Ensure compliance with trust accounting regulations, maintain clear financial records, and deliver reliable reporting
Law firms operate under strict financial and ethical regulations, particularly when handling client trust funds. Between managing billable hours, retainers, operating expenses, and compliance obligations, accurate bookkeeping is essential.
Collab Accounting Australia provides specialised bookkeeping and accounting services for lawyers and legal practices across Australia. We help ensure compliance with trust accounting regulations, maintain clear financial records, and deliver reliable reporting so you can focus on your clients.
- Our Legal Accounting Services
Trust Account Management
Handling client funds requires strict separation from operating accounts. We maintain accurate trust ledgers, perform regular reconciliations, and ensure compliance with relevant state legal trust regulations. Proper trust accounting reduces risk and protects your firm’s reputation.
Billable Hours & Revenue Tracking
We track time-based billing, fixed-fee matters, retainers, and staged payments. Clear invoicing and receivables monitoring improve collections and support consistent cash flow.
Expense & Matter Cost Allocation
From court filing fees and research subscriptions to travel and disbursements, we allocate expenses to the correct client matters, ensuring accurate billing and profitability analysis.
Payroll & Partner Drawings
We manage payroll for legal staff, superannuation obligations, and partner distributions in line with Australian tax requirements.
GST & BAS Compliance
Legal practices must meet ongoing ATO reporting obligations. We prepare and lodge Business Activity Statements (BAS), maintain GST compliance, and ensure tax-ready financial records.
Financial Reporting & Forecasting
We provide monthly income statements, balance sheets, and cash flow reports. Detailed reporting helps partners assess performance by practice area and plan future growth.
Types of Legal Practices We Support
- Sole practitioners and boutique firms
- Family law and litigation practices
- Corporate and commercial law firms
- Property and conveyancing firms
- Multi-partner and multi-branch practices
Legal Accounting Software We Use
We use trusted platforms suited for Australian law firms. These systems streamline billing, reconciliations, and compliance processes.
- Xero – Real-time financial reporting
- QuickBooks Online – Expense and income tracking
- MYOB – Payroll and BAS compliance
- Clio – Legal practice management and trust accounting integration
- Why Choose Collab Accounting?
We understand the regulatory environment legal practices operate in and ensure your accounting processes meet professional standards
Experience with Australian legal trust requirements
Accurate matter-based reporting
Strong GST and BAS compliance support
Reliable trust account reconciliation
Clear partner performance reporting
Confidential and secure financial management
- Stay Focused on Your Clients, We’ll Manage the Numbers
Running a legal practice demands precision and compliance. Let Collab Accounting provide structured, reliable bookkeeping and trust accounting services tailored to your firm. Protect client funds. Improve cash flow. Strengthen financial control. Contact us today to simplify your law firm accounting.
