Reconciliation
Legal Practice Solutions, LLC offers customized reconciliations tailor-made for the specific needs of your legal practice. To the law practice, good financial reconciliation lends integrity to the records and meets regulatory requirements, while to the lawyers and clients, it instills confidence in the bookkeeping. The company hopes it can work hand in glove with the client’s law firm to help refine financial procedures by adding more transparency and reducing risks that come into play when financial discrepancies occur.
What is Reconciliation?
Reconciliation is made by comparing two records that are maintained differently from each other with the view to establish whether those records agree or not. In the case of a law firm business, this will generally equate to reconciling bank statements against internal trust accounts and general records of operating accounts. Periodic reconciliation gives insight into all sorts of errors, including discrepancies due to fraudulent acts. This would ensure that such reconciliation attained statements that reflect the true standing of the firm’s finances.
Why Avail Reconciliation Services from Legal Practice Solutions, LLC?
Legal Accounting Knowledge
Our team, with vast experience in the legal domain, is super sensitive to minute details associated with trust accounting, IOLTA compliance, and the financial management of a law firm. We are relatively conversant with regulations relating to legal accounting with a view to keeping your law firm in compliance.
Comprehensive Reconciliation Solutions
Legal Practice Solutions, LLC, prepares and maintains all reconciliations, from the bank statements through the trust account reconciliations, month to month. We verify all transactions for their accuracy, their compliance at all levels, and variance.
On-Time and Accurate Reporting
We provide timely variance reconciliation reports showing the variances, hence giving insight into the financial health of your firm. Our reports enable proper decision-making aimed at ensuring that your financial records are presented accurately and in a timely manner.
Services Tailored to Your Needs
We believe every law firm does something a little different regarding the books and finance. Whether you are a solo practitioner or part of the largest firm, we’ll mold our Reconciliation services to best suit your firm.
State of the Art Integrated Advanced Technology
We use the latest updated accounting software, which may be of help in the reconciliation process and faster. Since manual entry is restricted to a minimum hence minimizing human error risks. The technology solutions improve the level of accuracy and efficiency. Since your financial records are updated in the shortest time possible.
Benefits of Reconciliation Services to a Law Firm
Improved Financial Accuracy
Regular reconciliation provides you with confidence, knowing your books correctly reflect the exact time transactions took place that have an effect on your firm. This at least minimizes very costly mistakes that could positively affect cash flow and profitability.
Improved Compliance and Better Risk Management
By providing proper bookkeeping in place, supported by regular reconciliations, your firm is minimized in its chances to deal with compliance issues, audits, and potential penalties derived from finance mismanagement.
More Transparency, More Trust
Accurate financial reporting creates trust between lawyers and clients. In fact, your firm can be so responsible when it comes to its reconciliation practices and improve its standing with its pool of clients.
Prudent Use of Resources
In that direction, outsourcing reconciliation services will give your firm an opportunity to focus on the core legal business at hand. And hence maximize overall productivity by enabling your team to optimize resources appropriately.
Reconciliation Services
Monthly Bank Reconciliation
We deliver a perfected month bank reconciliation by promptly identifying all the differences, recording all the journal entries necessary. So that the customer’s internal books may agree with their respective bank statements.
Trust Account Reconciliation
Our experts have broad experience in reconciling trust accounts by updating IOLTA requirements and protecting your customers through proper accounting of all the transactions.
General Ledger Reconciliation
Our certified accountants will do general ledger reconciliation in a way that all the transactions. Which occurred during the business get properly recorded and classified, thereby adding value to your financial statements.
Custom Reporting and Analysis
Our reconcile services go that extra mile to provide a comprehensive report and analysis. That can show how well your firm is performing its finances and may even help in establishing the trends. Which could affect your decisions in running your businesses.
Ongoing Support and Consultation
This way, your reconciliation issues will always be supported with consultation through Legal Practice Solutions, LLC. From the questions and counsel to the implementation of best practices in financial management, we got you covered.
Benefits of Reconciliation Services through Legal Practice Solutions, LLC to Your Law Firm
Less Stress with Financial Management: Our professional reconcile services take some load off the financial record-keeping aspects of being more attentive to your client through great legal service.
More Confidence in Finances: You will be certain, through timely and correct reconciliations, about the integrity of your financial records for better decision-making and future planning.
Cost-effective solutions: Outsourcing reconciliation services is usually cheaper than maintaining an in-house staff within your accounting department. This will allow your firm to reduce overhead while being professionally managed financially.
Legal Practice Solutions, LLC: Your Partner for Professional Reconciliation Services
Financial Reconciliation lies at the very core of any successful law practice. Legal Practice Solutions, LLC has designed a suite of reconciliation services so that its deliverables meet the needs of the law firms for compliance, accuracy, and financial integrity. Let us help your firm succeed with professional financial management. If you would like more information on how our reconciliation services might serve your particular needs, do not hesitate to contact us today.
