Law Firm Bookkeeping Services

What Is Law Firm Bookkeeping?

Legal bookkeeping, or law firm bookkeeping, is the process of recording and managing financial transactions
specific to the law industry. Bookkeeping in law firms involves:

  • Revenue And Expenses Tracking
  • Client Trust Accounting
  • Budgeting

Is Bookkeeping Crucial In Law Firms?

  • Absolutely yes!
  • Lawyers need to assess the growth of their practice by measuring key performance indicators (KPIs). It's essential to track the origin of new clients, evaluate case profitability, and monitor the realization rate for effective advertising and overall performance improvement.
  • Given the substantial financial data involved in law firms, including client billing, expenses, trust accounts, and payroll, accurate and well-organized bookkeeping becomes crucial for compliance with legal and regulatory requirements and ensuring financial transparency.
  • The realization rate, which represents the money collected from clients, is particularly significant. Lawyers must reconcile billed hours with actual payments, addressing any discrepancies.
  • Prioritizing indicators and outsourcing non-legal tasks can help law offices maximize their profits.

Why Do Law Firms Need To Hire Outsourced Bookkeeping Services Providing Company?

Law firms should consider outsourcing their bookkeeping needs to outsourced service providers to make sure their books are accurate and they stay compliant with local tax regulations. As a law firm, you need to be nothing short of perfect, as you will be under strict scrutiny by your clients and law officials.

Here are some of the reasons why you should outsource and how Velan can offer solutions for your needs:

Guarantee of Compliance

  • Ensures adherence to pertinent rules and regulations in the legal accounting domain.
  • Provides assurance that all regulatory requirements are met.

Timely Submission of Forms

  • Guarantees the accurate and punctual completion of all required forms.
  • Ensures timely submission, preventing any potential compliance issues.

Time Saving

  • Frees up valuable time for individuals to focus on additional tasks and responsibilities.

Prompt Identification & Resolution of Issues

  • Facilitates the swift identification and resolution of any arising issues.
  • Promotes a proactive approach to problem-solving, preventing complications down the line.

Reassurance of Professional Expertise

  • Provides confidence in the handling of financial matters by a qualified and knowledgeable bookkeeping specialist.

What Do Velan’s Outsourced
Law Firm Bookkeeping Services Entail?

We specialize in a range of services designed to optimize your financial management and ensure compliance with industry standards.

Trust Accounts Compliance

Trust Accounts Compliance

We take charge of overseeing and aligning your trust accounts with precision to meet and exceed Law Society regulations, ensuring impeccable compliance.

Office Accounts Administration

Office Accounts Administration

Velan efficiently administers and reconciles your office accounts through leading platforms such as Xero or MYOB, providing a streamlined and transparent financial process.

Annual External Examinations

Annual External Examinations

We conduct thorough annual external examinations, offering you the assurance of meticulous scrutiny and adherence to compliance standards.

Payroll & Creditor 
                     Payments Management

Payroll & Creditor Payments Management

Velan handles the complexities of payroll and adeptly manages payments to creditors, ensuring a smooth financial workflow for your legal practice.

BAS Agent Services

BAS Agent Services

Our comprehensive BAS agent services include meticulous BAS and IAS reporting and management, relieving you of the burden of regulatory reporting.

Monthly Management Reports

Monthly Management Reports

Velan goes the extra mile by generating monthly management reports according to your needs. These reports offer a deep dive into firm and staff performance, featuring monthly and prior-year assessments, detailed profit/loss and balance sheet comparisons, insightful reports on work in progress (WIP), debtor exposure, and assessments of available funds for Trust to Office Transfers.

We provide comprehensive support
for a variety of Accounting Software Platforms.

Why Choose Velan As Your Law Firm Bookkeeping Service Provider?

Velan has decades of experience serving the law industry with its bookkeeping expertise. If you want to hire a trusted partner with shared goals, then there is no other provider like Velan.

Legal Expertise

Legal Expertise

  • Velan's bookkeeping team understands the nuances of legal accounting and provides a service personalized to the requirements of your law firm.
  • The expertise ensures accurate bookkeeping and compliant financial management.

Profit Maximization

Profit Maximization

  • We specialize in optimizing the realization rate, ensuring that law firms maximize their profits.
  • The focus is on bridging the gap between billed hours and actual payments.

Strategic Decision Making

Strategic Decision Making

  • Velan offers a clear view of a law firm's financial health, promoting transparency.
  • Clients can make informed decisions based on accurate and organized financial data.

Partnership Approach

Partnership Approach

  • We do not just provide a service; we establish a partnership with law firms.
  • Our commitment is to contribute to the efficiency, compliance, and overall success of your law firm.

Law Firm Bookkeeping

Frequently Asked Questions

This is a very important step in hiring a bookkeeping firm to manage the books of your law firm. Start by putting together what your law firm needs on the bookkeeping front. Then get a list of bookkeeping service providers that align with your goals and interests. A series of discussions with the shortlisted firms will be a good place to start.
This is solely based on your needs. We do have a dynamic pricing plan that allows for customisation. Get in touch with our experts to know the cost of hiring us. That said, we’re confident that you will be able to save at least 50% of your costs by hiring us.
Velan’s team of bookkeepers is proficient in a number of bookkeeping and accounting software programs. Our tech stack includes Quickbooks, Xero, Wave Accounting, Sage, and more.
To learn about the other services we provide, please visit this link: {insert link to our services here}

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