As a lawyer or a partner in a law firm, you may handle many trusts on behalf of your clients. These trusts can be a significant part of what you do and managing the trusts properly so that they grow and are used correctly by the beneficiaries will be a large part of what you need to do for your clients. To make sure all this happens, you need to keep accurate records and maintain a close watch and what happens with each trust. The problem becomes when you or your staff does not have the time to watch each account with the attention it needs. It can be easy for mistakes to occur, and these mistakes can be detrimental to the trust and the beneficiaries and hurt your reputation. What you need is reliable trust accounting in Glendale to take care of the numbers for you so that you know they are correct.
Trust Reporting and You
As the trustee, you are responsible for reporting information accurately regarding the trust. This is done for tax reasons and legal reasons, but also so that you can keep the beneficiaries informed regarding the growth and status of the trust. Inaccurate trust accounting and reporting can open you up to personal liability as the trustee, so you always want to make sure that numbers are right and that all is in compliance with the laws. Even a small error can result in significant problems for you, so the best way to avoid that is to turn everything over to experts. Letting experienced CPAs take care of the books and the reporting can help ensure the accuracy of the accounts and have everything clearly identified.
Accounting Firms That are Reliable
There are many trust accounting firms in Glendale, but you want to make sure you go with a firm that has the reputation and reliability that will have a positive impact. Look closely at the firms you find nearby to see that there are CPAs on staff to take care of your account for you. Certified, experienced CPAs know the proper ways to take care of trust accounting, using the best software and technology and standard practices to keep track of the income, the principal, expenses, disbursements, losses and gains on the trust assets, fees paid to the firm for expenses, and more.
Talk to Us about Trust Accounting
If you are a lawyer, law firm or trustee and need assistance with trust accounting in Glendale, look no further than us here at Abedian and Totlian. We can provide you with the expert accounting you require, and we use the best software, technology, and practices so that accounting is done correctly and tax preparation can be easier and accurate. To learn more about how our services can be beneficial to you, please call us here at (818) 600-6306. You can schedule a time with us in a no-cost consultation so that you can speak with a CPA about your trust and the help you need and discover what solutions we have available to you that are reliable, accurate, and affordable.