Provider directory
Accounting and bookkeeping for law firms
Law firms need bookkeeping that separates client money from office money and records every movement in client accounts accurately. Fees are often billed against work in progress, with disbursements recovered from clients and retainers held in advance. A generic bookkeeper may not appreciate how strict client account rules are. The right provider has worked with legal practice management systems and understands matter-level reporting, unbilled time and partner drawings.
In short: Law firms usually need strict separation and reconciliation of client accounts and office accounts and matter-level ledgers for fees, disbursements and retainers from a accounting and bookkeeping provider. Check the questions below before you choose, or describe your need and get one to five free introductions.
What law firms need from accounting and bookkeeping
- Strict separation and reconciliation of client accounts and office accounts
- Matter-level ledgers for fees, disbursements and retainers
- Tracking of unbilled time and work in progress
- Recovery of disbursements and correct tax treatment when recharged to clients
- Partner capital, drawings and profit allocation accounts
- Records that support any reporting or checks required on client accounts
Questions to ask a provider
- How many law firms do you currently keep books for?
- How often do you reconcile client accounts, and who reviews the reconciliation?
- Have you worked with our practice management system?
- How do you account for retainers received before work starts?
Pitfalls to avoid
- Any mixing of client money and office money is a serious matter and must not be left to an inexperienced bookkeeper
- Unbilled time that is not tracked leads to write-offs and weak cash flow
- Disbursements recorded as firm expenses and never recovered quietly reduce profit
More on accounting and bookkeeping
Our guide to finding a accounting and bookkeeping provider in Singapore covers typical costs, rules and how matching works.
Accounting and bookkeeping providers in Singapore
Sleek
Sleek is a revolutionary one-stop solution for entrepreneurs, SMEs and investors to register new businesses from anywhere and effortlessly manage their back office admin tasks.…
Osome
Osome is an AI-enabled fintech company supporting over 40,000 global startups and SMEs. Operating in Singapore, Hong Kong, the United Kingdom, and the United Arab Emirates, we help…
세원회계법인 - Seone Business Solutions Pte. Ltd.
SEONE is a premier Korean accounting firm in assurance, accounting and tax, and advisory services. The insights and quality services we deliver help build trust in the capital…
Margin Wheeler | Company Incorporation Singapore
Margin Wheeler is a leading corporate service provider in Singapore with decades of experience, having successfully incorporated thousands of companies across diverse industries…
VentureHaven Pte Ltd
At VentureHaven, we believe every business has the potential to be a great force for good, and a sustainable change-maker. That's why we support businesses to do what they do best…
Fastcorp Pte Ltd
At Fastcorp, we don't just help you incorporate your company. We help fast-track your growth. Our team consists of experienced professionals with years of legal, accounting and tax…
Accounting and bookkeeping for other industries
- F&B businesses
- retailers
- e-commerce businesses
- construction companies
- logistics companies
- manufacturers
- clinics and healthcare practices
- education and tuition centres
- real estate agencies
- accounting firms
- consultancies and professional services firms
- tech startups
- beauty and wellness businesses
- hotels and hospitality businesses
Other services for law firms
Frequently asked questions
How many law firms do you currently keep books for?
Ask each provider this directly and compare the answers in writing. Any mixing of client money and office money is a serious matter and must not be left to an inexperienced bookkeeper
How often do you reconcile client accounts, and who reviews the reconciliation?
Ask each provider this directly and compare the answers in writing. Any mixing of client money and office money is a serious matter and must not be left to an inexperienced bookkeeper
Can FYAdvisers introduce accounting and bookkeeping providers that work with law firms?
Yes. Describe your business and what you need, and a concierge confirms your requirements, then introduces one to five providers that fit. It is free for businesses.
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