How to Maintain Compliance With Your Attorney Bookkeeping
How to Maintain Compliance With Your Attorney Bookkeeping is a key question an attorney can ask when looking for an accountant. Why hire a law specific accountant to handle your records? For an attorney, proper bookkeeping can mean the difference between peace and chaos. An attorney bookkeeping service can help you keep your financial world in order. Still, you’ll want to make sure that you maintain compliance with all laws and regulations. Proper bookkeeping practices are essential. Here’s how you maintain legal compliance in all of your bookkeeping throughout the year.
Use an Attorney Bookkeeping Service
There are lots of bookkeeping services out there. A lot of them handle the books for all types of businesses. That’s wonderful, but for an attorney, the best option is finding an attorney-specific bookkeeping service. Attorneys must keep up with stricter regulations than the rest of the professional world. When you have a bookkeeper who understands those regulations, your life becomes a lot easier. Most bookkeepers can handle the day-to-day tasks. But do they understand the lingo? The in's and out's of a law practice?
Consistency is Key....
You know how it feels to let a task spiral out of control. On the other hand, if you put in a little effort every day, you avoid the stress of a major project. If you put things off, you end up with an overwhelming jumble of tasks. Go over important numbers and documents at the end of the day. This way, you’ll always know what’s going on with your books, and you can avoid costly legal mistakes.
The right attorney bookkeeping service can also help you keep up with those numbers so that you don’t have to worry about it. We recommend using QuickBooks Online Advanced Program paired with the app LeanLaw as our potent accounting app stack. Your reporting will be stellar with the robust reporting tool Fathom and all the law firm desired reports inside LeanLaw.
You Need a Secure Portal....
One thing you must do as an attorney is to keep all of your information - and your clients’ information - as secure as possible. For those who use an attorney bookkeeping service, this means logging in with a secure portal and seeking other security measures. If you have a bookkeeper or plan to hire one soon, ask about their client security policy. We implement this service using Liscio. It has a military-grade security which provides peace of mind that your data is secure.
Watch Your IOLTA Bookkeeping....
One of the biggest mistakes that attorneys make is not keeping their IOLTA bookkeeping organized. You already know that any client-designated money must go into a separate trust account. Make sure that you monitor that account just as closely as you monitor your own accounts. When you get lazy with this part of your bookkeeping, you could wind up in a big legal mess.
Do you need a better solution for your attorney bookkeeping? Artesani Bookkeeping is that solution. Here, we offer a range of products and options that will keep your books organized and compliant. Ready to simplify your workday and your taxes? Contact Artesani Bookkeeping today.