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Should Law Firms Outsource Accounting?

Oct 4, 2016 8:25:00 AM / by Brian Paulson posted in small business accounting, law firms

Law firms face many financial obstacles that impede their growth and ability to provide a better service. Issues include:

  • Monthly financial reports
  • Difficulties with profitability
  • Tracking time and billing
  • Payroll
  • Tax Preparation and filing

You’re in the business of navigating the law for clients, not accounting and paperwork. Bookkeeping and accounting activities should not interfere with your primary responsibilities to the firm.

To stay focused on your clients, consider outsourcing accounting to professionals with experience in your industry.

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Outsourced Accounting for Law Firms

Outsourcing accounting is a cost-effective and efficient solution for law firms. Rather than hiring a part-time or full-time employee to handle all of the financial responsibilities of your business, consider an additional layer of security by using a team of seasoned professionals.

Benefits of Outsourcing Accounting

Time

With the right accounting service for law firms, you can reallocate the time spent on recurring accounting and payroll activities to move the needle in other aspects of your business.

Productivity

Having a team of expert accountants in place can improve productivity across all functions of your business. Accounting and payroll tasks can be streamlined to produce higher quality results. Additionally, any red flags or suspicious financial activity can be identified and reported to you immediately to reduce the likelihood of fraud or government penalties.

Compliance

Accounting experts are up-to-date on all the latest regulatory requirements, especially when it comes to tax liability. Look for an accounting service with experience in dealing with law firms to gain peace of mind that all the relevant laws and regulations are being carefully monitored and adhered to.

Advice

By teaming up with an accounting service, you can rest assured that only the most qualified experts are dealing with your finances in an unbiased and objective manner. Accounting services and business advice should be tailored to meet the needs of your firm to bring you the right information at the right time for important business decisions moving forward.

Savings

Increasingly, law firms, both solo and group practices, are turning toward outsourcing accounting as the preferred solution. Outsourced accounting provides a unique opportunity to receive support from talented professionals without the added overhead required of in-house resources.

Still debating if you should outsource accounting for your law firm? Download our Accounting Comparison Chart to see which level of accounting is right for you.

Brian Paulson

Written by Brian Paulson

Brian began working at CSI in 1996, and he purchased the business in 2002. As Owner, his primary role is in the management and growth of the firm. Since 2002, the firm has more than quadrupled in size. In 2009, Brian started CSI’s payroll service to complement CSI’s accounting and tax services. Brian received his Bachelor’s degree from the University of North Dakota, with a double major in Accounting and Financial Management. He’s a member of both the National Society for Tax Professionals and the National Society for Accountants, and he serves on the board of directors for the Professional Association of Small Business Accountants, where he was once president. Brian also serves on the business advisory council for Opportunity Partners, an organization that helps people with disabilities find employment. He’s also contributed to several business books, including Six Steps to Small Business Success and The Lean Mean Business Machine. Fun Fact: To help put himself through college, he used student loans, delivered pizzas, and worked summers in a salmon processing plant in Alaska.

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