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Law Firm Accounting
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Law firms are complex businesses with many moving parts. At SD Associates, P.C., we understand the challenges that law firms face. Our team is dedicated to helping our clients overcome those challenges. We offer a variety of tax services specifically designed for law firms, including:
Our team of experienced legal tax professionals will work with you to develop a customized tax plan that meets the specific needs of your firm. We are dedicated to helping our clients minimize their tax liability and maximize their profitability. Contact us today to learn more about our legal tax services.
Legal bookkeeping: Our team of experienced legal accountants and bookkeepers will work with you to develop a customized accounting and bookkeeping solution that meets the specific needs of your law firm. We offer a full range of services, including:
Tax planning and preparation: As a law firm, you may have to deal with a variety of different tax issues. Our team of legal tax professionals can help you develop a tax planning strategy that will better benefit your business. We’ll also compile the necessary information to prepare and submit your tax return.
Audit defense: If your law firm is selected for an audit, our team can help you navigate the process. We’ll create a personalized defense strategy and represent you during the audit. With our assistance, your law firm can minimize its tax liability and avoid penalties in the event of a business audit.
Financial forecasting: Our team can help you develop a financial forecasting model that takes into account your law firm’s operating expenses. We’ll use this data to provide you with accurate insights into your financial future. This information can be used to make sound strategic decisions about your business.
Why do lawyers need accountants?
Lawyers need accountants to perform a variety of tasks related to their law firms. These tasks can include bookkeeping, tax planning and preparation, audit defense, financial forecasting, and payroll processing. An accountant can help a lawyer save time and money by performing these tasks in an efficient and effective manner.
What are common accounting issues for lawyers?
There are a few common accounting issues that lawyers face. These issues can include:
Billing and invoicing: Lawyers need to ensure that they are billing their clients correctly. They also need to keep track of their invoices and payments as well as monitor legal settlements.
Accounts receivable and accounts payable: Lawyers need to keep track of the money that is owed to them by their clients. They also need to keep track of the money that they owe to their vendors. In addition, we assist in reviewing client cost advances.
Payroll: Lawyers need to ensure that their employees are paid on time and in full. They also need to withhold the appropriate taxes from their employees’ paychecks.
Do I need a professional legal accountant?
It is not required that lawyers have a professional legal accountant. However, having an accountant can save practice time and money. An accountant can perform a variety of tasks related to the law firm, such as bookkeeping, tax planning and preparation, audit defense, financial forecasting, and payroll processing. They can also help your business avoid costly penalties incurred for errors in these areas.
Unparalleled service: There’s a reason SD Associates, P.C. are the best kept secret in the tri-state area. We offer an unbeatable level of service for our legal clients. With over 35 years of experience providing financial services for law firms in Philadelphia and surrounding areas, you can rest assured that your business is in good hands.
Personalized advice: When you need a legal accountant in Bucks County, Montgomery County, Philadelphia, or the surrounding areas, you need someone who understands your unique business needs. That’s where we come in. We offer personalized advice to each and every one of our clients. No two businesses are the same, so we tailor our services to fit your specific needs.
High professional standards: We adhere to all of the American Institute of Certified Public Accountants (AICPA) auditing standards, guidelines, rules and regulations. Our quality control system has been reviewed by the Pennsylvania Institute of Certified Public Accountants and has received the highest possible rankings.
Wide client base: Experience matters. SD Associates, P.C. has a wide client base that includes some of the most prestigious law firms in Bucks County, Montgomery County, Philadelphia, and the surrounding areas. We have the experience and knowledge to handle any legal accounting needs that may arise.
Accessibility: When you need a legal accountant in the tristate area, you need someone who can accommodate your working hours. We strive to make ourselves as accessible as possible, and you can always get in touch with us via phone, email, or in-person appointments.
Our team at SD Associates, P.C. provides professional accounting and tax services for law firms throughout the tri-state area. Our service areas include, but are not limited to:
When you need a legal accountant in Bucks County, Montgomery County, Philadelphia, and the surrounding areas, SD Associates, P.C. is your first choice. Our expert tax team can provide all of the accounting services your law firm needs to succeed and flourish. Get in touch with our office today to learn more about our legal accounting services or to schedule a consultation with one of our financial professionals.
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When you partner with SD Associates, P.C., you’re working with a top-notch team of knowledgeable tax professionals. With over 3 decades of experience, we strive to provide our clients with the highest level of service.
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