Bookkeeping
Keeping accurate financial records is essential in the health of any business.
Weekly
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Maintain subsidiary accounts (with specific focus on IOLTA accounts for law firms)
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Record customer billings
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Record customer payments
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Record vendor payments
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File vendor bills & payment records
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Update payroll file
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Make vendor payments
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Prepare & send invoices
Quarterly / Annually
Monthly
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Reconcile accounts
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Review aged receivables (past due customer payments)
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Process & review payroll for approval (biweekly)
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Meet payroll tax requirements
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Provide docs to review profit and loss compared to budget and prior years
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Provide month-end balance sheet
Law Firms:
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Provide review of resources spent on potential cases (that did not become matters)
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Provide review of attorney contributions
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Provide documents for attorneys to review forecasted cash flow
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Provide P&L
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Review aged receivables. Send to collections as needed
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Complete IRS forms
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Review full-year financial reports
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Review tax return info prior to sending to accountant