Law Firms
Services to Law Firms
Finance director level support for SME law firms, barristers and in-house legal teams, from Solicitors’ Accounts Rules compliance to unlocking debt and WIP.
Overview
ADV Accountancy works extensively with the Welsh legal sector, offering a complete range of high-level accountancy and financial management services for SME law firms, barristers and in-house legal teams.
That includes advice on the Solicitors’ Accounts Rules and regulations, monthly and quarterly forecasts, debt and WIP management, VAT returns and much more. Our legal clients are typically small to medium sized firms who don’t need a full time finance director, but do need that level of insight.
ADV has over twenty-five years of experience working in the Welsh legal sector, and excellent references can be provided on request.
What’s included
- 01Consultancy services regarding unlocking debt and WIP, and liaison with stakeholders
- 02Monthly reporting on KPIs
- 03Formulation of budgets for fee income, chargeable hours and expenditure
- 04Pricing
- 05Compliance in relation to the Solicitors’ Accounts Rules
- 06Forecasting
- 07Management accounts
- 08Statutory accounts
- 09Corporation Tax returns
- 10Bank reconciliations
- 11Completion of VAT returns
- 12Self Assessment for directors
Common issues we solve
Sound familiar?
- 01
Struggles with compliance, whether it be HMRC or the Solicitors Regulation Authority.
- 02
Partners and directors not being paid as much as they could be because of poor WIP and debt management.
- 03
Lack of business growth because systems aren’t providing the best information. Without the right information you can’t know which part of the business generates the most profit, or which area needs more resources.
- 04
Reports that aren’t easy to interpret or understand.
- 05
Worries with VAT: lengthy inspections, surcharges on late returns and inappropriate VAT claims.
- 06
Tax implications of inaccurate WIP, affecting both liability and cash flow.
- 07
Inaccurate pricing through lack of knowledge of overheads and chargeable hours.
- 08
Debt problems through lack of planning, slow billing and ineffective handling of bad debts.
From the legal sector
“We have been using ADV Accountancy for general accounting advice, preparation of annual accounts and VAT advice since we started our niche legal practice in 2016. Tina Jenkins’ expert knowledge of accounting for legal practices has been invaluable to us. Our accounts and VAT returns are always prepared in good time and our questions are always picked up quickly. Tina always makes time to explain points and field our questions, and ADV Accountancy have taken the time to really understand our business. We would highly recommend ADV Accountancy to any business.”
Jeremy Cavendish
Partner, Cooper Cavendish LLP
“Tina and her team have been instrumental to the growth of Newfields. Responsive and pragmatic with a keen eye for detail, Tina is, for me, a business partner who is experienced in the sector. She understands the ‘business’ of law together with the industry’s regulatory intricacies, the result of which is a great partnership.”
Glyn Lloyd
Managing Partner, Newfields Law Limited
“I have been working with Tina from ADV Accountancy since 2018. When I moved to be self employed I was extremely nervous about the rules and my obligations but Tina made me feel like I was in safe hands. When I moved to set up my own regulated law firm I didn’t hesitate to remain with Tina and the transition has been near seamless. She is a patient, generous support, but also firm and direct, which is the exact balance I need for my business.”
Elizabeth Saxby
Director, Melyn Legal
Let’s talk about your business.
Tell us what you need, whether that is one day a week or a few hours a month. We will build a package around your requirements and budget.