Get Yourself a Bookkeeper Who Knows Law Firms

Bookkeepers can help you with recording financial transactions, balancing financial accounts, creating bank reconciliations, creating invoices, and so forth. Make sure not to take the task of choosing a bookkeeper for your law firm lightheartedly. Make sure your bookkeeper has experience working with law firms, verify that (s)he is very familiar with the software you use in house,, and don’tt be afraid to ask for referrals from their existing clients. Keep reading to find out more how a bookkeeper can make your life simpler. 

Expense Tracking 

In order for you to have a successful law practice, it is crucial for you to be able to know exactly where your money is spent.  Regardless of whether it is the overhead costs or the incurred expenses on your clients behalf, you must have a record of these transactions that is accurate at all times. You have a lot on your plate when running a practice, as such it is easy for receipts to go missing or envelopes with receipts to be destroyed, in addition to your memory being faulty causing you to forget an expense or enter it incorrectly.  This is where we come in and help. Not only do we make sure to keep everything organized for you, we have decades of experience and know how to make things run smoothly and efficiently in this department based on the WSBA guidelines. 

Legalities

There are many nuances that come with bookkeeping for law firms, as such, it is crucial for firms to get a bookkeeper who knows how to deal with these in order to best serve you. As you know, trust accounting is a big deal and you are held greatly responsible for holding and keeping your clients funds in trust. You also are aware that there are many rules that come with trust accounting and that you have to follow state guidelines and if you fail to meet these regulations you will run into serious problems. This is why it is very vital to have a bookkeeper that is experienced in your type of business, has the correct software, and knows the rules and regulations so that you are all set and sound. If you haven’t done so already, be sure to look at our IOLTA roundtable CLE on the WSBA MCLE website. 

Software

It is extremely important for you to be able to see the success and financial health of your firm, thankfully this is exactly where we can help. We work with many different software including but not limited to QuickBooks, Xero, Freshbooks, Lawpay, Gravity payments, LegalServer, Connectwise, PracticePanther, Clio, Square, Clover, Stripe, Box, and Dropbox.  We can discuss your firm’s needs and practices to figure out which works best for you. It is very important for you to be able to have access to reports that reflect your firm’s expenses, billing practices, accounts receivables, and so forth. With proper bookkeeping it is easy to create and analyze these reports so that you can be in charge of your business and on top of things. In addition to this, proper software can help in avoiding inefficiencies that come about with invoicing. 

All in all, it comes down to your needs and your business. No two clients have the same needs, and we are experts at working with you and for you to get the best outcome! Here at Sound Bookkeepers you can rest assured that when you work with us you will be at the center of the task and your needs will be taken into account and met.

Sources:

https://www.timesolv.com/blog/six-reasons-why-your-law-firm-needs-legal-accounting-software/ https://www.clio.com/blog/essential-accounting-for-law-firms/