Accounting Services for Lawyers
As a lawyer, you need and expect precision in your record keeping. The best service for your clients and your employees means accurate and timely billing and an active consultation partnership for corporate and estate filings. This comes from collaboration with a great accounting service provider.
What are the accounting services that you should prioritize as a lawyer? All practices are different, but let’s take a look at three services that most lawyers can use.
Estate and Trust Accounting Services for Lawyers
Out of necessity, high net worth individuals are employing a more complicated business, estate and trust structures to keep their money. Prospects like this convert for lawyers who truly understand trust accounting, which usually means an accounting service partner.
Higher government scrutiny over trusts and corporations means that even the simpler aspects of estate and corporate planning are becoming more complicated. You will need an accountant familiar with budgets and tax filings to ensure the proper organization of documents. We cultivate the accounting services for lawyers to make the most significant impact on the counsel you give.
Tax Advisory for Professional Corporations
The world of business is consolidating, moving internationally and performing digital transformations centered around these records:
- Monthly, quarterly and annual reports
- Tax filings
- M&A paperwork
- Salary versus dividends
If you are to scale with your clients, you need the flexibility to integrate your practice into an increasingly expansive space of foreign currency and eclectic people.
Accountants with experience in the corporate world also understand the need to partner with lawyers well-versed in the growing intercontinental language of business. Services such as international tax filings or the purchase and sale of practice become more complicated as your client begins to include more than one set of government regulations, currency and labour law.
The small and midsize business market is also in need of sophisticated legal representation. The scale of operations may differ, but the type of business being done is the same. In many cases, they will rely on your legal and financial expertise, contact list and monthly bookkeeping to provide a measure of certainty when moving forward.
Understanding how regulations and personal affairs affect business is essential to providing hands-on service with this audience demands. You need to have the ability to reach out to a qualified accountant to come up with solutions involving finances quickly.
How MMTCPA Helps Your Law Firm
Our speciality assurance accounting tailors professional audit, management and compilation procedures to your numbers. We organize and prepare financial records for defensible projections and assessments, and we help you see beyond the numbers.
In today’s complex world, no one type of professional is expected to have all the answers. At the same time, your credibility hinges on every new prospect meeting. Reach out to professionals with complementary skill sets and certifications to expand the reach of clientele you can serve. One of the best expansions for the legal profession has been and will continue to be the field of accounting.
Have A Question? Need A Quote?
Contact us to find out how we can help your business reach its potential.