Track time from anywhere and recover lost billable hours instantly. TimeSolv bills, captures, and accounts every second, so you never leave money on the table. • Virtual CFOs cost 30-60% less than in-house executives, typically ranging from $3,000-$10,000 monthly versus $200,000+ annually for full-time CFOs plus benefits. They attend spontaneous meetings and handle urgent matters quickly. Virtual CFOs work on scheduled times and respond well, but this might cause brief delays during critical situations. Our fully-encrypted client portal is a safe, compliant way to share vital information with clients and colleagues.

• CFOs must direct their firms through complex regulatory environments under increased scrutiny from tax authorities.
• Growing practices often see their revenues expand while margins shrink because of rising labor costs and operational inefficiencies.
• In both cases, the form ensures the IRS has a record of the transaction.
• Services priced under $1,000 monthly likely won’t deliver the expertise you need.
• Whether you’re a solo attorney or managing a growing firm, our tailored services help align your financials, trust accounts, and business goals for long-term growth and peace of mind.
• Accurate bookkeeping and reporting are critical for law firms, not just for internal clarity but also for staying compliant with IRS rules.

Comparing Virtual and In-House CFOs for Law Firms

While LawPay isn’t tax software, these insights give your firm a clear view of payments and support accurate preparation for tax filing. Non-compliant trust accounting can have serious ramifications for lawyers. Mismanagement of client funds can result in disciplinary actions by the state bar association, including reprimand, suspension, or even disbarment.

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TimeSolv helps you manage retainers, control budgets, and stay one step ahead of the deadline. Choose from customizable templates, auto-populate billing data, and send professional-looking invoices in minutes. Virtual CFO services usually range from $3,000 to $10,000 per month, depending on the scope of work and firm size. This represents law firm bookkeeping a significant cost savings compared to in-house CFOs, who can cost over $200,000 annually when including salary and benefits. The main difference between fractional and full-time CFOs shows up in how they work. Full-time CFOs need six-figure salaries – usually USD 200, ,000 per year plus benefits.

A better approach to client service, 100 years in the making.

Our exclusive focus is accounting for attorneys, which means every system, report, and process is built around your specific legal needs—from trust reconciliation to tax strategy. We examine not just your books but also your business model, providing you with innovative ideas that increase your profitability and afford you more time to focus on your clients. From AP and AR to partner distributions and monthly close, we manage the entire accounting process for your firm. We’re experienced with a range of legal accounting platforms including QuickBooks, Clio, LEAP, and others. We can also integrate with your current systems to streamline operations. We deliver clear, consistent reports that give you real-time visibility into your firm’s performance—so you can make informed decisions with confidence.

• Explore how 1099 works for lawyers, the rules that matter most, and the best practices that simplify compliance and collections.
• If you’re running a law firm and seeking clarity and partnership—not just compliance—we’d love to support you.
• Download Invensis’ Finance & Accounting services case study on Automobile Mortgage Loan Processing to find out how Invensis delivered positive outcomes.
• They reduce collection periods from 120 days to days, boost realization rates by 10-15%, and learn about critical factors that drive strategic resource allocation.
• We specialize in trust account management and ensure all transactions follow strict legal and ethical guidelines.
• Virtual CFOs typically serve multiple clients instead of a single employer, which gives them experience in a variety of businesses and industries.

Remote CFO services provide law firms with strategic financial expertise without the overhead costs of a full-time executive. They offer specialized knowledge in legal industry finances, help optimize cash flow, improve profitability analysis, and enable data-driven decision-making. CFO services deliver strategic financial leadership, analysis, and oversight that matches a law firm’s operational needs. These services go beyond simple accounting by focusing on forward-looking financial management, which includes cash flow optimization, strategic planning, and analytical decision support. Law firms benefit from case-level and practice-area reporting that shows cost allocation, realization rates, and contribution margins.

Law firms can save up to 15 hours monthly on trust accounting when they use dedicated legal accounting software. You should look for systems that maintain IOLTA compliance, handle complex billing structures, and grow with your practice. We provide a thorough and highly personalized approach to financial management by monitoring your firm’s financial data. Our team is committed to creating profitable partnerships so you can build a successful practice and provide the highest level of service to your clients.

Cash flow and working capital management

Your provider should know trust accounting (IOLTA/IOLA), client fund segregation, and state bar compliance requirements. Law firms need a CFO who understands legal billing cycles and practice area profitability analysis. Financial leaders use spend management tools to track expenses immediately, set spending boundaries, and automate tasks like receipt tracking.

Looking for a CPA for your law practice?

A fractional CFO delivers sophisticated financial leadership tailored to your firm’s specific needs without extra overhead. This strategic collaboration helps law firms excel in legal work while building green practices ready for future challenges. A fractional CFO brings high-level financial expertise to your law firm without the heavy costs of a full-time hire.