Attorneys spend several years practicing law after completing years of formal education and training. You might have also done the same and are now probably running your law firm. All these years, your professional life must have been around laws and the legal system but not accounting. However, if you are aware of bookkeeping and accounting basics, you wouldn’t know the core roles and responsibilities of professional bookkeepers and accountants.
Even if you have one of more accountants on board who minimize your need to look into financials and have you only oversee their work, you should learn more about the process and its importance. So let’s begin, starting with learning;
8 Best Practices to Improve Your Law Firm Bookkeeping & Accounting
- Lay the foundation for effective financial accounting
- Record and store all financial records
- Make sure your bank account set up is right
- Select and use one accounting method
- Carefully prepare a budget and try to stick to it
- Keep regular track of your trust accounts
- Review financial reports to identify weaknesses & opportunities
- Track all applicable tax deductions
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