Industry
Accounting for Law Firms
We handle the practice's tax, BAS, payroll and books and, as a separate engagement, examine trust records in Victoria, New South Wales, Queensland and South Australia.
What we see
Common accounting issues
- The firm's own bookkeeping comes second to client work, so it slips.
- Time and billing data sits in the practice management system, apart from the accounts, so it is hard to see which matters and partners make money.
- Trust records are kept separate from the office accounts, and getting them ready for the external examination takes time away from the practice.
Our work
What we handle
- BAS and the practice's tax return BAS and the practice's tax return prepared from the accounts we keep, for practices run as a partnership, company or trust. See the Company, Trust & Partnership Tax Returns page
- Payroll for lawyers and support staff Pay runs for solicitors and support staff, reported through Single Touch Payroll, with PAYG withholding worked out each time and super prepared for you to approve, or paid for you if you authorise us. See the Payroll, STP & Superannuation page
- Practice bookkeeping We code the practice's own invoices, expenses and bank transactions and match them to the bank. The trust ledgers stay with the practice.
- Billable hours and margins Reports built from your timesheet or practice management exports. They show billable hours, margins and how staff time is spread across the firm. See the Business Advisory & Financial Reporting page
- Trust account external examinations OziDesktop holds External Examiner status for Victoria, New South Wales, Queensland and South Australia. Our solicitor trust page explains how the examination works. See the Solicitor Trust Account Audits page
- Keeping the examination independent Where a firm wants both bookkeeping support and a trust account examination from us, we confirm with the firm the arrangement that keeps the examination independent before any work starts.
Why OziDesktop
Why work with us
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One team can take on the practice's tax return, BAS, payroll and books, so partners deal with one firm for the lot.
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As a separate service, we act as External Examiner for law practices in Victoria, New South Wales, Queensland and South Australia.
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Your fee is agreed with you before any work begins.
How it works
How the practice runs
We talk through how the practice is set up, how it bills and which finance work you want off your desk.
Systems review
We look at your accounting, practice management and payroll set-up and agree the reports partners want.
Ongoing work
We run the books, payroll, BAS and tax through the year and send profit reports on the schedule we agreed.
What we need from you
- Access to your accounting software (Xero, MYOB or QuickBooks)
- Exports or access to your practice management or timesheet system
- Payroll details for your employees
- Prior-year financial statements, tax returns and BAS
- Details of how the practice is structured (partnership, company or trust)
- The state your practice operates in and, if you want an examination, its trust account records
FAQs
Common questions
Can OziDesktop keep our practice's books and also do the independent examination of its trust records?
That depends on the arrangement. Where a firm wants both bookkeeping support and a trust account examination, we confirm with the firm the arrangement that keeps the examination independent before any work starts.
Do you maintain our client trust ledgers for us?
No. The practice keeps its own trust accounting and reconciliations day to day. Our bookkeeping covers the practice's business accounts, and examining the trust records is a separate service.
Our practice is not in Victoria. Can you still act as our External Examiner?
Yes, if the practice is in New South Wales, Queensland or South Australia. Our External Examiner status covers Victoria, New South Wales, Queensland and South Australia only.
Can you report on profitability by matter or by partner?
Yes. Where your practice management or timesheet system records time and fees by matter or partner, we report profit by matter and by partner from it.
Do we have to use you for the trust account examination to use your other services?
No. Bookkeeping, payroll, BAS, tax returns and reporting are available to a law practice on their own. A practice can also appoint us for the examination alone.
Need something outside this scope?
Every business is different. If you need additional accounting, bookkeeping, advisory or specialist work, we'll explain what's required and agree the scope with you before proceeding.
Talk to an accountant about your business
- Fixed fees, agreed upfront
- We contact your old accountant
- Free discovery call