Law Firm Bookkeeping & Accounting Support
Operating-account bookkeeping and financial reporting support for law firms. Clear reporting for firm owners.
Law Firm Bookkeeping & Accounting Support
Defined Support
RMS provides back-office bookkeeping for the firm's operating accounts, accounts payable, and financial reporting. We structure the data so firm owners can make informed business decisions.
Platform Relationship: Evaluating Relevant Law brand adoption plus separately scoped RMS support. No standalone outsourcing offer or brand rights conferred. RMS charges fixed fees or fixed per-seat fees for defined nonlegal services.
Representative Services Operating account reconciliation Accounts payable administration Payroll administration support Standard monthly financial reporting Vendor invoice management Expense categorization
Scope of Responsibility
What the agreed scope may include Reconcile operating bank and credit card accounts Prepare draft monthly financial statements (P&L, Balance Sheet) Process approved vendor payments Administer payroll systems
Firm Responsibilities Controls all client trust accounts and IOLTA funds Sets and collects all legal fees Approves all expenditures and payroll runs Makes all tax and business distribution decisions
Illustrative Monthly Reporting Checklist An illustrative discussion framework for standardizing financial deliverables. Operating Account Bank Reconciliation: A monthly tie-out of the firm's operating bank statement to the general ledger. The firm owner receives this package to verify that operating balances match.
Draft Profit & Loss Statement (Operating): A categorized summary of operating revenues and administrative expenses. Provides the firm with visibility into overhead without RMS accessing client trust data.
Draft Balance Sheet (Operating): A snapshot of the firm's operating assets and liabilities. RMS prepares this draft for the firm's independent CPA to use during tax preparation.
Accounts Payable Aging Summary: A schedule of outstanding vendor invoices and administrative obligations. The managing partner reviews this list to approve which vendors to pay in the next cycle.
Payroll Administration Roster: A summary of hours and administrative deductions for firm staff. RMS stages the payroll run; the firm owner must log in and authorize the actual release of funds.
Expense Categorization Log: A line-by-line breakdown of monthly credit card and operating expenditures. Items lacking clear receipts are flagged for the firm to provide business justification.
Illustrative Purposes Only * Note: This is an explicitly fictional template of an illustrative discussion framework. It does not promise actual deployed services, represent real client work, or constitute final deliverables for any specific engagement.
Questions to Ask During Diligence How is access to the firm's operating accounts structured? Who handles IOLTA accounting? What is the cadence for financial reporting? Does RMS file the firm's taxes?
Transition Expectations Chart of accounts review and system configuration following read-only access to operating systems. Historical data migration pending the firm's provision of prior year-end statements. Standard monthly reporting cycle commences upon the firm's approval of the baseline reconciliation.
* The transition process relies on firm availability, data access, and continuous firm approvals at each gate. No SLA or guaranteed timelines are implied.
Frequently Asked Questions Does RMS handle client trust accounting? No. The client trust account, client funds, legal-fee setting, and legal-fee collection remain entirely under the attorney-owned firm's control.
Is RMS a CPA firm? No. RMS provides administrative bookkeeping support for operating accounts. We do not provide CPA, tax, audit, or licensed accounting services.