The Solicitors Accounts Regulations 2001 to 2014 require that solicitor firms file a “Reporting Accountants Report” with The Law Society of Ireland within six months of the firm’s financial year end. In order ensure compliance an accountant must have the requisite knowledge and experience with respect to understanding the recent changes in the regulations. Furthermore there must be an inherent understanding as to the operation of client and office ledgers.
O’Neill Foley are specialists in looking after solicitors whether you operate as a sole practitioner or a multi partner firm. We are engaged as reporting accountants to 14 solicitors whose books and records are maintained both manually and on recognised software systems such as Harvest Law and Safe Law.
Our services include:
- Preparation and submission of Reporting Accountants Report
- Preparation of annual accounts
- Personal tax returns for sole trader/partners
- Advice on incorporation or Limited Liability Partnerships
- Advice and planning for partnerships changes (including review of partnership agreements)
- Practice finance
In addition to our dedicated services listed above, we provide solicitors and their clients with a number of specialist services covering business and personal matters.
Litigation is a complex area of law and almost every dispute has financial or commercial ramifications. In support of our colleagues in the legal profession we are able to provide an efficient and timely resource assisting with the computation and quantification of damages/losses or claims relating to a variety of matters including:
- Business disputes
- Matrimonial disputes
- Personal disputes
- Loss of profits
- Business valuations
O’Neill Foley’s forensic accounting service is available to legal and other professions to establish the extent of a financial loss, confirm the reason for the loss, impartially present the findings in a written report and when required, present the case as an expert witness to the court.