We regularly provide corporate law firms with bookkeeping updates. Have pressing queries that can't be put on hold? We pledge to respond within a single business day or even less.
Our platform enables you to automate data entries from most major providers, effectively eliminating common errors. We collaborate with giants like Gusto, Stripe, Shopify, and Square— ensuring your law firm's finances are always spot-on.
Say goodbye to mountains of legal documents and tedious manual record-keeping—we automate information directly from your linked accounts. Gain clarity from one unified dashboard so you can swiftly comprehend the financial standing of your corporate law practice and drive strategic decisions.
DR. BUKKY KOLAWOLE
As a corporate lawyer, there are a few specific legal-indicative considerations that may impact your tax responsibilities. Some of these include:
- Professional service corporation (PSC) treatment: Legal services are categorized as a "personal service," meaning lawyers could be subject to particular tax rules for PSC. This could affect your corporate tax rates.
- Deductibility of legal expenses: Not all legal expenses are deductible, and those that are must strictly be for business purposes. This includes professional fees and expenses related to operating your legal practice.
- State law considerations: Depending on the jurisdiction you are operating in, different states can have different corporate tax laws that impact your legal practice.
Keeping abreast of these considerations can enable you to optimize your tax situation, and a professional bookkeeper can help ensure that you are adhering to all the relevant regulations.
Bench Accounting provides specialized bookkeeping services specifically tailored for law firms. Our expert bookkeepers can manage all aspects of your firm's finances, which includes tracking spending on research materials, paralegal expenses, and allocating them correctly. Understanding these costs will not only help with budget management but also, it may enhance profitability by revealing opportunities for cost savings or better cost allocation strategies.
The best way to manage financial records for a corporate law practice is to hire a professional bookkeeper or a bookkeeping service. This ensures that all financial transactions are recorded accurately and on time. Specialized accountants for law firms can help with managing trust accounts, billing clients, expense tracking, and generating financial reports among other services.
Bench Accounting offers industry-leading bookkeeping services specifically tailored to the needs of corporate law practices. Our team of expert bookkeepers uses advanced software tools to streamline your bookkeeping processes, ensuring effortless financial management while allowing you to focus on your legal services. Contact us today for a personalized consultation.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.