Team SBA’s Expertise in Law Firm Accounting
Team SBA has been providing accounting support services to law firms in Melbourne since 2012. Our longstanding clients in Victoria, are based in Melbourne CBD and surrounding suburbs and also in regional Victorian towns like Bendigo. Our Accounting team can assist firms with draft and final billing, transaction processing, reconciliation, trust accounting, general book keeping and more.
Specialising in end-to-end processes, Team SBA navigates the intricate billing cycles of law firms, accommodating scenarios where partners review draft bills or add elements before issuing the final invoice. With a wealth of experience of over 12 years, we are well-equipped to assist law firms, including smaller practices or sole practitioners lacking dedicated in-house accounting resources.
Team SBA offers an array of specialised accounting services catered to law firms in Australia. Here's how we assist our clients:
- Coding supplier invoices in the system
- Timely payments to suppliers as per due dates
- Sending remittance advice to suppliers as required
- Setting up new creditors
- Processing employee reimbursements
- Generating draft and final invoices in the practice management system
- Mail out of invoices to end clients
- Following up on unpaid client invoices via email
- Maintaining updated client contacts in the practice management system
- Bank reconciliation
- Preparation of management reports
- IAS and BAS preparation of work papers for review and lodgement
- Payroll processing including PAYG and Superannuation payments
- Recording trust receipts
- Recording trust payments
- Trust to office transfers
- Requesting and authorising payments
- Trust reconciliation
- Printing trust ledgers and statements
- End of month procedure
- End of financial year procedure – trust accounting
- Maintaining Controlled Money Accounts
- Exporting reports for analysis from LEAP as and when applicable.
Team SBA is proficient in a wide range of Legal Practice Management Systems and Accounting Softwares Used by Legal Practices across Australia, New Zealand and UK.
Accounting Software
Legal Practice Management Software
Let’s say your firm uses LEAP as your Legal Practice Management System and Xero as your Accounting Software. Here’s an example of how we can extend our Accounting Support Services for your Firm.
LEAP Support
- Time and Fees: Team SBA inputs client-provided information into LEAP, covering dates, matter details, descriptions, amounts, and authors in recording timesheets.
- Disbursements: Team SBA services include recording both incurred and expected disbursements in LEAP, backed by necessary payments/supplier invoices.
- Debtor Invoices: SBA generates periodic invoices in LEAP as per client needs, including providing prebilling guides for review, customization of invoice templates, and sending finalized invoices via emails.
- Matter Maintenance: This covers writing off unbilled WIP and disbursements, uncollected invoices, and archiving completed matters.
Trust Accounting in LEAP
Team SBA handles various trust accounting related functions, including recording receipts, payments, transfers, reconciliations, generating statements, monthly and year-end procedures, maintaining controlled money accounts, and updating trust precedents.
Xero Book Keeping Support:
- Operating Bank Statements: Coding bank transactions in Xero, facilitated by bank feeds and read-only internet banking access.
- Credit Card Transactions: Coding and reconciliation for company credit card transactions for office expenses.
- Reconciliations: Handling bank and credit card reconciliations in Xero.
- Supplier Management: Recording supplier invoices, receipts, emails, etc., within Xero, with document sharing via email or shared drives.
- Integration with LEAP: If LEAP and Xero are not integrated, assistance is provided to align debtor invoices in Xero with LEAP's record for periodic sales.
- BAS Preparation: Quarterly BAS work papers preparation for review and lodgement
- Payroll: If applicable, payroll support is offered as part of the service
Team SBA recognises that every law firm is unique and our accounting support services are structured to create bespoke support solutions for each client and create a long term value creating support structure for the practice. Explore how team SBA can assist your Melbourne firm with a range of accounting support services. Melbourne trivia – our team is across Tigers, Demons, Pies and Saints and Bombers and Dogs in the footy and MCG and Etihad stadium and of course the Australian Open and the Boxing Day Test and Big Bash!
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Contact Us
Get in touch to explore how SBA’s outsourcing solutions can complement your in-house team and expand your client service delivery options through flexible resourcing.
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+61 3 9863 8122
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Level 1/1 Queens Rd, Melbourne VIC 3004
