Our team has more than 30 years of experience working hands-on with law firms handling all aspects of daily financial management. That includes:
Integrated accounts payable and accounts receivable – LBSI can recommend and get you up and running in appropriate easy-to-use software to efficiently pay vendors and collect from clients online. Integrated online processing means staying organized and having expense reports available quickly. Or we can do the inputting, administration, and reporting ourselves, sending you reports on demand or on a schedule you choose.
Bank reconciliations – LBSI can assume the tedious but vital task of comparing the bank’s records and your own for each of your accounts, daily. That’s the crux of being sure that the bank’s view of your account balance and your own records match. When they don’t it’s not necessarily your fault: Someone may have paid you from an account that had insufficient funds to cover it. But ignoring such discrepancies and not resolving them quickly can result in serious bad news for you: overdrawn bank account, bounced checks, overdraft fees, even shutting down your bank account. Let LBSI stay on top of reconciliations to prevent trouble.
Processing expense reimbursement requests – When a client requests reimbursement of expenses you should have systems in place to pay legitimate expenses promptly, to maintain your client’s trust and guard their cash flow. You should also know at all times what expenses you are already obligated to pay.
At the same time, you need controls in place to make sure expenses claimed are legitimate and not inflated or outright fraudulent.
LBSI has sophisticated systems to get legitimate expenses reimbursed immediately, while guarding against paying any questionable expense claim presented. One more complex problem you don’t have to deal with.
Monitoring accounts daily to detect errors and other irregularities – We can monitor all your bank and credit card accounts daily to detect any red flags before more damage is done. In the current online banking climate, monitoring for irregularities daily is crucial, to detect signs of possible fraud, hacking, or just plain mistakes that can affect your bottom line, your reputation, and your credit worthiness. This is an ideal task to delegate to LBSI, so you can concentrate on servicing your clients, winning cases, and building your business while we protect you.
Processing all these types of transactions daily ensures an accurate and up-to-date snapshot of your firm’s cash flow.