With heavy workloads and a variety of tasks to accomplish each day, lawyers and barristers need accountants who can take on some of the load on the business side of the practice.

Your law practice is unique—whether you specialise in one area of practice or provide general legal advice. That’s why we take the time to get to know you and your practice to provide you with advisory services that help you do your job more efficiently, with less waste of time and money. Not only do we provide you with advice and assistance come tax time, but we can also help you see where you can cut costs and save time with more efficient business processes every day of the year.

Whether your law firm is large or small, we can help you grow your business, comply with tax and other financial regulations, and maximise profits. Economos’ team of chartered accountants have a deep knowledge of the legal profession and its needs and will help you take advantage of business trends and leading-edge technology to grow your business and meet your goals.

Economos can help you track expenses and revenue on a day-to-day basis, so you can discover how your firm can trim the fat off your budget and generate more income. Our cloud accounting service gives you the power of real-time data to analyse performance, allowing you to streamline processes and workflows to achieve optimum efficiency. Through cloud accounting, you can also automate both payroll and invoicing, freeing your hands to do more of what you love.

Many law firms don’t have a chief financial officer (CFO). That doesn’t mean that they have to take in the responsibility of creating a budget, assessing the firm’s finances, and creating reports on their own shoulders. Economos’ CFO advisory team has a wide range of experience as CFOs themselves—and can do the work of a CFO for you for a fraction of the cost of an in-house CFO. Just like your own CFO would do, we will help your firm optimise its business structure, operate more efficiently, and find financing that can help you grow your business.

To help you deal with the complex web of business taxes, Economos’ tax advisory team has extensive knowledge of tax law, keeping up with every new development. We provide year-round support to make sure you are fully compliant at every step, reducing your risk of an audit. We look for ways to reduce your taxes through finding tax credits, exemptions, and other deductible expenses, helping you prepare and lodge all your required tax forms and reports, including goods and services (GST) tax, payroll tax, and capital gains tax (CGT). If you are called in for an audit, our tax advisory team will handle all the negotiations, staying by your side every step of the way.

Economos provide two accredited External Examiners for the purposes of the solicitors and barristers trust accounts. These are specialist services requiring a high level of technical knowledge and training.

As the legal profession faces competition from web-based legal services, traditional law firms must adapt through innovation, offering specialised services and maintaining a more client-focused practice. Economos’ business advisory team can help you assess your current practice to help you find more efficient ways to deliver services, identify ways in which you can expand your practice and better serve your clients.

Information—data--is the cornerstone of the law profession. Client files, timesheets, discovery information, billing systems, and payroll all figure into the firm’s work. With a secure cloud accounting system from Economos, you can analyse all that data to track revenue, set performance benchmarks, and gain insights into how best to solve your challenges. With cloud accounting, you receive your data in real time, so you can see how your firm is doing on a daily basis. Not only that, but you can automate invoicing and payroll, so you and your partners can concentrate on providing expert legal services to your clients, not on running your business.