When you outsource your law practice accounting, you are able to hire local attorneys online an accounting firm whose specialty is the business processes of law firms. Why hire a general accounting professional in your local area when you can hire an accounting department anywhere in the world that deals exclusively with law firms? Now that cloud-based accounting is the norm. Their specialty can include:
you know which accounting software will serve your law firm best.
Virtually Providing CFO Services.
Preparation of tax, CPA services.
Business Forecasting / Budgeting.
payroll processing.
Bookkeeping service.
controller services.
Financial Planning.
An expertise is hired by law firms because she is a law firm accounting expert. She is more than a commodity, an outsourced law firm accounting expert. She’s a trusted advisor. Lots of Karyn’s law firm clients are remote. She handles:
Accounts Payable / Accounts Receivable.
Balance Sheet / Financial Statement.
Trust Accounting / Chart of Accounts.
Bookkeeping Reconciliations.
Invoicing.
Payroll services.
Software recommendations.
Data migration.
Onboarding to new software.
Provide an accounting professional for law firms who can migrate onto your new software.
Value Based Cost Savings
But beyond Lorene’s expertise, the advantage of outsourcing to her accounting team is that the law firm no longer has to deal with coverage when someone in the back office gets sick or goes on vacation. Their desk is covered. Karyn has a large enough staff to create frictionless, real time coverage for the law firm. No more Law Firms having to pay for
401K matching.
Vacation Pay.
Sick Pay.
Healthcare.
When the payments are set at the outset of a relationship, AR stays low, cash flow stays high, and increases the velocity or speed of the payment. Automation intrinsic to QuickBooks unleashes a gamut of possibilities that make creating options of payment easier.
Electronic invoices.
ACH payments.
IOLTA trust accounting.
Credit cards-it’s worth the extra points if you don’t have to chase the money afterwards!.
Automatic reminders.