Lawyers are some of the busiest professionals. Many lawyers find it difficult to find the time in their day to both practice law fulltime and be manage and maintain their bookkeeping. It is no wonder so many law firms outsource their accounting to accounting firms in Santa Rosa. Outsourcing your book-keeping is a great way to save time and headache for your firm.
An accounting firm can ensure your financial reporting is accurate and in line with the current laws and regulations. When you outsource your accounting to an expert, you have peace of mind that comes with knowing that all your transactions will be managed smoothly and recorded accurately.
As the leading bookkeeping firm in Santa Rosa, Virtual Jeannie Bookkeeping provides lawyers across practices with accounting services so that they don’t have to. If your law firm is handling its own accounting, here are some reasons why you need to outsource your accounting services.
Accurate Expense Tracking
Expense tracking can seem to be a lot of work, but it is a necessary evil. It helps you stick to your budget and identify cost-saving opportunities. An accounting firm can record business expenses including overhead costs, miscellaneous expenses, and entertainment expenses, so you can see exactly how you’re spending your money.
Tracking expenses by writing them in a ledger or saving receipts is passé. Paper-based systems are inefficient. Paper receipts can go missing or get destroyed, leaving you with unaccounted expenses. Hence, recording expenses manually can be a time-consuming endeavor.
Therefore, reputable accounting firms use accounting software that simplifies accounting and bookkeeping. They help save time by automating the accounting process.
Flawless Invoicing
Additionally, invoicing is time-consuming and tedious. It is because, when billing a client, your support staff may have to collect time tracking records and analyze them. Once this is done, they create invoices and send them to the client. Overall, the exhausting process can leave room for errors.
Accounting firms use accounting software to create customized invoices quickly and efficiently. These tools help ensure invoice accuracy by importing time entries into invoices.
Accurate Trust Accounting
Many individuals and businesses decide to set up a trust and manage it themselves. This could prove to be a grave mistake. There are several principles of trust accounting and failing to comply with trust accounting and retainer rules can lead to serious legal issues.
Trust accounting is one of the main responsibilities of attorneys. An experienced accountant takes all trust accounting rules into consideration when setting up and maintaining their clients’ trust accounts. They preserve complete records of trust account funds, expenses, and disbursements. Henceforth, your accountant can help ensure that funds are earned before they are withdrawn so your trust account is never overdrawn.
Accurate Financial Reporting
There are various compelling reasons to maintain your financial records. Your financial statement is a snapshot of your business’s overall wellness. It includes detailed information on your business’s income, expenses, profit, cash flow, and capital.
So, your accountant can help you maintain accurate financial records. They can generate different reports that you can use to make better business decisions.
Whether you want to build a new book-keeping process from scratch or reinvent an existing one, Virtual Jeannie Bookkeeping Services can help. To talk to one of our experts, call (707) 664-1425.