Outsource Bookkeeping Tasks for Your Law Firm: When and Why You Should Do It?

Описание: Outsourcing the bookkeeping function of your law firm is not an easy decision. You have to weigh the pros and cons of your current options to come up with the final decision. Watch this video to know when and why you should outsource the bookkeeping function of your law firm.

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When and Why You Should Outsource Bookkeeping Tasks for Your Law Firm?

Outsourcing bookkeeping is not an easy decision.
Think of your current circumstances and weigh the pros and cons of your options whether if it’s in-house bookkeeping or outsource bookkeeping.
Below are the possible pitfalls that you might encounter in your law business for staying too long in in-house bookkeeping:
1. Loss of time and money
You may think that you are saving where in fact hiring a full time and part-time staffs are expensive, apart from their salary you need to give them benefits and as the firm grows you would need to hire more people.
2. Loss of insight and insufficient knowledge
Bookkeeping rules and regulations often change and relaying on only one bookkeeper about it might give your practice limited insight. Your bookkeeper’s interpretation may also differ from others and this might affect your business in a long run.
3. Vulnerability
There are unforeseen events that we cannot account for such as the risk of suddenly losing staff temporarily or permanently. Hiring a staff is a long process, what if you have deadlines and you need your to processed paperwork urgently?
4. Internal fraud
Employee fraud is a serious matter that can lead to business failure. Especially when there are only one or two persons who handle the book, it is easy to alter and fabricate documents.

If you are experiencing these difficulties, maybe it’s time for you to consider outsourcing the bookkeeping tasks. Here are some benefits that outsourcing will give your practice:

1. Expertise and industry insight
Outsourced bookkeeping firms have professionals who underwent training to fully utilize the use of the bookkeeping software.
It is also an imperative for the bookkeeping firm to stay updated about the new standards, regulations, and laws affecting the financial aspect of the legal industry.
2. Real-time access
Bookkeeping tasks are usually performed electronically. All the data are save through a safe cloud storage which you can access anytime and anywhere.
3. Cost-Efficient
You only pay for the service of the bookkeeping firm and you won't need to spend more on printing because it is paperless.
4. Freeing up your time
You can focus on practicing your profession without worrying about your books.

The bookkeeping and recordkeeping requirements of law firms are sensitive because it follows the rules of the Bar Association and other regulating authorities.
A simple mistake can make you face sanctions and disbarment.
You can lessen your worries, cut the cost of your firm and receive a quality report when you outsource to a trusted bookkeeper.