Accountants for Solicitors and Professional Practices

Accountants for Solicitors

December 17, 2021

The role of accountants has diversified quite a lot from what it originally was from more of an orthodox paper based practice to know something that even includes a broader perspective of advisory services. With the introduction of cloud accounting practices accounting has not only become easier, but data too can be shared faster and clients can access to their data in the real time.

When it comes to professional practitioner such as solicitors and the question might come up as to how accountants can prove useful to them? How effective to structure your legal practice whether sole trader, partnership, LLP, Limited Company or ABS? All legal practices search for an accounting firm that can assist them in handling their compliance services in cost-effective manner.

See the below points on how an accountant is helpful for Solicitors and legal practitioner.

The double-edged sword of compliance

Compliance was never an easy thing to manage before, but now with more rules and regulations, compliance has become even more of a headache. So, how does your firm remain compliant to all the intricacies of payroll, tax return filing, year-end processes and also at the same time actually get work done? Well, the simple answer to this is of course the most obvious, you can hire an accounting firm. Accounting firms now do offer a whole host of services and thus, you don’t need to hire different staff to handle the different facets of your business. Thus, when having one firm that can deal with it all, things will be easier to coordinate and keep a track of as well. 

Less administrative work equals to more time

Administrative tasks tend to be the most time consuming, especially if it is a detailed task at hand like keeping the books for instance. Whatever business you are running, proper bookkeeping is a must and certainly not something that can be ignored. Proper tax planning too is required so one doesn’t end up needlessly paying more tax than required. Thus, be it a fish and chips shop or a dentist’s practice, accounts are required which is why it is no surprise when people look up an accountant for solicitors as well considering finance is integral to any business.

Other umbrella functions

Apart from the above, accountants are vital to the financial aspects of an organisation. As they can help in monetary advising and interpreting. When it comes to the finance related data management or in keeping a proper record of the revenues and expenditure of a firm, again accountants play a valuable role. Then of course there are the more traditional roles of tax filing and offering the right advice too to consider. Thus, the right accounting firm won’t be just helping with your payroll but also offering a whole host of services that will help in not only saving a business’ time but proves cost effective in the long run as well.