Law Firm Accountant Sydney: Accounting and Tax, Legally Smart
Quantum House is a law firm accountant in Sydney for solicitors, barristers and legal practices. You are the experts in legal matters. Working with accounting and tax specialists therefore adds value to your practice and to your clients.
We understand how Australian law firms work. For many years, we have worked closely with legal professionals on tax matters. In fact, our managing director has worked in a Sydney-based law firm, which gives us practical insight into the legal industry.
Trust account compliance and external examination
Good practice management software certainly helps a firm run well. However, professional accountants are still essential for trust account compliance and tax obligations. Under the Legal Profession Uniform Law, an external examiner must examine the trust records of practices that hold trust money each year. As your law firm accountant in Sydney, we carry out the solicitors trust account audit in NSW, as well as external examinations in Victoria. We also help firms keep records that pass without difficulty.
Our article on external examination of trust records explains what examiners look for and how to prepare.
How our law firm accountants in Sydney help
- Bookkeeping, including payroll and invoicing.
- Accounting and tax compliance for the practice and its principals.
- Trust account management and external examination in New South Wales and Victoria.
- System consulting for accounting and trust account management.
- Help resolving tax matters for your clients.
Why Sydney law firms work with a specialist accountant
Many legal matters have a tax dimension. For example, estates, family law settlements, business sales and ATO disputes all raise tax questions. Your clients benefit when tax advice from a law firm accountant sits alongside legal advice. As a result, we often work with firms on a referral basis, so that both advisers add value to the client.
Frequently asked questions
Does my law practice need an external examination?
If your practice receives trust money, generally yes. In that case, a qualified external examiner must complete the examination each year.
Can we meet to discuss working together?
Yes. First, please contact our office to arrange a free consultation with our managing director, so we can explore a “win-win” approach for your firm and its clients.
To speak with a law firm accountant in Sydney, contact our team or download our brochure.