If you’re a practicing attorney, most likely the last thing you want to be doing is bookkeeping. If that was the kind of work you wanted, you would have started an accounting firm instead of a law firm, right? Joking aside, it’s really something of a challenge. You’ve already got a lot on your plate, between handling your cases, managing your office and staff, and trying to get new clients. But you are indeed running a business, and managing your bookkeeping is something that you can’t avoid, if you want your firm to remain financially sound.
An increasingly popular solution for law firms and other professional services companies is to outsource business functions that aren’t a part of your core competencies. And bookkeeping certainly isn’t one of those, if you’re running a law firm. It’s also on the Huffington Post’s list of Best Activities to Outsource in Your Small Business. In all likelihood, you’ve already tried to manage bookkeeping on your own, but found it to be too time-consuming and distracting from your other responsibilities.
You may consider keeping your bookkeeping and accounting functions in-house, but that requires a lot of overhead. Paying out salary, benefits, etc. to a staff bookkeeper is costly, and recruiting, hiring, and training someone to handle your books internally is also time-consuming. In contrast, outsourcing your bookkeeping functions may prove to be an excellent solution to this essential need for your law firm. Your accounting and bookkeeping requirements aren’t going to go away, and will most likely increase as time goes on, so why not leave the work to financial professionals?
Some of the benefits of outsourcing your law firm’s bookkeeping include:
Getting these functions off of your plate
Your time is valuable, and with everything you’ve got to manage, you don’t need to get bogged down with all of the additional workload associated with doing your own bookkeeping. In short, you’ve got better things to do with your time.
As we’ve already mentioned, it can be quite costly to manage your bookkeeping in house, and that’s even looking at the best-case scenario. Mistakes in bookkeeping or accounting can set you back financially, and could even potentially sink your law firm. Letting a team of pros do the work the right way the first time can result in significant long-term savings.
Cutting-edge industry expertise
It’s not easy to stay on top of everything you need to know about current accounting and tax regulations. One of the benefits of outsourcing bookkeeping for your law firm to a professional accounting team is their industry expertise. Accounting, including bookkeeping, is what they do. So they’re on top of the latest changes in regs and tax codes, just as you are with legal matters.