accounting-for-law-firms-abercpa Scott M. Aber, CPA PC are experts in providing law firm accounting services.  Aber CPA has an prestigious emphasis in consulting, tax, and accounting services to all types of law professionals.  If you are a firm, Aber CPA is here.  If you are a firm employee, we are here.  Or, if you work for a firm and want individual yet confidential tax consulting, we are here.  AberCPA is a confident professional all tax services in the New York Tri-State area and we have served hundreds of law firms, ranging in size from smaller two-partner practices to larger firms with several countless partners.

AberCPA’s founding partner, Scott M. Aber, CPA is a graduate from New York University NYU) and has years of experience, skills and expert knowledge.  Scott is always ahead of the the game because  he stays update to date with the changing tax laws and will always be one step ahead in being able recognize any challenges that have a financial impact on your law practice. In other words we help many lawyers each year, so we know what strategies work and what do not.

Here are five ways CPA’s can help save your law firm money no matter how big or small and help to maximize profitability and Net Operating Income NOI).

Law Office Management

    • One of the most valuable assets that a law office its administrative team.  The Administrative team does not just field phone calls.  Let’s take a look at what what essential services these professionals provide:
      • Compensation suit dealings
      • Should your firm be lucky enough to have a bonafide CPA on its team, you are golden because management allows CPAs to assists attorneys with:
      • Associate and staff compensation levels including trust accounts
      • Employee retention issues including billable hours
      • Lawyers’ trust accounts
      • Improvement of collect

Business and Asset Valuations

There are two distinct types of business and asset valuations.

 The first case, not surprisingly are those case revolving around matrimonial difficulties.  In a matrimonial dispute, your qualified CPA and attorney will subpoena any and all bank and financial statements in an effort to understand  your significant other’s true financial position.  Your CPA will find the “supposedly” lost tax returns and hidden accounts.

The second case is more of a commercial dilemma.  While there are about 7 ways to calculate the value of a business, this can be complicated.  If you are planning on exiting a business venture, the first thing you need to know if the actual value of the business which can, for the most part, be located via asset value or liquidation.

In commercial cases, CPAs provide estimates of business values under various scenarios. For example, the value of the business (if it continues in operation) can be compared with the value of the assets in a sale or liquidation.

Cash Flow Analyses

Cash is king rendering the focus on cash flow analysis so important.  For a CPA, this is his or her language.  If possible, see what your competitor’s books indicate (these can usually be found through town hall, ironically) and see where your business stand in comparison.

One common service provided by CPAs is cash flow analysis. Your opponent’s cash flows can be analyzed to determine the best settlement option that will maximize recovery for your client while minimizing the strain on the opponent – ensuring your client has the best chance to make a full recovery.  Your CPA can help you with cash concerns; usually it is just a matter of reviewing typical procedures and ensuring you have adequate control over your cash receipts.

Tax Reviews

The IRS, local authorities and the department of labor are as unpredictable as the weather. If you receive any notification to the effect that you may be a candidate for audit or the similar, contact your CPA immediately.  The documentation forwarded by these agencies is often confusing but your CPA, such as Scott M. Aber, CPA, can decipher the real meaning in seconds.  This aspect is crucial especially if you are drafting commercial or martial materials.

No matter what type of law industry specialization you are in or how big or small your firm is, you will undoubtedly face hard or complex issues that will require technical knowledge, experience, and expert consulting advice. AberCPA can become your firms trusted partner.

AberCPA Law Firm Tax and Accounting Services specializes in the following areas:

      • Partner Withdrawal & Retirement Issues/Partner Compensation Systems
      • Profitability Improvement Studies
      • Mergers & Acquisitions Analysis
      • Firm-wide Strategic Planning/Firm Restructuring & Dissolution Analysis
      • Forecasts & Budgets & Tax Planning Containing Internal Control Reviews
      • Capitalization Structure & Financing Analysis
      • Review & Compilation of Financial Statements Combined with Operational Reviews

 

Call us today at (914) 450-2088 and ask for Scott Aber to discuss your law practices business needs with an experienced New York City CPA. Or fill out simple contact form and will get back to shortly.