You can find services for as little as $20 per month while others run thousands per month. If you want your business to save time and money, then you should consider hiring a bookkeeping service. A bookkeeping service can help you stay organized and on top of your finances. Bookkeeper360 is best for businesses that occasionally need bookkeeping services as well as those that want integrations with third-party tools. A controller can help you set up and oversee your financial system and accounting infrastructure.

Vetted for security and privacy, our Bookkeepers integrate seamlessly with any law firm regardless of their size or legal niche. They’re trained in QuickBooks and other software, and are required to hold a Bachelor’s degree in Accounting or related field, have 2-3 years of Trust Law experience, and be CPA certified. Bookkeeper Virtual Assistant offers more than just a Law Firm Accounting Service. When pressed for time, it’s tempting to let recordkeeping fall by the wayside.

Staff Accountant

Bench offers some valuable premium services, such as income tax filing, and add-ons, and it falls on the lower end of the pricing spectrum for online bookkeeping services. Bench uses its own accounting product, however, and doesn’t integrate with popular accounting software, which could make for a trickier software transition down the line if you outgrow Bench. Bookkeeper360 stands out among some of its competitors by offering bookkeeping services for both cash basis and accrual basis accounting, plus it integrates with popular accounting software. The company offers a range of plans based on which accounting method you use and how often you wish to receive reports and updates.

If your law firm doesn’t already have business bank accounts, it’s time to open them. Most firms will need three business bank accounts at a minimum—checking, savings, and a separate law firm bookkeeping IOLTA or trust account. Without the proper business bank accounts, you risk inaccurate bookkeeping, messy records, and potential compliance violations regarding trust funds.

How do online bookkeeping services work?

Whether intentional or through neglect, violations of compliance regulations—like mishandling client funds—can lead to serious repercussions. Understand your staff’s expenses, track spending, and automatically approve expenses without paperwork. Process vendor bills with the proper approvals and timely payments. Achieve a clear insight around your firm’s working capital, financial projections, and requirements for future expansion. Many small firms find that outsourcing their bookkeeping functions is a great first step in delegating work off the owner’s plate.

• With headquarters in San Francisco, CA, and backing from some major venture capital firms, it’s not surprising that Pilot caters its bookkeeping and additional financial support services to startups.
• You can’t wait until right before tax time to start tracking your finances.
• We give them access to the specialized guidance they need to master their accounting practices and grow.
• If you only need periodic help, pay as you go for $49 per month plus $125 per hour for support.
• You can find services for as little as $20 per month while others run thousands per month.
• As an attorney, you’re aware that when you receive money that belongs to a client, you must place those funds in a trust account separate from your own money.

Your best bet is likely to hire both a legal bookkeeper and a legal accountant. Bookkeepers record the financial transactions and balance the financial accounts for your firm. Legal bookkeeping takes place before any accounting can occur and is an important administrative task for any law firm. Some bookkeeping services can provide a full suite of bookkeeping, accounting and tax services.

Start by Hiring a Bookkeeper

Unfortunately, bookkeeping mistakes have consequences for your business, income taxes, and license. Help you process and send invoices, process your accounts payable, and run your payroll. Your bookkeeper can also run routine financial reports for you, including the income statement and balance sheet described in Chapter 1.