Accounting and Bookkeeping for Solicitors and Law Firms

The Law Factory provides Accounting and Bookkeeping for Solicitors and Law Firms which is efficient and cost effective and allows our clients to maintain their accounts to a high standard without the need for a daily presence in their office.

What are bookkeeping services?

All law firms require bookkeeping and accounting services as their accounts are regulated by the SRA Accounts Rules. It is important to find a professional company who understand the way these rules should be interpreted. Their bookkeepers will deal with the accounts on a day to day basis and refer to external accounting services for preparation of year end tax returns and other financial management.

The service operates in the following way:

  • Initial discussions are carried out with the Principals to decide the best way to provide us with the accounts information.
  • The information is then posted onto your accounts package by one of our highly trained accounts assistants. They deal with reconciliations of the bank accounts, VAT, and month end procedures as well as sorting out any queries with you as they arise.
  • Each month your accounts will be reviewed to ensure your systems are running as efficiently as possible.
  • The month end reports are securely stored digitally and emailed to our contact partner each month.
  • We liaise closely with your accountants to ensure that audits run as smoothly as possible.
  • As a legal accounts team, we are able to offer continuity of service during holiday and sickness periods

Why outsource your law firm bookkeeping?

There are many benefits to outsourcing your accounts to a professional company specializing in legal accounts.

  • They have an in-depth knowledge of the SRA Accounts rules.
  • They are experienced in using legal accounts software packages.
  • They have a team of legal cashiers who can provide you with year round cover.
  • With offsite bookkeeping service, you do not need to provide office space or resources for your legal cashier.

At Law Factory, we tailor our bookkeeping service to your particular needs. We are used to dealing with all types of law firm and areas of law so are able to suggest systems and processes to make your accounts run smoothly.

Our accounting bookkeeping services include:

  • Posting and reconciling your account’s information onto your software package
  • Dealing with queries arising from the accounts directly with your fee earners
  • Setting up payment of your suppliers, staff, and tax authorities online for you to authorize.
  • Setting up bank payments for your client’s account transactions for you to authorize.
  • Setting up transfers between your bank accounts for you to authorize.
  • Handling VAT and month end procedures.
  • Reviewing your accounts each month to ensure your systems are running smoothly.
  • Liaising with your accountants at year end and for SRA Audits.
  • Helping you choose the right solicitor’s accounts software package.
  • Help with finding good reliable accountants with a strong legal team.
  • Setting up budgets, cash-flows and management procedures tailor made to your business to ensure your office runs as smoothly as possible.
  • Restructuring your business systems and helping you push the firm forward.

Why choose The Law Factory for your online accounting bookkeeping services?

Our clients are able to choose the level of service they need dependent of their particular needs and budgets. We offer our TLF Essentials package for those who require only bookkeeping and our TLF Tailored package for those clients who wish to take full advantage of our expertise and fully engage with us for the benefit of their business. In either case, our experienced team of legal bookkeepers will form strong relationships with each of our clients.

Interested in our services?

Fill in our enquiry form or contact us directly to get in touch today.