COVID 19: Why Accountants and Solicitors Need Closure Relationships

Accountants and Solicitors

October 12, 2020

We are in the middle of pandemic situation and uncertainty is a synonymous of all the human lives for the most part of the world. Global economic is suffering because of Covid-19 outbreak. The virus has impacted the lives of millions and continues to spread with an alarming speed. There is significant slowdown in the trades and services. Economic damage is clearly visible and it requires strong and radical changes in policy to uplift the world economy.

Accounting is the profession which deals client’s financial transactions. Preparing Accounts, bookkeeping, filing statutory returns of HMRC and Companies House such as VAT, Tax and Accounts are the tasks come under the purview of the accountants. On the other hand, Solicitors provides consultancy and litigation work on the legal matters such as property transfer, company formation and buying and selling of business to the individuals and businesses.

There are enough examples available where both theses professions have together successfully for the same client in different situation; especially when accountant’s deal with property accounts.

The effects of Covid-19 still impact the world economy adversely. People have adjusted and adapted the situation resumed the work slowly and gradually. As there are fall down of businesses due to Covid-19 there are also significant increase in of new businesses and starts up as results of post Covid-19 effect. Entrepreneur have tried to tackle this situation at their best possible way and that led to increase the entrepreneurial activities across the world.

Rapid increase in litigation and compliance work, business planning and forecasting needs accountant and solicitor work together. Following are the reason both the professionals need to have good relationship.

  1. - There are some situations where both the professionals can play important role for the client. Mainly matters related to business acquisition, employee benefits, change in status of organisation and property succession
  3. - An experienced team of accountant and solicitors can guide their client with legal implications.
  5. - Combination of accountants and solicitors will strengthen the trust as far as the confidential information is concerned of organisation.
  7. - Confidential/ Sensitive information when received from solicitor and vice versa will help both the professionals to function their task properly.
  9.  - Every growing business need accountant but to take the important business decision of like expansion, investment and issue of shares requires consultancy of solicitor over and above the accountant. When both the professional works together client get all the service under one umbrella.
  11. - In current scenario where economy is struck massively by Covid-19 it is important to tied up with similar profession to sustain the profession. Both Solicitor and Accountant business is based on client and it is most liked that both the profession can share their client for their own interest.
  13. - Both of them can contribute clients to each other and can grow simultaneously.

We at Doshi & Co. provide the best accounting and soliciting services to our client. With the team of more than 350 professional who works tirelessly to serve better to the clients. We are also committed to serve you better in the field of Accounting and Solicitor as we are equipped with the trust of over thousands of satisfied clients.