Legal Accountants

Advising on the intricate financial and regulatory requirements of legal firms is one of our specialties. With our proven expertise and many years of accounting knowledge, having Colledges by your side will give you peace of mind knowing your accounting and financial obligations are adhering to tax regulations.

By providing detailed financial analysis, advice on billing structures and payments, and strategic planning, we’ll help you understand your legal practice’s financial health, forecast future needs, and make informed decisions about the firm’s financial health so that you can confidently go about your legal work.

Colledges have 50+ years of accounting knowledge and experience with legal firms

How we help you:

Tax Obligations

Are you meeting your tax obligations as an individual and as a firm? There are various taxes including Income Tax, Goods and Services Tax (GST), PAYG Withholding Tax, and expenses subject to Fringe Benefit Tax. The legal industry has specific tax regulations and potential deductions that can be challenging to understand and stay up to date with. We’ll help you to stay compliant while optimising your tax strategies, maintaining accurate financial records, adhering to trust account regulations, and ensuring timely BAS lodgement.

Client Trust Accounting

Maintaining and managing client trust accounts require strict adherence to regulations, with detailed record-keeping and regular reconciliations to ensure compliance and avoid legal penalties.

Business Structure

The right business structure - sole practitioner, partnership, or incorporated legal practice - ensures legal compliance, tax efficiency, asset and liability protection, tailored to the firm's size and goals.

Cash Flow Management

Irregular cash flow due to delayed client payments or lengthy cases can create financial instability, making it challenging to manage operating expenses and plan for the future. Accurately tracking and allocating expenses to specific cases or clients is essential for profitability analysis but can be complex and prone to errors without proper systems in place.

FAQs

You may need guidance on managing client trust accounts, which require you to maintain thorough records, conduct regular reconciliations, comply to regulatory guidelines and stay up to date with legal requirements to prevent discrepancies.

We provide advice on effective tax strategies, including identifying industry-specific deductions and credits that can reduce your tax liabilities.

If you need assistance in tracking and allocating expenses, we’ll help you establish a framework to ensure the profitability of your services and make data-driven business decisions.

Contact the team at Contact Colledges Accountants + Advisors today

We’re here to help you focus on your serving your clients while we look after the administrative burden. Phone us for a no obligation discussion. We have 50+ years’ experience in legal accounting. Our professional and knowledgeable guidance will help you establish business structures and accounting practises to ensure you remain complaint while running your businesses in the most profitable manner.

The Colledges Way

We bring integrity, forward thinking and frank honesty to the table. That’s the Colledges Way. We travel the finance journey right by your side and treat your business with the care we give our own.

Get in touch

Expertise

Over 50 years in accounting, taxation and business advisory services

The Long Haul

We continue to support and advise third generation clients

Caring

We’re responsive, approachable, compassionate and respectful

Straight Talkers

You always know where you stand with your finances