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Accounting for Law Firms

Let Us Handle Your Law Firm Accounting Services While You Focus on Winning Cases!

Streamline your Law Finances with XACT INC Expert Accounting for Law Firms

The profession of accounting for law firms requires specialized skillset and knowledge. At XACT INC, we provide law firm accounting services to effectively manage finances and comply with regulations. Our services include preparing financial statements, budgeting, tax planning, and cash flow management. Additionally, we track billable hours, expenses, client trust accounts, and calculate profits per partner as part of our comprehensive accounting for lawyers service. Accurate financial reporting is crucial in making informed business decisions and maintaining the integrity of a law practice. With the support of our professional accountants who are well-versed in legal accounting rules and guidelines, lawyers can focus on serving their clients while we keep their firm’s financial health strong.

Accounting for Lawyers: Stay Compliant and Organized While Saving Time and Money.

Trust Accounting

IOLTA accounts are properly segregated and handled in compliance with legal and ethical standards. Our accounting services for law firms ensures compliance with bar association regulations, prevents the commingling of client and firm funds, maintains accurate records of funds, and avoids potential legal issues.

Time & Billing Management

Tracking billable hours and expenses accurately, generating invoices, and managing collections for each client and case. As part of our law firm accounting services, all billable hours are accurately recorded, cash flow is improved with timely invoicing, billing errors are reduced, and our transparent billing practices enhance client satisfaction.

Financial Reporting & Analysis

Preparing comprehensive financial reports, including profit and loss statements, balance sheets, cash flow statements, and performance metrics specific to law firms. Accounting for lawyers also involves detailed financial analysis.

Expense Management

Tracking and managing all firm expenses, including overhead, operating costs, and case-related expenses, and providing detailed expense reports. In addition to controlling and reducing unnecessary expenses, our effective accounting for law firms improves profitability, enhances budget management, and ensures accurate client billing for reimbursement expenses.

Payroll Processing & Compensation Management

Our critical accounting for law firms services include managing partner distributions as well as salary, bonuses, benefits, and compliance with employment laws for attorneys, paralegals, and support staff. As part of our payroll services, we ensure accurate and timely processing, compliance with employment regulations, equitable compensation management, and employee retention and satisfaction.

Tax Planning & Compliance

We ensure compliance with federal, state, and local tax regulations applicable to law firms. This includes managing income tax filings, payroll taxes, and providing tax planning to minimize liabilities.

Cash Flow Management

Monitoring and managing cash flow to ensure the firm has sufficient funds to cover operational expenses, invest in growth opportunities, and handle unexpected costs. This service includes cash flow forecasting and analysis.

Key features making us different

In-depth knowledge

At XACT INC, we have in-depth understanding of the unique financial needs and challenges that lawyers face day-to-day. Our expertise helps lawyers with comprehensive and accurate financial reports that are crucial for making informed business decisions.

Precision & efficiency

Our team of professionals ensure that all regulatory requirements and compliance standards are met with precision and efficiency. By outsourcing your accounting needs to us, you can free up valuable time and resources that can be better utilized towards serving your clients and growing your practice.

Advanced systems

We use advanced software systems to streamline the billing process, making it easier for lawyers to track billable hours and expenses accurately.

Confidentiality

We understand the importance of confidentiality in the legal industry and take great care to ensure that all client information remains secure and protected. By partnering with XACT INC for services tailored to lawyers, you can rest assured that your financial data is always secure and confidential.

Comprehensive accounting services

Our comprehensive accounting services cover everything from bookkeeping to tax preparation, allowing you to focus on practising law rather than worrying about financial matters.

XACT.inc accounting for lawyers.

Simplify your financial management and ensure compliance with XACT.inc's accounting for lawyers.

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