Recognizing Good Practice in Accounting for Law Firms

Accounting is one of the things that most companies prefer to outsource. It just makes sense. After all, the financial end of your business is so important that it is best to leave it in the hands of the experts. They know the ins and outs of accounting for law firms better than you do, but as a law firm, you know how damaging a bad accountant can be. So, how do you make sure you have a good accountant? Watch for these signs that your accountant may not be what you need.

Beware of an accountant that doesn’t understand

Beware of any accounting firm that wants to be paid an upfront amount without letting you know how that amount adds up. They should be able to easily show you how hiring a specialized service for accounting for law firms can help your business succeed. They must have specific objectives and a clear understanding of what you want, not what they think you need. As well, don’t allow yourself to be billed for work you didn’t agree to or authorize.

Does the accountant really know law firms? If they specialize in accounting for law firms, they should have industry contacts, and industry knowledge. Don’t be fooled by anything else, like big-name clients that they may name-drop to make it seem like they are the firm you need.

And one who is not taking care

Accounting for law firms must be diligent. The firm you hire should be above reproach when it comes to meeting deadlines and getting you the things you need. As a law firm, you know how relevant to good business practice that is. They must be diligent about their work as well. It should not be full of errors in spelling or grammar, and certainly not in mathematics.

You want someone who can get the job done. They should have follow-through, not just great ideas. Watch out for any accounting firm that can’t make a decision, or one that is vague about what they are going to do. The reason you looked outside for accounting for your law firm is because you wanted these decisions taken out of your hands, so you want a firm that can be trusted and is reliable.

A good accountant

On the other hand, a good accountant will return your calls quickly and will be there for you with good advice and solid service. They will know what needs to be done to handle your specific situation because they are up-to-date on the tax laws and legislations involved in the practice of accounting for law firms. The firm will have the right knowledge and experience to deal with the specific accounting issues that a law firm faces. Hiring the right firm will make a huge difference in your law practice; it just makes good business sense no matter how large or small your law firm is. If you choose a good accountant, the accountant will handle the rest.