Fort Lauderdale and Broward County CPA, Financial Statement Reporting
Thomas Jordan, P.A. assists law firms in reporting financial data
Law firms face distinct financial issues when it comes to planning for future growth. Thomas Jordan, P.A. offers a full range of accounting services and focuses on the legal industry. We are experienced in financial statement reporting and can help you eliminate errors and implement the ideal reporting methods. Unlike most businesses, law firms have inherent problems in viewing the profitability of their practice at any given time. This is because of the mismatch in costs, which can vary depending on the case and the client – and revenues, which may be fee based, contingency based, or a combination of both.
Financial statement creation and analysis enables law firms to determine and manage net worth, profitability, variations from budgets, cash flow, and more. Properly prepared financial statements can also provide insight into your firm’s trends and establish a benchmark for future forecasting and budgeting. In addition, strong financial statement analysis will provide partners / shareholders with a clear view of their personal income. The four primary financial statements are:
- Balance sheets
- Income statements
- Cash flow statements
- Retained earnings statements
Thomas Jordan, P.A. prepares professional, GAAP-compliant financial statements (following U.S. Generally Accepted Accounting Principles). We also perform custom analysis and will help you interpret these statements to more effectively manage your firm goals. We take into account the type of business entity you are (professional association, partnership, corporation, etc.), which will influence how your financial statements are compiled and income taxes are planned and filed.
With more than 20 years of experience serving the legal industry, Thomas Jordan, P.A. provides trusted guidance in financial reporting and all aspects of accounting, including compensation and benefits plans, law firm tax planning, and individual tax planning.
Our financial reporting services can give your attorneys and law firm management the tools and design for a clear overview of your financial standing. Your financial statements will be inclusive, understandable and comparable, allowing you to make good economic decisions. We can also provide you with a comprehensive plan for the future based on your current intake and performance.
Thomas Jordan, P.A. offers tax and financial services for law firms of all sizes, from solo practitioners to firms with several partners. We welcome the opportunity to discuss your law firm’s accounting needs and help solve your financial challenges. Please contact us or call us at (954) 763-8455.