ATTORNEYS AND LAW FIRMS
Law Firm Accounting, Trust & IOLA Accounting and Real Estate Escrow Services Designed to Help Law Firms Succeed
Sirchia CPAs & Financial Advisors is experienced in providing accounting and tax services to law firms and sole proprietors in the Syracuse and Central New York area. Law firms have distinct accounting requirements and keeping up with these transactions can be challenging. At Sirchia CPAs & Financial Advisors, we have decades of experience working closely with law firms who require practical solutions to streamline their accounting and bookkeeping procedures.
Our Syracuse CPA firm can handle everything from bookkeeping and financial statements to tax returns and tax planning strategies. We also provide assistance with mergers and acquisitions, litigation support and business valuations. When you choose to partner and outsource your accounting and bookkeeping tasks to Sirchia CPAs & Financial Advisors you will have more time to focus on satisfying your clients’ needs, working billable hours, business development and bringing in higher revenues for your firm.
Let’s face it: you started a law firm to practice law, not to learn accounting. Are your billings up to date? Do you know which projects are on track, and which are falling behind? Can you identify your most profitable clients quickly? Precise, on-time accounting is essential in today’s fast-paced business environment. One mistake in the books can cost your firm a lot of money… and basing important decisions on outdated financial data can put your business at risk.
Managing the financial side of the firm consumes too much of your time and restricts the growth of your firm. Many attorneys outsource their bookkeeping to a well-meaning legal assistant or a virtual assistant. However, with detailed IOLA and trust account reporting regulations and unique billing requirements, your consistent growth and compliance depends upon having an experienced certified public accountant with industry expertise to oversee your finances.
Our Syracuse NY law firm accounting services can help to keep an eye on your firm’s financial status, forecast cash flow, and find new ways to improve efficiency. The tax consultants at Sirchia CPAs & Financial Advisors are well versed in the latest tax regulations and how they can affect your legal practice. We offer strategic tax planning solutions that will ensure that will minimize your tax liability and that you never overpay Uncle Sam.
We provide a myriad of financial management solutions that include accounting, tax, bookkeeping, and consulting services. Some of the specialized services we offer attorneys that can be customized to suit the needs of your particular practice,
We provide a myriad of accounting, tax, bookkeeping, and consulting services. Some of the specialized services we offer attorneys include:
- Monthly Trust and IOLA account reconciliations;
- Client retainer accounting – Remember, retainers are taxable upon receipt, regardless of when the services are performed;
- Client disbursement accounting;
- Accounting for real estate transactions (i.e., proceeds and escrow deposits);
- Monthly financial reporting;
- Paperless, automated accounts payable processing; and
- Payroll solutions.
- Guidance, access & support for accounting technology and systems
- Tax preparation for law firms and individual partners
- Comprehensive financial statements & analysis
- Budgets & forecasts
Accounting Solutions to Help Law Firms Grow
We understand how important communication is to a relationship. When you contact us, we listen more than we talk. Devising a proper strategy for you means getting to know all we can about you and your practice, your needs and obligations, and your future goals. When your product is people, the most critical component to your financial reporting is monitoring profitability. Whether your Syracuse law practice operates on a fixed fee or hourly model, getting paid on contingency, or a combination of revenue models, you need to know what exactly is going on behind the numbers.
We'll analyze your cash flow, aged disbursements, retainers, and Accounts Receivables, as well as evaluate your accounting software needs to be sure your financial data is being collected in an efficient manner that can yield accurate and timely reports. To reduce your firm’s tax burden and preserve profits, our professional team will advise on and implement valuable tax planning strategies.
And while we provide a wide range of law firm accounting and tax services, we go far beyond routine monthly maintenance. We offer law firms assistance with obtaining long term financing and lines of credit; and can offer the attorneys estate planning services as well as handle the design and administration of retirement plans.
Finally, while compliance is a critical element of what we do as CPAs, it is not necessarily where our greatest value lies. When clients allow us to create a flexible financial infrastructure for them, they find they are able to truly focus on their core competencies, allowing their business to flourish.
You started your practice because you had a passion. Return to the days when you were excited about coming to work; when your only concern was protecting your clients’ interests. The less time you spend trying to figure out how to manage your accounts, the more time you can spend focusing on your cases… and your clients.
Whether you are a sole proprietor or a multi-partner law firm, we can help improve your bottom line! Send us a message or call us today at 315-361-9696 to learn more. We are based in Syracuse but we work with law firms all over the country.