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Legal Accountant in Glenside

Law firms have a wide range of accounting and financial needs. From tax preparation to estate planning, they need experts who can handle the complexity of their cases. Our Glenside legal accountant at SD Associates, P.C. has extensive experience in the legal field, offering you the best service available. Our services range from bookkeeping, tax preparation, IOLTA account management, and more.

Common Legal Accounting Mistakes

Mishandling trust accounts: Trust accounts are established with an intention to separate funds meant for clients. However, many law firms fail to implement appropriate processes in setting up and handling such accounts.

Failing to keep accurate records: Legal accounting requires meticulous record keeping in order to properly track accounts receivable, accounts payable and clients’ trust funds. Without accurate records it can be easy to miss filing deadlines or make other costly mistakes.

Not being aware of applicable laws: As legal accounting laws and regulations differ from state to state, comprehending the specific requirements of your state is crucial. Noncompliance with these rules can result in expensive penalties or litigation.

Incorrectly identifying income as revenue and vice versa: Attorneys often misidentify payments as income or revenue. It is crucial to distinguish between the two and guarantee the correct classification of all payments to avoid costly errors.

Entering data incorrectly: Manual data entry errors can have a significant impact on the accuracy of financial records. It’s important to double check all entries and ensure that all data is entered correctly.

Avoiding professional assistance: It’s important to work with experienced professionals for guidance and assistance. We can help provide the expertise needed to ensure that your finances are managed accurately.

Trust Accounting

Trust accounting is a practice that attorneys, accountants, and other fiduciaries use to manage client funds. Trusts may be set up to manage a variety of assets, including cash, securities and real estate. SD Associates P.C., a legal accountant in Glenside, understands the complexities of trust accounting and provides clients with reliable trust administration services that promote accurate record keeping and financial stability.

We can help you create an effective plan for managing your trusts, as well as staying up-to-date on the latest regulations and laws. Our professionals will ensure that all client funds are accounted for, managed responsibly and reported accurately. With our trust accounting services, you can rest assured that your clients’ funds are secure and well-managed.

IOLTA Account Management

An IOLTA (Interest on Lawyers’ Trust Accounts) is a specialized account that attorneys utilize to manage clients’ funds separately from their own. At SD Associates, P.C., our legal accounting professionals recognize the intricate nature of IOLTA accounts and provide comprehensive management services for such accounts. We ensure that all IOLTA account transactions are correctly documented in compliance with state regulations.

Our team also supplies routine reconciliation reports to enable attorneys to easily monitor their IOLTA accounts and maintain compliance with trust account management regulations. We endeavor to ensure that all stakeholders are confident that the funds are being managed appropriately and efficiently. Allow SD Associates, P.C.’s knowledgeable legal accounting team to manage your IOLTA account transactions, freeing you to concentrate on providing excellent legal services to your clients.

Legal Bookkeeping Solutions

Accurate record-keeping is crucial for any business. At SD Associates, P.C., our seasoned professionals furnish dependable and comprehensive bookkeeping services to assist you in maintaining well-organized records of your financial transactions. Our team of CPAs and accountants possess extensive proficiency in all facets of legal financial management, ensuring that your accounting requirements are adequately addressed.

We offer a comprehensive array of bookkeeping services, including the preparation of precise financial statements and reports, monitoring receivables and payables, creating budgets, managing payrolls, and more. We recognize the significance of maintaining current records for the financial wellbeing of your business. Therefore, our proficient staff is committed to ensuring accuracy and efficiency in all of our bookkeeping solutions.

Legal Accounting FAQs

Does the legal structure of my law firm have an impact on my taxes?

Yes. The type of legal structure of your law firm (i.e., sole proprietorship, partnership, limited liability company, etc.) can significantly impact the way you and your business are taxed by the Internal Revenue Service (IRS). It is important to make sure that your legal structure is set up properly to ensure compliance with all applicable IRS regulations. SD Associates, P.C. has extensive experience in helping law firms with their legal structure and navigating the complexities of tax law.

What should I do if I am being audited?

Preparation is key if you are being audited. An audit can be a stressful experience, so it is important to have the right professionals on your side. SD Associates, P.C. specializes in assisting law firms through the audit process and has a team of experienced attorneys and accountants who will help you navigate the audit with ease and confidence. We understand that the audit process can be complex and intimidating, so we will take the time to explain each step of the process to you.

Does GAAP apply to law firms?

Privately-held companies are not required to disclose their financial information. However, adhering to GAAP (Generally Accepted Accounting Principles) is recommended, especially if the law firm will be seeking financing or investment. SD Associates, P.C. is experienced in helping law firms adhere to and understand GAAP standards, as well as providing them with complete financial reporting services to ensure compliance.

Contact Our Legal Accountant in Glenside Today

Should you require assistance with your law firm’s legal structure, tax matters, or auditing procedures, reach out to our Glenside legal accountant at SD Associates, P.C. Our team is well-versed in the intricacies of tax regulations and offers all-encompassing accounting solutions. Dial (215) 517-5600 to begin your journey with us!