Your legal accountant is at Accrue Accounting

 

Legal and Financial firms: struggling to keep the books balanced?

 

Let’s face it, keeping track of numbers isn’t always your favorite courtroom battle or boardroom showdown. In fact, for many legal and financial professionals, it feels like trying to argue a case with one hand tied behind your back. Numbers don’t lie, but they do tend to tangle themselves into a knot—making the financial side of your business more of a headache than a high-five moment.

Your legal accountant at Accrue gets it. You didn’t enter the legal or financial field to swim in a sea of spreadsheets. But without rock-solid accounting, even the best legal argument or the smartest investment plan can quickly sink. That’s where we step in—cue dramatic music—your behind-the-scenes accounting wizards, ensuring your financial books stay balanced so you can focus on what you do best.

 

Accounting pains: why legal and financial firms lose sleep

 

• Time-sucking, Soul-crushing paperwork

Bills, expenses, and invoices piling up on your desk? Sorting through receipts after a long day of negotiating contracts or managing portfolios doesn’t exactly spark joy.

• Unclear (and sneaky) costs

Ever felt like the fees for accounting services are as mysterious as a poorly redacted contract? Surprise costs can show up when you least expect them, much like a legal loophole you forgot to plug in.

• Technology: too much or not enough?

Too many firms are stuck using outdated software or, worse, relying on manual processes. Modern firms need accounting solutions that are as tech-savvy as their services—cloud-based, real-time, and ready to roll when they are. The only thing worse than bad accounting software is no accounting software!

 

 

Why legal firms need a legal accountant

 

 

• Billable hours confusion

Tracking billable hours across multiple clients and cases is like herding cats. One slip-up, and you’re either undercharging clients or, worse, overcharging and risking your relationships. The right legal accountant ensures you capture every minute without the hassle.

• Trust account troubles

Keeping client trust accounts separate and compliant is crucial—but complex. Mishandling trust funds can land you in a world of legal trouble. With a legal accountant specialising in law firm accounting, you’ll stay compliant and stress-free.

• Case-by-case cash flow

Legal cases can take months, if not years, to resolve, and meanwhile, you’ve got expenses to cover. Managing cash flow for long-term cases can leave you scrambling. A legal accountant helps you stay on top of your finances, ensuring there’s always enough in the tank.

• Compliance Chaos

Legal firms have unique financial reporting and compliance needs. Failing to stay up-to-date with tax laws, trust fund regulations, or other legal-specific requirements can cost you big time. A legal accountant ensures you’re always in the clear.

 

The challenges: financial firms and their accounting woes

 

 

• Performance reporting pressure

Investors want results, and they want them now. Accurate, real-time performance reporting is non-negotiable. A legal and financial accountant can offer advanced reporting tools that provide insights without the wait.

• Client fees and expense Tracking

Managing diverse client portfolios, each with its own fees, commissions, and transaction expenses, can be an administrative nightmare. A savvy legal and financial accountant ensures nothing falls through the cracks, keeping your clients and your accounts happy.

• Regulatory risks

The financial services industry faces ever-evolving regulations—from tax laws to financial compliance. Missing one update can lead to penalties. With a legal and financial accountant who understands the complexities of financial compliance, your business stays ahead of the curve.

• Investment oversight & reconciliation

When you’re managing assets, missing a single discrepancy can affect your bottom line. An experienced financial accountant ensures accurate reconciliation so you can trust the numbers as much as your market insights.

 

 

Your legal accountant knows the stats

 

 

• 50% of small businesses fail in the first five years due to financial mismanagement, according to the Small Business Administration (SBA). Don’t become another statistic by ignoring the importance of savvy accounting
• Accounting errors cost businesses an estimated $9 billion annually, per Xero’s research. You wouldn’t tolerate these errors in your legal briefs or financial models, so why accept them in your accounting?
• Cloud-based accounting systems are 46% more likely to achieve financial growth. It’s 2024, and if your numbers aren’t in the cloud, are they even grounded?

 

Testimonials

Want to read reviews of our legal and financial accountants? More than 150 reviews on Trustpilot!

 

 

What Accrue Accounting do best for legal and financial services

 

• Bookkeeping & reconciliation:

Let us handle the tedious number-crunching while you focus on closing deals and winning cases. Your legal accountant ensures your books are always in perfect order.

• Cash flow management:

Say goodbye to cash flow chaos with proactive oversight from your legal accountant, keeping your financials on track no matter how long your cases or projects take.

• Tax preparation & compliance:

Tax laws and regulations are constantly shifting, but our team stays ahead of the curve. Your legal accountant at Accrue ensures you stay compliant and prepared for every tax season.

• Financial forecasting:

We don’t just report your numbers; we help you predict them. With insights from your legal accountant, you can plan for growth with financial foresight, not hindsight.

 

Contact us today to learn about how our accountants for legal and financial services can assist.