While helping clients is at the heart of what legal professionals do, the right services in finance and accounting for lawyers will enable you to serve clients better. When you have the right processes in place, you can provide clients with a smoother onboarding experience. You can use accounting software for lawyers to better manage accounts and provide more accurate invoicing. And most importantly, you can focus more of your time and attention on the legal matters that move your business forward.
If clients are happy and your business processes are solid, then your practice can really take off.
Here are seven accounting tips that’ll help you get ahead.
1. Keep your books up-to-date
Accurate bookkeeping is essential to an accounting system that works. Even with the best accounting software for lawyers, you can’t get a proper picture of your financials if you’re not recording transactions on a timely basis.
Apart from entering transactions into your accounting system, you’ll need to perform bank reconciliations, create and track invoices, do payroll, balance financial accounts and categorise expenses. Establishing a bookkeeping routine will help to ensure all essential tasks are done.
Although you might be able to manage your own books in a practice of one, you’ll likely need a bookkeeper if you have a small firm with multiple employees. It’s a good idea to hire someone with e