Specialist Accountants for Solicitors and Law Firms
As well as providing general Accountancy services and Outsourced Legal Cashiering services, Ascentant Accountancy provide specialist Accountancy services to the Legal sector.
We are able to provide year end Accounts and Tax Returns to law firms, whether you are a Sole Trader, Unincorporated Partnership, Limited Liability Partnership (LLP) or Limited Company.
We Understand Legal Practice Management Systems
As we specialise in working with Law Firms, we understand the software that you use. We are Certified Bookkeeping partners of LEAP Legal and use a variety of PMS’s including ALB, Insight Legal, Tikit P4W, Clio, Lawfusion and Quill.
Using a variety of PMS systems, means that we really understand how your figures are made up and how your PMS accounts for WIP, cost recoveries, disbursements and client/matter based revenue and expenditure which the average Accountant struggles with.
We recently wrote a blog to question if your Accountant understands your Legal PMS (see here). If they don’t, they could be incorrectly reporting your financial position, impacting on the cost of your PII as well as tax position.
What We Check in Your Legal Accounts
We understand:
- How profit costs, cost recoveries and disbursements are being recorded for revenue recognition
- How to reconcile debtors and disbursements to the trial balance
- The data workflows behind transactional postings
- Where an API is used between systems, how it is synched and how to check that all data is correctly flowing between systems
- If the Chart of Accounts correctly mapped
- How to sense check the data in your VAT return
- The system settings and reporting
- How to reconcile source data to system reports
- The balances in PMS control accounts
Our Expert Accountant team in Derby and Ripley are on hand to help you understand your Legal Accounts.
Related services for law firms: Outsourced Legal Cashiering, Clio support and training and LEAP consultancy and training.