If you’re the owner of a busy law firm, you’ll know only too well how many daily, weekly and monthly bookkeeping and accounting tasks need to be completed, and in a timely, accurate and professional manner. Perhaps, to accomplish this, you’ve employed a full-time bookkeeper, and are paying them upwards of $50k a year? Or maybe, like many other busy CPA’s, attorneys and owners of multi-lawyer practices, you’ve discovered the convenience and efficiency of outsourcing, and are paying them around a fifth of the cost?
If you’ve begun outsourcing your accountancy and bookkeeping tasks, then you’ll already be aware of the many ways in which an agency can help you save time and keep you on the right side of the IRS, but for those of you who may be wondering whether it’s a solution worth pursuing, consider the following 3 advantages of outsourcing:
- Outsourcing gives you access to experienced accounting professionals
Typically, outsourcing agencies employ trained and qualified accountancy and bookkeeping professionals, meaning that their team is often comprised of employees with a deeper and more well-rounded understanding of taxes and payroll than the average office manager a law firm would be likely to employ. With this deep understanding, comes a far lower chance of costly accounting errors.
- Outsourced accountancy agencies have software expertise
Often knowing your billing and accounting software better than you and your staff do, outsourced accounting firms will use their expertise to get the work completed efficiently and accurately. As a result, you’ll waste less money each month and give your margins a boost.
- Outsourcing gives you a variety of resources in one bundle
When you employ someone in your law firm to manage your office and accounts, it’s not always easy for them to focus strictly on billing and accounting. In an office environment, especially a busy law firm’s office, there are myriad distractions and many other unrelated tasks that an office manager may be required to do. Whereas when you outsource, you’re leveraging a large team dedicated solely to fixing your pre-bills, creating invoices, posting receipts and many other related activities, meaning that everything will get done on time, and nothing should fall behind schedule. Outsourcing enables you to be ultra-organized, have access to all the resources at their disposal, and gives you the opportunity to leverage their infrastructure, knowledge, expertise and best practices. While this hive of activity is going on, you can safely and confidently get on with your own role.
For more information about outsourcing some, or all of your accounting tasks, schedule an initial, non-obligatory consultation with a reputable outsourcing firm, and see how they might be able to help your law firm get on top of its accounting, and stay there.