Law firms run on trust, client trust accounts in particular, and the accounting behind them has to match that standard exactly. Epsilon Accounting Solutions works with solo practitioners and small firms throughout Edmond and the Oklahoma City metro on the accounting details that general bookkeepers routinely get wrong, often without realizing it until a bar association review flags the issue.
Where Law Firm Accounting Gets Complicated
- IOLTA and trust account reconciliation, kept scrupulously separate from operating funds with a paper trail that holds up to bar association review.
- Entity structure and S-Corp planning for partners and solo attorneys weighing the tax tradeoffs of each option.
- Contingency fee and retainer revenue recognition, which doesn’t follow the same rules as ordinary service billing.
- Partner compensation and guaranteed payments across multi-partner firms with different ownership stakes.
- Quarterly estimated taxes for attorneys with irregular, contingency-based income that swings from quarter to quarter.
What We Provide
- Monthly bookkeeping with trust accounting kept fully separate from operating accounts
- Business and individual tax preparation for attorneys and firm partners
- S-Corp formation and ongoing tax planning
- Payroll for firm staff and associates
- CFO-level guidance on firm growth, partner buy-ins, and cash flow planning
Why General Bookkeepers Often Miss the Mark
Most bookkeeping software and general practitioners are built around standard business revenue, not the layered structure of trust deposits, earned fees, and client cost advances that law firms deal with daily. A misclassified trust transaction isn’t just a bookkeeping error. It can create a compliance problem with the bar, which is a completely different kind of risk than a typical small business ever has to manage.
Whether you’re a solo practitioner or run a small firm with associates and support staff, we bring the same close attention to your numbers that you bring to your clients’ cases. Call (405) 458-8949 or schedule a consultation.