While each person in your law firm possesses unique skills and knowledge, it’s unlikely that any of them has accounting experience. This is an important skill set since every aspect of your firm’s financial performance requires the expertise of an accountant. When you work with a CPA for a law firm in Scottsdale, AZ, you’ll have access to those unique skills and services.
Keep More Accurate Records
As a business, your law firm must keep accurate and up-to-date financial records. These records must provide details about the revenue and expenses relating to the operation of your business. A CPA will keep track of these records and ensure they can be easily accessed in the event of an IRS audit.
Take Advantage of Tax Deductions
Your law firm has access to tax benefits just like any other business. Each year, the IRS amends their rules, making changes to how you can make deductions. A CPA will keep track of these changes to ensure your law firm is taking full advantage of all of the deductions available to it. This can save you thousands of dollars on your annual taxes.
Keep Closer Track of Your Firm’s Financial Status
From time to time, you’ll want to reinvest your firm’s revenue to improve the services you offer to your clients. When you hire a CPA for a law firm in Scottsdale, AZ, you’ll be able to discuss your plans with them. They can help you determine if you have the revenue and assets that will enable you to spend money on your business. If your plans include borrowing money for these improvements, your CPA can help you determine if your firm can handle the additional loan payments.
