Bookkeeping for Attorneys

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. Because 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 for 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 3 way trust account reconciliations and a filing fees are common knowledge around here.
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What can an attorney bookkeeping do for your law practice?

We can keep track of law specific transactions and record them in such a way, so that when we go to run reports for you we show you valuable data for your firm- like court costs, and revenue flow. This will help you in determining growth and better understanding how current practices affect your bottom line.

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At Papillon House, we use QuickBooks Online as our accounting software to help keep track of your law firm’s business accounting needs. This includes making sure your chart of accounts is portrayed in such a way that makes sense to you- after all, you are the one using it to grow, managing your transactions and delivering the financial reporting necessary to assist a legal practice in its organization and profit planning. This software allows us to keep better track of important data without requiring our 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.  In addition, we also have a portal just for you. This shortens communication time, and keeps all the documents in one place for convenience and ease of operation.  With it we are able to deliver financial packages to you on a monthly basis that show comparables so you can have even more data at your fingertips.

Papillon HOuse

Our job as your legal bookkeeper involves us handling the day-to-day data entry of financial records so as 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 in QuickBooks Online. We perform the basic accounting practices that allow you the peace of mind that comes with hiring a law firm accountant without the price tag that goes along with it. We use all our knowledge and experience to give you expert, law firm bookkeeping instead. This gives you the same information you need on a monthly basis- all while offering a more personalized relationship with our company, for a lesser expense.

Key financial statements

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.

Balance Sheets

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.

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How are We Different?

When you work with us, you don’t have to wait a week to speak to someone about a problem or ask a question. We respond on the same day and work hard to get your issues resolved.

Understanding the function and scope of a law firm is tantamount to working with one. We already understand that the clients’ trust account has to balance every month and cannot be off by even a penny or the threat of disbarment is real. So, there will never be a dollar amount in the “reconciliation discrepancy” account like you might find in other bookkeeping companies. We understand that things like capturing court costs that can be billed back to the client are important as well and we start tracking those necessary costs from the very beginning.

We Get It...

We understand you do not want to be in the books for hours and hours every week. You are a busy professional who manages clients, staff, judges, paralegals, deadlines, and cases- all the while keeping the business afloat. You do not have time for the tediousness of bookkeeping as well as running the reports every month- plus it’s boring. We also know you are a diligent, intelligent business owner who just “want the problem solved,” and so we are here to help. We reconcile all accounts every month, and we will either send you reports every month- or let you know so you can pull yourself.

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Papillon HOuse

At Papillon House what we really understand is time. We understand how heavy the workload is and that sometimes you just need a job done without all the hand holding. We understand 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. And if you don’t have a CPA- we have that covered as well. Our CPA is fully capable of handling all your tax accounting needs.

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How can a bookkeeper add value to your business & your life?

The old adage of “time or money” describes most business owners. Either you have an abundance of time and little revenue, or an abundance of revenue and little time. However, the dream of every business owner is to have a healthy supply of both. Our bookkeeping services are designed to help you achieve the right balance of time and money. Our services put time back into your life for a reasonable cost, giving you both more time and more money.

Precision, Integrity, Efficiency, Expertise, Partnership

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 without spending hours a week balancing your books and trying to run reports.
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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.