Law Firm Accounting

Lipsey and Associates is a top-rated Northern Virginia accounting firm that specializes in law firm accounting services and tax compliance. We can manage your thriving law firm’s financial record-keeping processes as well as your attorneys’ personal and business tax preparation so that you can focus on serving your legal clients.

Whether you’re an attorney who practices independently or has a small to mid-size Northern Virginia law firm, your bookkeeping and tax obligations can sap away at productivity and billable hours.

Our law firm accounting services can provide you with the types of financial insights you need to meet your firm’s cost accounting goals so you can have a clear understanding of exactly where your money is going.

Law Firm Accounting Services: Tax Planning for Legal Professionals

If you’re still on the associate track and are mapping out your options for opening your own Northern Virginia law firm in the near future, we can help you decide which business type you should set up based on your goals and types of clients you plan to serve.

If you’re growing your law firm and hiring staff, we also handle payroll taxes.

The Right Solution for Your Law Firm Accounting Needs

Tax planning is also an integral part of operating a law firm whether you’ll have a solo practice or work with partners. Every law practice or firm has a unique financial situation and we can assess how to best plan your tax savings strategy at both the personal and business levels.

We can also get your law firm set up with a digital, integrated accounting system designed for professional services and working with clients on retainers and contingent bases and subsequently manage your financial transactions so you can concentrate on running and growing your law firm.

Law Firm Accounting Services: Outsourced Tax Preparation and Complaince

Every law firm needs accounting help to keep track of the complexities in accounts payable and receivable specific to the legal profession, and most small or new law firms don’t have the resources for a staff accountant.

The Certified Public Accountants at Lipsey and Associates specialize in Law Firm Accounting practices and can work with you as an outsourced accountant for day-to-day operations or as an outsourced CFO if your practice is experiencing rapid growth and needs additional counseling on cash flow and financial management.

We can take care of these law firm accounting matters for your practice so that your attention can be focused on acquiring new clients and serving your existing client base.

Our services include:

  • Accounting Setup
  • Accounts Payable Services
  • Accounts Receivable Services
  • Balance Sheet Preparation
  • Bank Account & General Ledger Reconciliation
  • Cash Flow Budgeting
  • Cleaning up Books
  • Cost Variance Analysis
  • Credit Card Reconciliation
  • Financial Analysis
  • Financial Statements & Reporting
  • Income Statements Preparations
  • Management Reporting
  • Monthly, Quarterly, Yearly Review
  • Payroll Processing Services
  • Preparing closing entries
  • Revenue Reconciliation with Bank Deposits
  • Tax Preparation Services

If your law practice is interested in the professional law firm accounting services of Lipsey and Associates, or for a free consultation, contact our staff today.

Jeffrey Lipsey is a Certified Public Accountant and an Enrolled Agent; he is a member of the AICPA and the National Association of Enrolled Agents (NAEA).