Who is responsible for transaction processing and do they have other responsibilities?
Traditionally, a law firm’s controller is responsible for the firm’s transaction processing (such as client trust account management, accounts payable, accounts receivable, payroll) and formulating budgets & forecasts, in addition to oversight of the firm’s accounting.
More Information About Our Accounting + Transaction Processing Service
With our Accounting + Transaction Processing Service, you have a dedicated and qualified CPA (equivalent or superior to the qualifications of a controller), as well as a dedicated accountant or team of accountants providing support and enabling you to reach your goals. We work with you throughout the year with regular meetings and guidance focused on your operational systems and financial picture. Meetings are held in person or virtually depending on the nature of the meeting and your preferences.
A firm’s investment to hire a full-time controller varies widely based on the size of the practice and their responsibilities, but to hire a controller providing the equivalent quality of Accounting + Transaction Processing Service we provide, the cost would be between $225,000 and $325,000 annually.
Similarly, the pricing for our Accounting + Transaction Processing Service can vary based on several factors and responsibilities so we recommend scheduling a discovery call to learn about your practice. You can find the included services and add-ons listed on our Services Comparison Page.
Opting for our Accounting + Transaction Processing Service allows you to focus on your firm’s growth objectives while benefiting from the experience, guidance, and feedback of a trusted advisor, all without incurring the expenses associated with hiring a full-time controller.
When you engage our Accounting + Transaction Processing Service, you can expect a comprehensive package tailored to your needs. This includes bi-monthly meetings with your designated controller, fostering a unique partnership. Our aim is to help you pinpoint areas for operational enhancement and efficiency while offering valuable financial insights.
Your dedicated team of professionals will include a CPA and an accountant.
Here are the key deliverables you can expect:
Receiving our Accounting + Transaction Processing Service offers you a multifaceted approach to financial management and growth.
Yes. Our firm is specifically designed to provide services and guidance that work with the intricacies and requirements of law firm recordkeeping, financial reporting, and planning.
During our call, we can delve into your objectives, assess your current position, and discuss your desired result.
The typical duration for the onboarding process for Accounting + Transaction Processing Service is approximately six weeks.