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It isn’t always easy for small and medium-size law firms to give bookkeeping the full attention it needs. Failure to place your full attention on law firm accounting can lead to big problems. Trust accounting issues can lead to malpractice claims or ethics complaints being filed against you.
Then, there is the financial health of your law firm. Law firm accounting procedures used should provide all of the information that you need to understand the financial health of your firm. It should also be easy enough for you to follow. From bank account reconciliation to report preparation, whether it be at the end of the month, quarter, or year, the responsibility of your bookkeeping and its accuracy is on your shoulders. The sustainability of your law firm depends on it.
As the managing partner or managing attorney of your small or medium-size law office, your time is precious. Your time and focus should be spent bringing in clients and turning a profit. Accounting for a law firm is one of the most important back-office tasks impacting your ability to remain in business. Entrust your law firm accounting to the professionals of RJH Consulting.
At the end of any given month, do you know how much money is in your law firm’s bank account? Including what is outstanding? Do you know for sure that all your money was properly deposited? Do you know that all funds removed from your account were properly authorized by a member of your firm?
Account reconciliation is about more than checking the balance of the account. Bank account reconciliation is a general legal requirement that must be fulfilled every 30 to 60 days for law firms. Failing to keep your accounts reconciled could lead to serious repercussions.
Ensuring that bank account reconciliation occurs means that small errors are caught before they become much bigger issues.
Financial reports help you understand your law firm’s health. It isn’t only about profit and loss statements. It’s also about accounts payable and accounts receivable. It’s about understanding your law firm operation account’s bottom line. It’s about understanding the numbers and how they impact your law firm.
Financial report preparation is especially important for law firms because law firms have multiple bank accounts. Trusting your financial report preparation and bank account reconciliation to RJH Consulting can help simplify the processes for you while also ensuring that you better understand your accounts. Easy-to-read financial reports can help you plan for a brighter future for your law firm.
Quarterly and yearly financial record preparation can take a lot of time. RJH Consulting is here to help make this easier for your law firm. Reular review of your financial records is a must in running a successful, profitable law practice. We can help not only in reparing the records, but also set up a reporting schedule and help you to understand an help you to understand hwo to review and anlyze the information contained therein. In addition, having your financial record prepared ahead of time is saving money. When your financial records are prepared and sent to your CPA or tax expert ahead of time, your tax preparation generally costs less.
Auditing your law firm probably isn’t something near the top of your to-do list. Yet, auditing can help you spot and correct small issues before they become serious problems. They can also protect your law firm from embezzlement. At RJH Consulting, we understand that as a lawyer, your time is better spent serving the needs of your clients and growing your practice.
Trust RJH Consulting to help you protect your practice by using our auditing assistance service. With more than five decades of experience working with small and medium-sized law firms, RJH Consulting can help you manage the risk associated with your law firm's accounting needs.
With more than 50 years of experience, RJH Consulting has the full-service law firm accounting, technology, and management experience you need. You can trust that when you outsource your accounting needs to RJH Consulting that you’ve partnered with an industry expert. Not only do we use best practices, but we also tailor the experience to meet your needs.
Outsourcing accounting for law firms is also cost-effective when compared to hiring either a full-time or part-time accountant or bookkeeper. You get expert knowledge, pay less in overhead expenses, and pay only for the actual work that needs to be done. According to Entrepreneur, most small business owners spend around 40% of their working hours on tasks that do not bring any money into their business. An article from National Jurist reports that many lawyers only bill 2.3 hours in a day. The time in the day is usually spent attending to business matters instead of attending to the tasks that make money for the business. When you trust RJH Consulting with your law firm accounting needs, you get your billable time back while saving money when compared to what it would cost for you hire someone full-time to handle your bookkeeping in-house.
