You need someone who has proven experience in every aspect of law firm accounting and tax services for sole proprietors through large multi-partner law firms. We have extensive experience in working with many law firms in the area – from start-ups to well-established multi-office firms. This puts us in the unique position to offer accounting, bookkeeping and tax solutions that are tailored to fit your needs.
We can assist you with the many important operational aspects of your business. These include but are not limited to:
- Trust/IOLTA Reconciliations
Managing and processing the Trust/IOLTA reconciliation process for law firms and attorneys is a very important issue. Due to the complex nature of Trust/IOLTA accounting, many firms unwittingly comingle funds. This innocent mistake is considered a breach of fiduciary responsibility and can have long lasting and very detrimental effects on an attorney’s career. We would ensure that this risk is mitigated by helping you to establish well-defined policies and procedures when it comes to handling client retainers as well as subsequent disbursements.
- Accounting and Recordkeeping
Ensuring processes and procedures are in place to safeguard assets and track performance is a key area of concern for law firms of all sizes. Our CPAs and consultants have many years of experience in setting up and assisting you or your administrative staff with your accounting information system. We can perform monthly bookkeeping services or a periodic review depending on your needs. We are experienced in various types of law firm accounting software and can advise which is best for your firm.
- Tax Services and Planning
No one likes surprises. That is why we stress tax planning with all of our clients and law firms are no exception. Whether you have a more predictable income stream such as a firm that does family or criminal law or a less than predictable income stream such as a personal injury practice, we can assist you with tax and cash flow planning and compliance. We want to help you reach the highest profit achievable while paying the lowest legal tax possible.
Let’s talk to see what DuvallWheeler can do for you.