If you choose to migrate your data into PracticePanther, you will be assigned a dedicated account manager who will assist you every step of the way. And if you ever need to switch to a different platform, you can easily export your data from PracticePanther at any time. Our team is here to support you throughout the entire migration process, so you can have peace of mind knowing that your important data is kept safe and secured. All client funds are protected with strict security measures. Transactions are carefully reviewed to prevent errors or unauthorized activity. Your firm can trust that funds are safe and properly accounted for.
Award-winning onboarding and support
These specific needs demand expertise in legal, and financial management, unlike general accounting, which focuses on standard bookkeeping, invoicing, and payroll. Our approach includes monitoring cash flow, trust ledger reconciliations, and ensuring adherence to strict reporting guidelines. Law firms often deal with retainer fees, disbursements, and expense reimbursements, which must be accurately tracked and allocated per case. A trust account is a special type of bank account used to hold funds or assets on behalf of someone else. In the legal field, it’s where law firms keep client funds they haven’t yet earned or Bookkeeping for Law Firms are holding for specific purposes related to legal matters. Smokeball provides matter management, time tracking, document automation, and billing but requires integration with separate accounting software (Xero or MYOB) for trust accounting.
- This includes a detailed check register for paper checks, as well as logs for electronic payments, wire transfers, and cash disbursements.
- Look for software, like CosmoLex, that includes integrated document management, trust accounting, time tracking, and secure client portals that allow seamless collaboration.
- Automatically secure and back up data in real-time with cloud-based case management.
- These disbursements do not touch your operating account or profit and loss.
- Additionally, firms benefit from legal CRM (Customer Relationship Management) features to manage client interactions and improve client service.
Accounting & Bookkeeping
Accompany each transaction with supporting documentation — invoices, receipts, or memos explaining the purpose — so you can clearly demonstrate the flow of funds. Reconcile bank and investment statements monthly, and retain original statements and financial documents for audit or court review. The smarter alternative to hiring a finance manager or bookkeeper. Our Sydney-based team integrates with your daily operations with senior-level expertise, handling everything from automated bookkeeping to strategic CFO insights.
My law firm practices several areas of law, can PracticePanther support all of them at the same time?
Service levels adjust seamlessly, whether you are handling a few clients or hundreds. Seasonal or case-based spikes are managed without adding staff. We reconcile operating accounts, trust accounts, and credit cards regularly. Differences between statements and records are identified early. Errors are corrected before they impact reports or compliance. Proper trust accounting procedures are followed at all times.
You can work securely with our team remotely using trusted trust accounting software for law firms. Reports, reconciliations, and transactions are available in real time. Our virtual setup avoids location limits and keeps collaboration smooth.
Secure Handling of Client Funds
- Over time, we learn the details of your trust accounting needs.
- Our bookkeepers specialize in trust accounting for law firms, helping you stay compliant and audit-ready.
- Eliminate administrative tasks and focus on high-value work.
- See how our experts can manage your daily law firm trust account bookkeeping service efficiently.
- Form 1099-NEC is used to report payments of $600 or more to independent contractors like freelance paralegals, expert witnesses, or investigators who are not your employees.
- Consider serving as a point of contact between trustees and beneficiaries when needed to keep the process transparent and collaborative.
You can try TimeSolv free for 10 days to see the results for yourself. Trust accounting for law firms manages client funds in compliance with legal and ethical requirements. We manage high volume billing and complex trust account structures common in larger legal practices. Departmental expenses are tracked carefully to support internal budgeting.
Your Partner for Financial Growth
- WIP sits on your balance sheet as an asset until converted to revenue through invoicing.
- Billing records are aligned with case activity and time tracking systems.
- You get a dedicated professional who knows your client accounts, case types, and firm processes.
- With Protégé Vault, attorneys can securely upload case files and conduct analyses specifically built for litigators.
- Monitor cash flow and real time balances with improved financial visibility.
For smaller law firms offering estate planning services or trust administration services, managing trust accounting is a big responsibility. Failing to comply with trust accounting requirements can delay court approvals, create conflict among beneficiaries, and expose attorneys and trustees to legal action. Even the most experienced legal teams may find that trust accounting requires specialized financial skills beyond their usual scope. We optimize law firm financial management by providing an integrated solution that transforms legal billing from start to finish. Our financially focused workflow connects time tracking, invoicing, payment collection, and accounting—precisely tailored to meet the unique financial needs of https://thebossmagazine.com/post/how-bookkeeping-for-law-firms-strengthens-their-finances/ law firms.
