Owning and running a law firm of any size can be challenging. At any given time, you could be working with many clients, attorneys, and other staff, creating billing hours, cycles, or more paperwork than you ever thought you would see. It is a good thing that your firm is busy, but you may find you run into difficulty when it comes to keeping track of all your interests. This can include tasks like trust accounting. That’s especially important if your firm handles several trusts for clients. To make sure you stay on top of accounting, investments, payroll, and more, your business needs to look for a law firm accountant in Los Angeles. At Abedian + Totlian we have just the answer for you.
Experience Working with Law Firms
As a boutique accounting firm, one of our specialties at Abedian + Totlian is working with law firms. Law firms, large or small, have particular needs that must be met that vary from other businesses. We have expert CPAs on staff that have dealt with law firms for many years, know the ins and outs of the laws, and can help guide you with just the assistance your firm needs. We work closely with you to make sure your accounting balances appropriately and meets all state requirements so that you are always in compliance with state and federal regulations.
Benefits Over Generalist Accountants
Choosing an accountant who specializes in law firm finances offers distinct advantages over a generalist accounting approach. At Abedian + Totlian, our in-depth understanding of the legal industry’s specific financial dynamics sets us apart. We are adept at navigating the nuances of law firm economics, such as partner distributions, capital contributions, and the ethical aspects of client fund management.
Generalist accountants might not be familiar with the critical importance of compliance with the legal industry's financial ethics or the specialized reporting requirements mandated by law. Our expert CPAs are trained to handle these requirements with precision, ensuring that your firm not only complies with the rigorous standards set by state bar associations but also optimizes its financial operations for better profitability. This specialization allows us to offer strategic tax planning that minimizes liabilities while maximizing fiscal opportunities within the legal framework, providing our law firm clients with a clear advantage in financial management and compliance.
Industry-Specific Challenges and Solutions
At Abedian + Totlian, we understand that law firms face unique financial challenges that differ significantly from other types of businesses. Managing Interest on Lawyers Trust Accounts (IOLTAs), ensuring compliance with both local and federal regulations, and handling client retainers require a specialized approach. Our team has extensive experience in navigating these complexities. For example, we ensure strict compliance with the American Bar Association’s rules for trust accounts, providing peace of mind that client funds are managed accurately and ethically. Furthermore, we offer tailored solutions for revenue recognition and managing client advances, crucial areas where law firms often encounter financial missteps without expert guidance.
Accounting, Payroll, and Tax Help for Your Firm
As your law firm accountant in Los Angeles, Abedian + Totlian can help you with all the back-office management services that a quality accounting firm can offer. You can outsource your accounting to us so that we can take care of issues like payroll, billing, staff management, and other day-to-day procedures that you may not have time to take care of. We can also provide you with the kind of expert tax help you may need each year. Law firms need to do all they can to reduce their tax liabilities while meeting all their obligations, and we offer tax planning, preparation, and other services designed to help you meet your needs and increase your bottom line.
Technological Integration
In today’s fast-paced world, leveraging technology is key to efficiency. At Abedian + Totlian, we integrate cutting-edge accounting software into our services to ensure seamless operations for our law firm clients. We utilize QuickBooks for comprehensive financial tracking and reporting, a tool that is immensely beneficial for general accounting and payroll management. Additionally, we harness the power of ProBooks, which offers robust features tailored specifically for law firm needs such as matter-centric financial management and advanced billing capabilities. These technologies not only streamline day-to-day accounting tasks but also integrate smoothly with law practice management tools, enhancing our ability to provide accurate and timely financial information, which is crucial for making informed management decisions.
Get a Quality Accountant Firm
When you need a law firm accountant in Los Angeles for your business, make sure to reach out to us here at Abedian + Totlian. Our background and experience with firms like yours will alleviate the pressures you have dealing with accounting and paperwork so you can concentrate more on cultivating your firm and working with clients. Find out more about how we can serve you by reading the information on our website, and then reach out to us to schedule a consultation. You can contact us using the handy form found on our site, or you may phone our office directly at (818) 600-6306. We offer a free initial consultation so we can discuss how you want to grow your business and then we’ll go over what services we offer that will benefit your firm the most now as well as in the future.
Finding a reliable accountant toronto is crucial for managing taxes effectively.
A tax accountant is essential for any business to navigate the complexities of financial management and tax compliance. Law firms, in particular, require specialized accounting services to manage trust accounts, client billing, and tax filings accurately. A skilled tax accountant ensures that your firm meets regulatory requirements, minimizes tax liabilities, and optimizes financial strategies. By having an expert on board, your business can focus on growth and legal work, knowing that your finances are in capable hands.