Onyx Accountants provide a range of accounting services and advice for Solicitors and those working in the legal profession.
As well as the day to day financial management to generate the business accounts, calculation of tax liabilities and personal tax planning we offer management accounts tailored to each individual solicitors needs.
When considering what services we can offer, it is important to consider the following key issues:
- Stock Appreciation Right (SAR) audits
- Management of client matter balances
- Work In Progress (WIP) reporting
- unapplied balances on client account
- problems with disbursements
- Do they know what management accounts are?
- Understanding financial performance/margins
- Cash flow management
- Inability to pay bills
- Problems with wages and employees
- Tax planning problems
- VAT and understanding how to account for it
- Issues involving professional indemnity insurance
- Accounting shortfalls
Onyx accounting services
- Reporting TRUE operating margins
- Management accounts tailored to solicitor businesses
- Company accounts preparation, corporation and personal tax planning and preparation
- On-going tax and wealth management advice, tax saving opportunities implementation – 20% of tax saved
- OPTIONAL – Bespoke remuneration planning facilitation and implementation for solicitors / consultants – 18% of income shelter