Law Firms
You’ve mastered the law, and we’ve mastered accounting – let us take care of your books so you can focus on serving your clients.
There’s a lot of work that goes into running a law firm. The work of attracting and serving your clients alone is enough to take up your time, so when you add in the accounting, reporting and regulatory responsibilities necessary to keep your business running smoothly, it’s no wonder partners are overwhelmed. Profit Line is here to take those accounting and reporting responsibilities off your plate so you can focus on being there for your clients. After years of working with law firms, we are specialized in looking after those day to day financial management responsibilities.
Business Workflows
When running your practice, it’s essential to adopt strong business workflows to manage all of your client and case information. Good practice management software, like PracticePanther and Clio, will allow you to grow your business provided it is well integrated with good accounting software like QuickBooks. Our team is experienced in creating seamless business workflows, optimizing the integration of your practice management software with your accounting software to streamline your recordkeeping and your accounting.
Client Advances and Trust Accounts
Correctly tracking and managing clients’ retainer and trust accounts is critical to a successful law practice, but it can be a bear to do. Profit Line is well experienced in all aspects of managing advances, retainers, and monies received in trust, as well as the related client invoicing.
Expense Management and Profitability Tracking
When providing legal services for clients, case-related expenses, billable or not, need to be tracked in order to invoice accurately, and to measure profitability. We help our clients implement the software and data tracking solutions necessary to ensure that billable expenses are captured on client invoices and to understand where and how you are making or losing money. Understanding the performance of individual cases is important to understanding and managing the financial performance of your practice as a whole.
Don’t waste time mired in the details of your firm’s accounting when this time would be better spent on your client work and expanding your practice. Partner with Profit Line to have the best of both worlds – a flourishing law practice and stellar financial records.
