Law Firm Accounting, Tax and Bookkeeping
Pay Less Taxes, Eliminate Stress, Save Time and Get Accurate Bookkeeping For Your Trust Accounts.
Accounting, Tax and Bookkeeping Services for Lawyers
75+ Years of Tax, Accounting and Financial Experience
From our beginning we have worked exclusively with solo lawyers and small law firms.
We help law firm owners by making stress free financials paying the least amount in taxes as legally possible, providing a start-to-finish simple payroll solution, and being a partner on your team.
We are modern, innovative accountants and tax experts who simplify your law firm finances to help you achieve your goals and build lasting wealth.
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What Makes JETRO Different?
From our beginning we have worked with solo and small law firms. We are a modern day, innovative accounting firm servicing firms across the country in an area they are often not experienced in: accounting, bookkeeping, taxes, and payroll.
Business owners spend thousands of hours growing their business and serving their customers but often spend ZERO hours learning how to be a business owner. We actively monitor your business fundamentals and help you understand what’s going on and how it can be improved.
We develop a personal relationship with you and create a financial plan that is tailored to your unique goals and aspirations. We’re always available to discuss decisions and make sure you’re on the right track.
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Frequently Asked Questions About Law Firm Accounting, Tax, and Bookkeeping Services for Lawyers
We understand that most business owners or owners of law firm practices may not have a lot of time to dedicate to tax codes, payroll systems, bookkeeping, and other important details involving law firm accounting and financial planning. JETRO is here to help. Our tax experts are available to answer any of your questions regarding your business or law firm accounting and tax needs. In addition, we like to provide resources for our clients so they feel confident with their financial choices and tax planning strategies. Click on our resource section above and you’ll find updated blogs on current tax information, financial services, and even podcast episodes on maximizing your tax strategies.
Here are some frequently asked questions about law firm accounting, tax, and bookkeeping services for lawyers and law firms:
How does your accounting service work for law firms?
Our accounting services can help your law firm in various ways that go way beyond tax season. We assess and analyze all of your financial transactions and create an accurate and real-time financial report for your law firm accounting records. This helps business owners and owners of law firm practices to make data-driven decisions. Without these numbers, it’s difficult to design growth plans for your company, business, or law firm. Our accounting experts make sure that these financial reports are organized and maintained regularly, which gives you free time to focus on the core aspects of your business.
JETRO also handles all of your tax filing, payroll processes, bookkeeping, and other financial and tax preparation needs. Our goal is to create a unique financial plan for your business or law firm so you can maximize your savings and minimize your tax payments.
We understand that these essential elements of business ownership aren’t necessarily on your priority list. By utilizing our accounting services and tax experts, we can handle these financial elements so you don’t have to. You can dedicate more time and energy to your business goals, your clients, your customers, your partners, your employees, and any other aspect of your law firm or business.
Do you have advice for running a profitable law practice?
Absolutely. Our accounting experts’ primary goal is to help you create a profitable law firm practice. We systematically breakdown all of your financial transactions and tax history and build a financial plan for you that helps you minimize your tax payments and maximize your earnings and wealth. It’s important to remember that all law firms range in size and purpose. That’s why we don’t use a one-size-fits-all accounting method when it comes to law firm practices. Each financial plan and tax strategy is specifically designed for your law firm. When we handle your accounting services for your law firm, we consider ourselves part of your team. When you succeed, we all succeed.
To get started, you can book a free 15-minute strategy session with one of our tax and accounting experts to see how much you can save. Then we can begin your customized financial plan to make your law firm as profitable as possible.
Are Law Firm Accounting Software like QuickBooks good for law firms?
There’s a lot of different accounting software out there that helps small businesses and law firms keep track of their finances and taxes. Quickbooks is certainly one of the more popular forms of tax and accounting software that can help your law firm keep an eye on your financial records. However, while Quickbooks and other tax and accounting software can give you a better idea of your numbers, we never recommend placing all of your trust in your financial planning, bookkeeping, payroll processes, or tax strategies on these software systems. When it comes to certain aspects of your unique law firm, Quickbooks may not have all the answers.
To learn more about how to utilize the latest accounting software technology, it’s best to speak to the accounting experts. Book a call today to speak with a JETRO accountant.
What technology do you use as part of your accounting process?
JETRO uses a cloud-based accounting software system called Xero. Xero is a secure online accounting software system that lets you keep track of your financial transactions from anywhere. You can share access to this software with your employees and collaborate with our accounting experts to create the best financial plan for your law firm. We’d love to have the opportunity to talk to you about this accounting software and how it can help your law firm or business.
Contact our offices today to learn more about using Xero, the most accurate and current accounting software.
What is the difference between cash accounting vs. accrual accounting?
This is a common accounting question that we receive from many of our business owners, especially new business owners that are just getting started. Basically, accrual accounting is when revenue and expenses are legally identified and recorded as they happen. Cash accounting is recorded a little differently. Cash line items aren’t recorded until the cash actually exchanges hands. While cash accounting can sometimes appear more streamlined, accrual accounting can offer a bigger picture of your accounts payable and accounts receivable. Accrual accounting can also offer an accurate snapshot of your law firm’s current financial standings.
To learn more about the difference between cash accounting and accrual accounting, contact us today to speak with one of our law firm accounting experts. In order to know if cash accounting or accrual accounting is better for your law firm, we’ll need to collect some information on how your law firm operates.
How does an IOLTA account work?
IOLTA stands for Interest on Lawyers Trust Accounts. According to IOLTA.org:
“Interest on Lawyers Trust Accounts (IOLTA) is a unique and innovative way to increase access to justice for individuals and families living in poverty and to improve our justice system. Without taxing the public, and at no cost to lawyers or their clients, interest from lawyer trust accounts is pooled to provide civil legal aid to the poor and support improvements to the justice system.
A lawyer who receives funds that belong to a client must place those funds in a trust account separate from the lawyer’s own money. Client funds are deposited in an IOLTA account when the funds cannot otherwise earn enough income for the client to be more than the cost of securing that income. The client – and not the IOLTA program – receives the interest if the funds are large enough or will be held for a long enough period of time to generate net interest that is sufficient to allocate directly to the client.
Every state, along with the District of Columbia and the Virgin Islands, operates an IOLTA program. In 2009, the U.S. IOLTA programs generated more than $ 124.7 million nationwide. These funds, together with state and federal appropriations as well as private grants and donations, enable nonprofit legal aid providers to help low-income people with civil legal matters such as landlord/tenant issues, child custody disputes, and advocacy for those with disabilities.”
What is bookkeeping? Why do I need it for my law firm?
In the simplest of terms, bookkeeping is the process of keeping track of all of your financial transactions. These numbers are used to create financial statements for your law firm so you can use the data to make appropriate financial decisions that can help you become more profitable.
The different types of financial transactions that are involved with bookkeeping are:
- Bank and credit card transactions
- Non-cash or credit card items (like purchasing an asset for your business or taking out a loan).
Our expert bookkeepers are responsible for gathering all necessary documents, recording and classifying transactions, reconciling accounts, and developing financial statements.
Most business, but especially law firm practices, need bookkeeping for a number of reasons:
- Bookkeeping ensures that your tax filings are accurate.
- Bookkeeping provides clarity on how your law firm is performing.
- Bookkeeping tracks your profits and losses.
- Bookkeeping gives you cash flow assistance.
- Bookkeeping can find areas of your firm where you can cut costs.
- Bookkeeping helps you make better financial decisions.
- Bookkeeping gives you peace of mind!
Why should my law firm work with JETRO tax services?
Our bottom line is making your law firm more profitable and allowing you to pay the least amount in taxes that is legally possible. We create a stress-free financial recording process. We handle all of your payroll needs. Our expert bookkeeping methods provide all of the data your law firm needs to make smart financial decisions. Our tax experts use creative, innovative, and modern approaches to tax and accounting services.
Contact us today to learn more about how JETRO accounting services can help your law firm.
If you are looking for a CPA that offers easy legal accounting solutions or trusted law firm accounting services and has accounting professionals experienced with small law firm accounting or solo attorney accounting, call us today.