The Trusted Accounting Firm for
Individuals, Small Businesses & Law Firms

The Trusted Accounting Firm for Individuals, Small Businesses & Law Firms

Here Are Our Services

Bookkeeping Services

Bookkeeping

We manage daily journals, bank reconciliations, accounts receivable and payable, monthly closings, ledger reviews, transaction categorization, and other bookkeeping tasks to keep your financial records accurate and reliable.

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Individual and Business Tax Returns​

We prepare individual, partnership, C corporation, S corporation, and nonprofit returns, along with all necessary year-end filings, including 1099s and related compliance reports, for your business.

Accounting Icon

Accounting

We handle complex accounting, financial reporting, industry-specific software, adjustments, error resolution, sales tax, reconciliations, documentation reviews, and other essential accounting-related tasks for your business.

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Accountants for Attorneys

We manage trust accounts, record daily transactions, integrate timekeeping and billing, reconcile bank accounts, provide financial reports, analyze profitability, support tax compliance and internal controls, implement software, and handle budgeting for solo attorneys and small law firms.

Accountants for Attorneys

Accounting for solo attorneys and small law firms requires specialized attention due to unique financial and regulatory requirements. Accurate financial records helps attorneys and firms manage cash flow, comply with ethical rules, and prepare taxes efficiently. Here are the services we offer our clients:

Bookkeeping for Attorneys

📈Track day-to-day financial transactions such as client payments, expenses, and payroll.

📋Manage client trust accounts and Interest on Lawyers’ Trust Accounts (IOLTA) separately to comply with client fund regulations.

📝Assist in preparing and sending client invoices.

📊Timely reconciliation of credit cards and bank accounts.

Accounting for Attorneys

📊 Involves preparing financial statements like profit & loss, balance sheets, and cash flow reports.

💹 Helps analyze profitability by client, case, or practice area.

🧭 Supports budgeting and financial planning for growth.

⚖️ Ensures compliance with tax laws and ethical guidelines.

Important Considerations

📁 Proper segregation of client funds and operating funds.

⚖️ Adherence to legal ethics and jurisdictional rules.

🖥️ Use of legal-specific accounting software for efficiency.

🔍 Regular audits and internal controls to prevent mismanagement.

Effective bookkeeping and accounting provide transparency, improve decision-making, and protect the law firm’s reputation.

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Bookkeeping

Bookkeeping is the process of recording and organizing a business’s financial transactions systematically. It provides the foundation for accurate financial reporting and helps businesses track their financial health on an ongoing basis.

Key aspects of bookkeeping include:

Recording daily transactions such as sales, purchases, receipts, and payments

Maintaining journals and ledgers to categorize financial data

Reconciling bank statements to ensure accuracy

Managing accounts payable (amounts owed) and accounts receivable (amounts owed to the business)

Bookkeeping ensures that financial data is accurate and up-to-date, which helps business owners monitor cash flow, control expenses, and comply with tax regulations. It also supports budgeting and strategic planning by providing clear financial insights.
With advances in technology, many businesses use accounting software like QuickBooks or Xero to automate bookkeeping tasks, increasing accuracy and efficiency. Regular bookkeeping is essential for preparing tax returns, generating financial statements, and facilitating audits.
In summary, bookkeeping is a crucial business function that organizes financial information, enabling better decision-making and ensuring legal compliance.

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Accounting

Accounting is the comprehensive process of recording, classifying, summarizing, and interpreting financial transactions to provide meaningful information for decision-making. It builds on bookkeeping by analyzing and reporting financial data to stakeholders such as management, investors, and regulators.

Key components of accounting include:

Recording Transactions

Capturing financial events systematically

Classifying

Sorting transactions into accounts such as assets, liabilities, revenues, and expenses

Summarizing

Preparing financial statements like income statements, balance sheets, and cash flow statements

Analyzing and Interpreting

Evaluating financial data to assess business performance and health

Accounting helps businesses understand profitability, liquidity, and financial position. It supports budgeting, tax compliance, and strategic planning. Accounting follows standardized principles such as GAAP or IFRS to ensure consistency and reliability.
The accounting process involves various types, such as financial accounting, management accounting, tax accounting, and auditing. Modern accounting relies heavily on software tools like QuickBooks and Xero, which improve accuracy and streamline reporting.
In summary, accounting transforms raw financial data into actionable insights, enabling businesses to make informed decisions, maintain compliance, and plan for growth.

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Individual (1040) and Business Tax Returns (1065, 1120, 1120S)

Individual and business tax returns are essential filings required by the IRS to report income, calculate tax liabilities, and ensure compliance with tax laws.

Individual Tax Return (Form 1040):

Used by individuals to report income, deductions, credits, and calculate federal income tax.

Covers wages, interest, dividends, capital gains, and other income sources.

Includes schedules for itemized deductions, credits, and additional taxes.

Business Tax Returns:

Form 1065 (Partnerships)

Reports income, gains, losses, deductions, and credits of partnerships. The partnership itself does not pay income tax but passes income to partners via Schedule K-1.

Form 1120 (C Corporations)

Used by corporations to report income, deductions, and calculate corporate income tax.

Form 1120S (S Corporations)

Similar to Form 1065, S Corps pass income, losses, and credits to shareholders via Schedule K-1; the corporation generally does not pay federal income tax.

Key Points Individual (1040) and Business Tax Returns (1065, 1120, 1120S):

  • Accurate recordkeeping is critical for all returns.
  • Different forms apply based on the entity type.
  • Deadlines and filing requirements vary.
  • Professional tax advice can ensure compliance and optimize tax outcomes.
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The Chamberlain Accounting Firm
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Our Team

At The Chamberlain Accounting Firm, we’re committed to providing personalized, efficient, and reliable bookkeeping and tax services for individuals, law firms, and small businesses across New Jersey and beyond. Our team combines professional expertise with genuine care to help clients make informed financial decisions and achieve long-term stability.

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Our Mission

Core Professional Mission​

Our mission is to empower individuals, attorneys, and small businesses through technology-driven accounting solutions built on trust, precision, and compliance. We are committed to delivering 100% accuracy with unwavering reliability, enabling our clients to focus on their lives and businesses while we safeguard their financial integrity.

Technology & Compliance Focused

We are dedicated to helping our clients stay compliant and financially confident through advanced accounting technology, rigorous accuracy, and trusted partnerships. Our mission is to simplify complex financial processes while maintaining the highest standards of precision and integrity.

Client-Centric & Relationship-Driven

We strive to build lasting trust with every client we serve. By combining innovative technology with meticulous accounting accuracy, we deliver clear, compliant, and dependable tax and accounting services that allows our clients to live and operate with confidence and peace of mind.

Results-Oriented & Modern

We use cutting-edge technology and precise accounting practices to deliver transparent, compliant, and fully accurate solutions. This mission is simple: to provide the clarity, trust, and efficiency our clients deserve.

Strategic & Visionary

We exist to redefine small business accounting through technology, trust, and accuracy. We strive to be the most reliable financial partner for small businesses, ensuring compliance, promoting growth, and setting new standards in precision-driven accounting.

Ethics-Driven & Secure

We uphold the highest ethical and security standards while delivering accurate, technology-enhanced accounting solutions. We prioritize data protection, transparent reporting, and compliance-first practices, ensuring every client receives dependable financial stewardship they can trust.

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This is Our Process for Working with Small Businesses

Phase I: Initial Meeting

We begin with a personalized session to understand your business and tax needs. We review your bookkeeping software and/or financial records to determine our options and price structure for working together.

Phase II: Client Kickoff & Setup

If we agree to work together, our team reviews your existing financial records and corrects any inconsistencies. We reconcile accounts, organize prior transactions, and prepare your books so your financial data is complete and audit-ready. We will then connect our systems to your financial accounts, so we can ensure accuracy and efficiency.

Phase III: Ongoing Transaction Tracking

Once your finances are in order, we maintain them through weekly transaction updates. For solo attorneys, small law firms ,and other small businesses, this means every expense, invoice, and payment is properly categorized, keeping your financial data current for better decision-making.

Reports

Phase IV: Monthly Reports & Insights

We then deliver detailed monthly reports, including your profit and loss as well as Balance Sheet statements. For all of our clients, this means smoother year-end filings, clear visibility into your financial performance and the ability to identify growth opportunities.

Tax Return

Phase V: Tax Return

We provide comprehensive tax return preparation services for small businesses. Our team tailors each return to meet the unique needs of every small business owner.”

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Accounting Insights

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A Primer about Interest on Lawyers’ Trust Accounts (IOLTA)

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Contact us

Where to Find Us

381 Broadway, Suite 203,
Westwood, NJ 07675

Phone: (201) 464-1011

 
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