace of mind when it comes to the back end of making sure the business is running smoothly and without misstep. We get that while we may not talk to you every day or even every week, that doesn't mean the job we are performing for you is without import. More importantly, you can trust us to continue in our job so that you don't have to. We are dependable and reliable in our commitment to helping your firm grow and run smoothly.
Our bookkeeping services also include organizing and sending your records and reports to your Certified Public Accountant when tax season comes around. We can communicate and resolve any other needs the CPA may have for tax preparation, taking this responsibility and headache off of your plate. Additionally, we offer payroll services for some of our clients.
It is also true that few business owners, whether they own a small business or large, got into their business in order to be an accountant. Instead, business owners have a passion to do what they love, and to make money doing it - bookkeeping and accounting is just an unfortunate side effect. However, by hiring a bookkeeper you can get back to doing more of what you love, without losing the money you make to do it. Furthermore, with proper financials and reports, as well as a maintained budget, you can focus on increasing your revenue, decreasing your costs, and growing your company how you want to
No matter how much you love your business there are always more things in life we want to be doing other than working. Whether its watching a sporting event and going on vacation, to spending time with family and kids, the hard truth of entrepreneurship is that you can’t do the things you love with the people you love, when you’re spending hours a week balancing your books and trying to run reports.
At Papillon Bookkeeping, we offer a way for you to gain back that valuable time that lets you get back to the things in life you’d rather be doing.