Accounting

Legal Works Consulting began with accounting management: It is where we planted our roots and where we know we can have a huge impact on your firm.

Setting up an internal accounting system, which is competitive and offers the most profit can be quite a challenge. Legal Works Consulting will help you start off on the right path. Whether you're a new firm just starting out or a seasoned professional looking to upgrade, we can assist you with your internal accounting systems. Legal Works' Accounting Team offers a complete assessment of your firm's financial blueprint. We recommend areas for improvement and profitability assessing billing rates and collection processes plus by highlighting where expenses can be reduced and workflow can be improved.

Legal Works Consulting will thoroughly review and analyze a firm's financial matters and partner compensation. We look for areas to recommend improvements in profitability. We look for areas to reduce expenses and make recommendations on improving efficiencies in the legal firm's practice.

Also, we can set up an accounting system that works for your firm. Our Accounting Team will come to your office and set up an appropriate accounting system for you, using your computers and your software. We can then train your office team on how to operate the accounting system or we can provide you a complete turn key service by having a member of our team in your office for a few hours each week.

Our Accounting Team starts by setting up your general ledger accounts by making sure your current ones are correct and agree with your CPA. We can manage your time entry, billing, vendor payables, and accounts receivable. Our team will develop customized reports to show you what you need to know: budgets, cash flow, strategic plans, profit and loss statements, and balance sheets.

Here are just a few of the accounting areas where we have addressed our client's needs:

Daily entry of time and expenses into a computer timekeeping and expense system.
Weekly tracking of statistical reports that show where the firm sits financially at that point in the month from a dollar and hours point of view.
End of month pre-bills followed by final bills and end of month statements, on time, improving your cash flow and the overall business cycle.
Professional collections methods to improve collections of accounts receivable and improve cash flow.
Organize vendor receipts, billing and payment of vendor bills as they come due with out-of-pocket activity identified by client for reimbursement and captured on the clients billing statements.
Monthly financial statements including profit, loss and balance sheet. We provide end of month bank account reconciliation and the month end financials on a timely basis for review as necessary.
Prepared annual budgets and monthly updates with quarterly revisions to help owners see the financial path for the firm and envision the future.
Prepare quarterly tax reports for IRS and Texas Workforce Commission using online setup and secure systems for quick access and payment information.

Please contact us for a personal assessment of your firm's accounting practices today!