Infinity Accounting LLC is a local Milwaukee, WI accounting firm providing legal accounting and tax services to practices in the Milwaukee area. Through our years of experience working with legal firm partnerships and solo practices, we have developed strategies to help minimize taxes and increase cash flow for law firms of all sizes.
Law firm accounting services:
- Clio Certified
- Accounting software setup/cleanup
- Bookkeeping and accounting services
- Financial statement preparation
- Business tax preparation
- Cash flow management
- Payroll processing
- Business valuations, mergers & acquisitions
- Litigation support
- Estate planning
- Succession planning
Attorneys and law firms have unique accounting needs. Most of the transactions in law firms (e.g., writing checks, making deposits, entering and paying bills) are treated the same as in other businesses. However, properly handling transactions related to the Client Trust Account or Interest on Lawyer’s Trust Account (IOLTA) can be a challenge. This account is designed to hold funds that will not be held long enough or are not of a large enough amount to separately allocate interest. All interest is removed by the bank and transferred to the state for legal purposes. Understanding and properly reconciling the IOLTA is absolutely critical for keeping proper accounting records. Infinity Accounting can help legal professionals and law firms make sense out of their IOLTA accounts.
We are also certified in the cloud-based legal accounting and practice management software, Clio. We can help you get set up on Clio, or even audit and clean up your account and provide you with accounting services through the Clio program. We can also help you with any other accounting platform you may be using, Including QuickBooks, Xero, Freshbooks, and Wave.
Many firms turn to us for their accounting and tax needs simply due to time constraints – but we offer more than just outsourced accounting services. Infinity Accounting LLC helps law firms with cash flow management, financial statement preparation, succession planning and more. All of our services are designed to reduce your firm’s tax liability and increase your bottom line.