Our services in these areas of responsibility can be provided on a temporary or part-time basis as our client’s needs demand. The services can be performed until a newly created position is filled or until a replacement is hired for an existing position. In addition, our services can be offered as a package of financial services rather than hiring a full-time controller, CFO or a complete accounting department.
The objective in offering our services in these capacities is to provide timely, relevant and reliable financial and operational information and consultation in an efficient and effective manner. In order to accomplish this objective, we perform the administration and the processing of transactions which are the underlying data for the needed financial and operational reports used to assist management in decision making and in the operation of the firm.
Our services in connection with these important functions can range from the traditional and routine accounting functions to the higher end services such as business planning, budgeting, capital investment, cost projection analysis and other such services which the firm may need in order to improve efficiencies and decision making and contribute to the long term success of the firm.
Consulting and Advisory Services
In addition to our other service offerings, we also provide consulting and advisory services on a project-by-project basis. Such services may include:
Business Startup Services which can include:
- Entity Choices
- Setup and Operational Matters
- Determining Financing Needs
- Accounting System Selection, Installation and Controls
Other Consulting Services, such as:
- Assistance with Business Plan Development
- Personnel Cost and Rate Studies
- Budget Assistance and Preparation
- Projection and Forecast Assistance and Preparation
- Recommendations for Improvements in the Accounting System
Trust Fund and Joint Litigation Cost Sharing Fund Administration Services
Lovoy & Associates provides consulting, accounting and administrative services related to Trust Funds and Joint Litigation Defense Funds. We have systems which we designed and established for implementing the procedures, controls, accounting, and reporting for such funds. Our services are designed to provide timely, reliable and pertinent information to the Firm or Group. The independent and objective services we provide can include:
- Assistance with the establishment of the fund and related bank account(s)
- Adaptation of our established systems, procedures, controls, accounting and reports to the particular fund
- For Joint Litigation Defense Funds, we administer the receipt of payments from members and maintenance of records reflecting all cash receipts and disbursements and the status of each member’s cash balance within the fund
- Receipt and processing of experts’ and vendors’ invoices and the management of the approval process for such invoices
- Payment of invoices, allocation of expenses to members, classification of the disbursements and related record keeping
- Preparation of summary reports to counsel
- Preparation of necessary tax forms
- Accounting for member withdrawals and final fund termination
Let us Serve as Your Accounting Department
We offer a wide variety of accounting and bookkeeping services geared to small and mid-sized law, medical, dental, and architectural and other professional firms. Our services are specifically designed and customized to accommodate each firm’s specific needs. By virtually accessing your accounting systems we provide extensive experience in handling the multitude of daily functions generally provided by an accounting department’s staff.
In connection with our accounting services, we are dedicated to timely reporting, meeting commitments and our clients’ welfare.
When clients outsource their day-to-day bookkeeping and accounting management to Lovoy & Associates, we relieve them of a costly burden of an experienced in-house CFO, controller and bookkeeper or accounting department. We effectively and efficiently handle all accounting and financial processes using our clients’ existing software to its full potential.
The services we provide in this area of our practice generally include:
- Accounts Payable Maintenance and Monitoring
- Cash Disbursements and Receipts
- Cash Management
- Electronic Billing
- Time and Billing Records Assistance
- Payroll Processing and Payroll Tax Reporting
- Business Licenses
- Fixed Asset Accounting
- General Ledger Maintenance
- Month End Closing and Management Reporting
- Periodic Review of Operations with Management
- General Office Administration