Solicitor’s book of accounts is closely monitored by Irish Law Society and given the risks and sensitivity of record and client Records and keeping their monies, it is imperative for the Solicitors to have an accurate system of recording the day-to-day transactions. Solicitors accounts are specialized and right level of expertise are needed to capture, record transactions and reconcile on a periodic basis.
Below are 5 Reasons why Solicitors accounts can be outsourced to specialist accountants who have legal accounting knowledge and expertise.
1. Specialist Accountants and Book Keepers
Outsourced bookkeeping and accounting services benefit law firms because they get access to a team of specialists committed to maintaining their financial records in order. Giving up this amount of control might be unnerving at first, but a good accountant can help you out tremendously.
The right specialist will have a thorough grasp of the legal industry’s tax structure and will be able to give advice that is specific to your firm’s requirements. They could also be able to help you make smart financial decisions for the future of your firm.
2. Minimization of Risk
As your law practice grows, so does the amount of knowledge required to stay on top of everything. What you might have been able to tolerate when the practice first started has most certainly become far more difficult. You’re now at a higher risk of making financially devastating blunders.
These dangers are reduced when accounting services are outsourced. Professional accounting services are devoted to safeguarding you from financial harm, as if they were dedicated to protecting you from legal harm. This is especially true as your firm expands.
3. Value for money/ Cost effectiveness
When compared to the expense of hiring a full-time accountant, the cost is negligible. You just pay for the services you require when you engage an outsourced accountant.
We provide custom-tailored solutions to meet your specific requirements at an affordable price.
4. Focus on the Most Important issues.
Your team’s time spent on bookkeeping may be better spent on other critical components of running a successful legal practice. By delegating accounting to a competent expert, you and your colleagues can focus on growing your law firm while knowing that their funds are in good hands.
5. Remote Bookkeeping
Major operational costs are factored into your budget. You save money by doing a lot of the work yourself. Unfortunately, you’ll need a crystal ball to predict how much time and effort back-office tasks like bookkeeping will take.
You can manage your financial data on your own, but it will take time, frustration, and money. That’s why a growing number of small business owners hire a remote bookkeeper to handle their essential financial tasks.
You’ve come to the perfect place if you’re looking to outsource your accounting.
TAS Consulting specialises in Solicitor Bookkeeping, and our team of specialists can assist you with anything from bookkeeping to law society reports.
Call us at 01 442 8230 or fill the form below
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