Accounting Services for Professional Firms
Professional firms, such as law firms, accounting firms, consulting agencies, and engineering firms, typically require a variety of accounting services to ensure smooth operations and compliance.
Bookkeeping
Keeping accurate records of daily transactions, including revenue, expenses, and payments.
Invoicing and Accounts Receivable
Managing client billing processes, tracking payments, and following up on outstanding invoices.
Accounts Payable
Handling payments to suppliers and vendors, including managing expense reimbursements.
Financial Reporting
Preparing detailed financial statements (profit and loss, balance sheet, cash flow) to analyze the firm’s financial performance.
Tax Planning and Compliance
Assisting with tax strategies, preparing tax returns, and ensuring compliance with local, state, and federal tax regulations.
Payroll Services
Managing payroll for employees, including calculating wages, withholding taxes, and administering benefits.
Budgeting and Forecasting
Creating budgets and financial forecasts to support strategic planning and resource allocation.
Project Accounting
Tracking costs, revenue, and profitability for specific projects or client engagements.
Trust Accounting
For law firms, managing client trust accounts to ensure compliance with legal and ethical obligations.
Financial Consulting
Providing strategic advice on financial management, growth opportunities, and operational efficiency.
Risk Management and Compliance
Assessing financial risks and ensuring adherence to industry regulations and standards.
Cash Flow Management
Monitoring cash flow to ensure the firm has enough liquidity for ongoing operations and expenses.
