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At Invensis, we have over two decades of experience in delivering outsourced accounting services for law firms. We bank on a team of highly skilled accountants and legal financial specialists proficient in accounting software like QuickBooks, Xero, etc. Their deep understanding of legal accounting ensures compliance with regulatory standards, such as trust accounting and IOLTA (Interest on Lawyers Trust Accounts) management.
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. We implement custom solutions for tracking billable hours, client invoicing, and cost allocation ensuring that firms can efficiently bill clients while maintaining financial transparency.
Additionally, we provide regular financial reports, including profit and loss statements, trust balance audits, and cash flow forecasts. Our deep understanding of the legal industry’s ethical standards, combined with technological expertise, enables us to deliver precise accounting support that mitigates compliance risks, optimizes financial operations, and supports the long-term growth of legal practices.
As a seasoned provider of accounting services for solo practitioners and law firms, we assist in achieving financial management for lawyers in the following ways:
- Implementing trust accounting solutions to manage client funds in compliance with legal regulations, ensuring transparency and accountability in handling retainers, settlements, and other fiduciary responsibilities.
- Utilizing advanced legal bookkeeping software’s robust features for tracking billable hours and disbursements to automate invoice generation and payments and improve cash flow management for legal services.
- Ensuring proper expense allocation for client costs, office overheads, and contingency fees to align financial records with legal-specific tax considerations and reporting standards.
- Automating reconciliation of trust and operating accounts to ensure compliance with bar association guidelines and prevent commingling of client and firm funds.
- Providing detailed financial reports on profit per case, client profitability, and practice area performance to assist with decision-making and strategic planning.
- Streamlining payroll and partner compensation processes, including tracking equity partner draws, guaranteed payments, and fringe benefits within the law office accounting systems.
- Managing retainers and trust funds in real-time through integrated client ledgers to improve the accuracy and timeliness of legal trust account reporting and audits.
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