Virtual Accounting and Tax Services for Small to Midsize Law Firms

Your Prosperity Blueprint

If you are a law firm owner, and you are…

❌ Tired of the firm’s bank account not being enough (too many times scrambling last minute to put your personal money into the firm’s account to cover payroll/overhead).

❌ Sick of being in the dark about your taxes because your tax person only contacts you once a year (the week your tax return is due).

❌ Frustrated with always looking for information about your firm’s financial performance (that you can understand and use for critical firm decisions).

We’ve got something that’ll put an end to your misery, once and for all.

It’s called “Your Prosperity Blueprint”.

When you harness “Your Prosperity Blueprint” for your firm, you will:

✅ Never worry whether there is money in the bank to pay this week’s payroll or pay bills (because you’ll have a time-proven cash management system in place along with a rolling cash projection).

✅ Be in contact with your tax expert throughout the year to maximize your tax deductions to the fullest (so you never have another surprise tax bill again).

✅ Meet at least once per month with your accounting professional to talk about your firm’s financial performance (and what you can do to improve your numbers).

Your Prosperity Blueprint is your perfect combination of bookkeeping, tax, and advisory services your firm needs to thrive.

And What Does This Mean ... Exactly?

First, hire the team at Profit Scale Thrive for your bookkeeping work which includes:

• Weekly posting of your banking and credit card transactions to the account register in your books
• Monthly reconciliation of all asset and liability accounts
  • accounts will be reconciled between your "books" balance to a 3rd party statement when available or a detailed ledger report (for example, trust liability report by client or matter)
  • this step ensures that all of your business transactions have been recorded for the month and your financial statements reflect accurate balances
• Monthly review of posted transactions to ensure consistency with general ledger (GL) coding
• Monthly preparation of your financial statements (Profit & Loss Report and Balance Sheet) *
• Monthly reporting of your 3-5 Key Performance Indicators (KPIs) *
• Monthly video of our review of your financial statements and KPIs
• Up to 1 meeting per month to discuss your financial performance
• Unlimited online support

* Our Financial Reporting Package (your Profit & Loss, Balance Sheet, and KPIs)  is not what you typically receive from many accountants - when you receive a report at all...which is usually just a printout of your P&L and Balance Sheet from Quickbooks. That's why our reporting package balances visual information (charts and graphs) to highlight your key numbers. You can see an example report HERE.

Next, add on any combination of the following services. Please note that the following services are only included in addition to a 1-year bookkeeping engagement and are not offered separately.

• Controller services:
  • 12-month forecasting (updated monthly) - We review with you your anticipated inflows and outflows to determine any action items, such as reaching out to clients for past-due payments. 
  • Monthly customized KPI reporting - We will work with you to determine your 3-5 key metrics and provide your updated KPIs in your Monthly Financial Reporting Package unless you need these metrics more frequently.
  • Add up to 1 additional meeting per month to discuss your financial performance (for a total of 2 meetings per month)
• Accounts Payable (Pay Your Expenses) - We will maintain your accounts payable (including credit cards), ensure bills are paid timely, and that your books are updated accordingly. We never pay bills without your written approval. This service includes cash management (details below).
• Cash Management - To ensure that you have a strong handle on the company’s short-term cash position, we create a 4-8 week cash flow forecast and then meet with a member of your internal team for a 15 to 30-minute meeting to discuss the cash ebbs and flows.
• Accounts Receivable (Prepare Your Bills To Clients) - To handle this sensitive item, we start by establishing a protocol for preparing client bills. Working with a point of contact on your team, we confirm all outgoing client bills before they are sent. We record payments in books and/or billing system and reach out to past-due clients with either a regular account statement or a soft reminder email and/or phone call.
• Obtain/File Form W9s - For every new vendor added to your accounts payable system, we will obtain a Form W9 from the vendor to ensure your compliance with Form 1099 reporting.
• Prepare/File Form 1099s - Every January, we will prepare and file Form 1099s as required by the IRS.
• Expense Receipt Tracking - Audit-proof your business. Locating and filing receipts in real time makes any audit a breeze. For all expenses, we will file the supporting receipt. If a receipt is not proactively received, we will request it from you. If you use Quickbooks, an electronic copy of the receipt will be attached directly to the transaction. If we are not able to attach an electronic copy to your bookkeeping system, we will maintain an electronic filing system for you.
• Custom Monthly Reporting Package - As your business grows, your reporting needs change. We will work with you to provide additional reports to get you the information you need to navigate your evolving business.
• Business Income Tax Preparation and Filing - The company's income tax return will be prepared and filed. This includes Schedule C, Form 1120S, Form 1065, Form 1120, or Form 990 plus your company's state and local income tax returns, if any. 
• Personal Income Tax Preparation and Filing - Personal income tax returns (Form 1040 plus the required state and local returns) will be prepared for the business owner(s) for the same tax year as the business tax return.
• Tax planning - Preparing and filing tax returns is a reactive service. Proactively plan to legally minimize your tax bill with tax planning and strategy meetings.
• Sales tax returns
• Franchise tax returns
• Any additional business tax returns required

Our Vision