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Should Law Firms Outsource Accounting?

Oct 4, 2016 8:25:00 AM / by Brian Paulson posted in outsource accounting, law firm accounting

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Stay Focused on Your Clients

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.

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.

accounting-checklist.pngBenefits 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.

ACCOUNTING COMPARISON CHART

Brian Paulson

Written by Brian Paulson

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 serves on the board of directors for the Professional Association of Small Business Accountants.

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