Today, law firms face many financial-related obstacles that impede their growth and ability to provide a better service.
These issues for law firms may include:
- Difficulties with payroll and salaries
- Partner profitability
- Financial statements
- Malpractice insurance
- And trust accounting
As you know, dealing with all of these issues can take up a lot of paperwork and time. Is there an easier way to get around these accounting issues? The answer is yes, and it’s called outsourcing.
Now the question is, should your law firm outsource its accounting?
What is Outsourcing All About for Law Firms?
Outsourcing can be a cost-effective and efficient solution to delegate tasks that take up so much of your valuable time. One of the best examples of outsourcing is accounting and bookkeeping. Lawyers should focus on what they are good at, and that’s working towards winning their client’s cases in court.
It’s not uncommon for law firms to hire a local part-time bookkeeper to keep records and bank statements in order.
But now, there is another option to outsource your accounting and bookkeeping tasks to a company, one that specializes in working with law firms specifically.
What to Look For When You Outsource Your Accounting
You should expect to find, a good accounting firm that will provide professionalism on all levels. A top-notch company will offer multiple services that revolve around accounting such as payroll, HR, bill payments, and tax services.
Look for accounting companies that offer:
- GAAP Accounting Services
- Bookkeeping Services
- Tax Management Services
- Human Resources Services
- Reporting Services
- Cloud Services
- Trust Accounting Services
So, should law firms outsource accounting? As you can see, it can be an excellent solution to the countless hours of paperwork headaches. Contact the Reconciled today to discuss your Law Firm and how we can help with your outsourcing needs.