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Streamlined a Law Firm’s Legal Accounting Processes with Accurate Bookkeeping and Management of Trust Accounts

Client Overview

A reputed US-based law firm.

Client Challenges

  • Financial mismanagement led to unclear financial insights, making it difficult to make informed decisions about resource allocation, growth strategies, and profitability.
  • Errors in bookkeeping resulted in missed deductions, overpayments, and penalties from tax authorities.
  • Mismanagement of client trust funds lead to bar association sanctions.

befree's Solution

  • befree’s team implemented robust procedures to ensure client funds were scrupulously managed and never commingled with operating funds.
  • We distinguished income and revenue, categorized transactions correctly ensuring financial statements were accurate, and provided a clear picture of our clients' firms' financial health.
  • By safeguarding client trust funds and ensuring ethical financial practices, we helped minimize the risk of disciplinary action from the bar association.
  • Our team stayed up-to-date on legal tax codes and deductions specific to law firms. We worked with our clients to minimize the tax burden and ensure they took advantage of all available benefits.
  • With accurate and timely financial data at their fingertips, our clients could make informed decisions about resource allocation, growth strategies, and profitability.
  • befree offered comprehensive solutions for all their bookkeeping needs, along with consultation for management requirements, enabling significant cost savings.

Cost Savings

Meticulous financial management procedures and accurate bookkeeping practices eliminated errors, ensured compliance and prevented penalties from tax authorities.

Increased Efficiency of Trust Accounting Processes

Well-versed in trust accounting regulations, we implemented robust procedures to ensure client funds were scrupulously managed and never commingled with operating funds.

Enhanced Confidence Led to Better Informed Decision Making

Knowing their financial statements were accurate allowed them to make informed decisions with confidence.