The importance of Bookkeeping and Accounting Services in your Law Firm

A good set of books that helps you make financial decisions is a great tool for any business owner, but particularly for Law Firms, Bookkeeping and Accounting services play a big role. 

As a law firm owner, you have the responsibility to stay in compliance with the State Bar Association you are part of, especially if you manage a client's funds in a trust account. 

Violation of compliance regulation, especially under Rule 1.15 of the ABA’s Model Rules of Professional Conduct, can end up in bigger repercussions like license suspension or even Disbarment, therefore, having an established effective legal accounting system and processes within your firm give you peace of mind.

It is also important to mention that Legal Accounting helps you analyze the status of your firm by knowing exactly how you are doing in collections and expenses, giving you the opportunity to revise any process that is not leading you in the right direction to your business growth and let’s not forget to mention that helps you spy any tax deduction opportunities.

Another benefit is that by having internal accounting processes that fit your firm's needs, you would be able to avoid billing errors such as billable hours not recorded and billed, billable expenses never charged to your client, errors in your trust liabilities among others.

Accurate and specialized reports are going to help you identify what part of your practice is more profitable in order to allocate all your marketing strategies towards it. 

When looking for Accounting and Bookkeeping Services, make sure you get in touch with dedicated, trained, and specialized professionals in the Legal Accounting arena, those who know what are the common errors you can encounter and have the knowledge to help you overcome them with the right strategies.

At My Books and Taxes, we dedicate ourselves to provide the best Legal Accounting Services that target your specific needs. If you are just starting your Law Practice or perhaps you have 10 years in the business but need help to scale, schedule an Introductory call with our Expert Team.