Bookkeeping Services for Law Firms in Austin
Expert Bookkeeping Services for Law Firms in Austin Tailored for Legal Professionals.
How Can We Help?
If you are looking for reliable bookkeeping services for law firms, Austin Bookkeeping Hub is your answer. No matter which Austin neighborhood your legal practice is located in—whether Downtown Austin, Moores Crossing, Skyview, South Manchaca, or Allandale—we have you covered.
Bookkeeping Services for Law Firms
What's Included?
Our bookkeepers have immense experience working with legal firms and companies. We enable you to focus on the core responsibilities of your work while leaving the bookkeeping tasks to us. Our law firm bookkeeping experts follow best practices to simplify complexities, update financial records, and offer real-time insights into your law firm’s performance. Here are a few ways we help you with law firm bookkeeping services:
Trust
Accounting
✔️ Trust Reconciliation Compliance
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Client Funds Safeguarding
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IOLTA Management
✔️
Separate client & firm funds.
Expense Tracking
✔️ Expense categorization
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Cash flow management
✔️
Overhead management
✔️
Track client funds accurately
Timekeeping (Data Entry)
✔️ Ensure accurate timekeeping
✔️
Accounts receivable
✔️
Payment tracking & Billable hours
✔️
Revenue recording
Income Tracking
✔️ Accurate tracking of income
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Retainer management
✔️
Settlement recording
✔️
Income categorization
Financial Data Preparation
✔️ Financial statement preparation
✔️
CPA-ready reports
✔️
Performance data
✔️
Comply with regulations
Tax Preparation Support
✔️ Tax data organization
✔️
Sales tax
✔️
CPA collaboration
✔️
Filing readiness
Payroll Management
✔️ Payroll processing
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Tax withholdings
✔️
Benefits management
✔️
compliance with payroll laws
Firm & Branch Accounting
✔️ Maintain separate branch records
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Track branch income
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Maintain separate branch records
✔️
Record branch expenses
Record-Keeping Compliance
✔️ Record retention
✔️
Bar compliance
✔️
Audit trails
✔️
Data security
Bookkeeping for Law Firm
How it Works?
Consultation & Onboarding
Through an initial consultation, our experienced bookkeepers will understand your law firm’s bookkeeping needs and suggest personalized support for both solo lawyers and large law firms.
Personalized Bookkeeping
Your assigned bookkeeper will be your single point of contact, providing personalized and industry-specific bookkeeping services to meet your law firm’s objectives and goals.
Financial Data Mangement
By using accounting software best suited for your law business, your dedicated bookkeeper will streamline the financial operations of your law firm, keeping your financial data up-to-date and accessible.
Ongoing Support
Your bookkeeper will always be ready to provide ongoing support, address any concerns you may have, and adapt bookkeeping operations to accommodate your evolving needs.
Clean and Tax Ready Books
We can reconcile your books weekly or monthly. Our expert bookkeepers will maintain accurate financial records and provide support in tax preparation to deliver tax-ready reports.
Why ABH is the Best Choice for Legal Bookkeeping Services?
Financial Health Monitoring
Numbers make a lot of sense when you maintain organized records of your firm’s financial management. Our legal bookkeeping services provide a clear picture of your legal business’s financial health.
Expertise in Legal Bookkeeping
Legal bookkeepers at Austin Bookkeeping Hub are experienced and well‑versed in the complexities of law firm bookkeeping, including trust accounting, receivables, payables, and regulatory compliance.
Transparent Pricing
You pay for the services you need. Sole practitioners and small law firms in Austin trust us when it comes to pricing for our law firm bookkeeping services. Our rates are affordable and pricing is transparent.
Customized Law Firm Bookkeeping Solutions
Our bookkeeping solutions are tailored to your firm’s particular needs and preferences. Our team of law firm bookkeepers offers a customized financial services solution for law firm owners, helping them understand their numbers.
Boost Productivity with Our Partnership Approach
At ABH, we don't just provide bookkeeping for law firms — we become partners. For us, boosting the productivity and efficiency of your law firm is personal. Here, you receive the expertise of a legal bookkeeper specializing in law firms.
QuickBooks for Lawyers
Tailored Services
At Austin Bookkeeping Hub, we customize QuickBooks for Lawyers to align with your specific needs, goals, objectives, business model, and budget.
Accurate Record Keeping
We meticulously manage your financial records by accurately recording every transaction and data entry through QuickBooks for Lawyers.
Tax Preparation Support
Receive comprehensive year-end and tax preparation support from our QuickBooks ProAdvisors, ensuring compliance and maximizing deductions.
What Can We Do For Your Law Firm?
Our Law Firm Bookkeeping Services include, but are not limited to:
- Management of Accounts Receivable and Accounts Payable
- Case cost tracking and allocation
- Bank Account and General Ledger Reconciliation
- Budgeting and accurate cash flow projections
- Proficiency in accounting software like QuickBooks, Zoho, Sage, FreshBooks, and more.
- Streamlined payroll services, catered to law firms
- Maintaining accurate financial records for various business entity structures
- Providing organized financial data to support your tax and strategic planning decisions
Why Bookkeeing for Law Firm is Crucial?
- Measuring the KPIs is critical for the growth of a bookkeeping firm. For that, lawyers have to track the origin of new clients and profitability of each case for overall performance improvement.
- Accurate bookkeeping for a law firm is essential, given the financial complexities of the legal industry. Separating client funds from firm funds, managing payroll, staying compliant with IOLTA rules and regulations, timekeeping, financial reporting, performance tracking, and cash flow management make outsourced bookkeeping an integral part of running a law practice.
- Lawyers need reconcile billed hours with actual payments, addressing any discrepancies.
- Prioritizing indicators and outsourcing non-legal tasks can help law offices maximize their profits.
What are receivables in a law firm?
In a law firm, receivables are the amounts owed by clients for legal services that have been provided. These arise from various billing structures, including hourly billing, flat fees, and contingency fees. Recorded as assets on the law firm’s balance sheet, receivables are a critical component of the firm’s cash flow management.
Effective receivables management is crucial for a law firm to maintain a healthy cash flow. Delays in client payments directly increase strain on the firm’s financial resources. Consequently, it is essential to diligently track client billing and proactively follow up on any overdue accounts.
What are payables in a law firm?
In a law firm, payables represent the money the firm owes to its vendors, suppliers, and other service providers. These expenses include rent, utilities, office supplies, employee salaries and benefits, and fees for external providers like consultants, accountants, and IT support.
Managing payables effectively is crucial for the law firm’s healthy financial position. Methods for effective payables management include:
- Accurate and timely expense recording: Ensuring all expenses are recorded promptly and correctly in the accounting system to track payables accurately and facilitate on-time payment.
- Payment terms negotiation: Securing favorable terms with vendors and suppliers, such as extended payment periods, early payment discounts, or structured payment plans, to aid cash flow and financial stability.
- Payment prioritization: Prioritizing payments based on the expense’s importance and agreed-upon terms, ensuring those with shorter deadlines or higher late penalties are paid first.
- Regular payables review: Conducting consistent reviews of payables to ensure accuracy and to identify any errors or discrepancies, preventing overpayments, underpayments, or duplicates.
- Use of technology: Implementing accounting software and other technologies to streamline the payables process, increase efficiency, and reduce errors.
- Through effective payables management, a law firm can enhance its financial stability, maintain strong vendor relationships, and mitigate the risk of financial errors or fraud.
Ready to Transform Law Firm?
If you’re an Austin-based and looking for bookkeeping for your law firm, Austin Bookkeeping Hub is here to help. Contact us at (512) 730 1159 today to schedule a consultation and discover how we can help you law firm in Austin.
Frequently Asked Questions
Legal professionals handle complex finances. We provide the essential backbone: meticulous bookkeeping for trust accounts (IOLTA), billable hours, and case-related expenses, ensuring your records meet strict compliance standards.
It depends entirely on your firm’s needs and objectives. We offer customized plans tailored to each client’s requirements and bookkeeping needs. You can book a free 20‑minute consultation with our expert bookkeeper to discuss your goals, so we can recommend the right bookkeeping package for your law firm.
You didn’t start a law firm to do your own bookkeeping. DIY bookkeeping takes valuable time and focus that could be better spent on growing your legal practice in Austin. A law firm bookkeeper manages your books while you focus on your legal practice. By outsourcing your law firm bookkeeping to Austin Bookkeeping Hub, you regain valuable time and focus for running your law firm.
By implementing a bookkeeping system designed specifically for law firms. We ensure every transaction—whether it’s a retainer deposit, a reimbursable expense, or a trust transfer—is tracked and categorized by matter. This not only ensures compliance but also gives you valuable insight into the financial health of each case.
At Austin Bookkeeping Hub, we process salaries, partner distributions, and staff payroll.
Absolutely. Proper IOLTA management is critical for protecting your license, and it’s one of our primary specializations. We handle the precise tracking and reconciliation of all client trust activity, providing you with the accurate records and peace of mind you need to stay in full compliance.
Yes, we will provide tax preparation support to ensure accurate financial records, allowing you to have a hassle-free tax season. We will also help you catch up on bookkeeping so your books are up-to-date and error-free.
Yes, we have strict SOPs in place to protect your data from piracy. Ensuring the security and confidentiality of your information is our top priority
Of course. It doesn’t matter whether you are months or years behind. During our 20-minute free consultation session, just let us know the date from which you want us to catch up.
Legal bookkeepers at Austin Bookkeeping Hub are proficient in QuickBooks, FreshBooks, Zoho, and more. Book a free consultation today to see how ABH can assist you in choosing the right accounting software and implementing it based on your firm’s needs and objectives.
Yes, we allocate expenses per case and generate detailed reports.
Law firm bookkeeping includes all the services of general bookkeeping for maintaining accurate financial records, with the added responsibility of trust accounting and managing IOLTA accounts.