The area of legal bookkeeping requires staff that is more focussed and knowledgeable than ever due to SAR rules, which have been put in place to promote the highest possible levels of transparency in the finances of legal firms.
When looking to recruit a legal bookkeeper, there are a number of factors that a firm should consider. Knowledge of Solicitor Accounts Rules (SARs) is exceptionally important, and the staff in question must be able to adhere to these rules to the letter. Many companies have found themselves in hot water after breaching these rules – either intentionally or accidentally – but by employing a legal bookkeeper who has an in-depth knowledge of these rules, law firms can stay on the right side of the law themselves.
Smoother Bookkeeping Operations
An in-depth working knowledge of the SARs ensures that mistakes can be dealt with efficiently and quickly before they escalate and cause further problems. It's important to remember that not every bookkeeper has the skills and expertise required to perform bookkeeping duties for a law firm, with the ever-growing importance of SARs being one of the key reasons behind this. The experience of specifically dealing with the relevant books with full acknowledgement of SARs explains why it makes so much sense to employ a legal bookkeeper rather than a less specific equivalent. In fact, it's wise to look for a legal bookkeeping firm with as much experience in the field as you can for these reasons.
Get the Right Bookkeeping Software
Technological advancements have changed the way that books are dealt with, and the relevant software has arguably made it much easier to enjoy more accuracy and efficiency than ever before. There are many different software packages on the market, but these products generally work on the same principles, so you shouldn't be put off if a potential certified bookkeeper doesn't have experience in working with your chosen software as chances are they have worked with similar alternatives. Legal bookkeepers ensure that every transaction that your law firm makes takes place with complete adherence to SAR rules. By ensuring that breaches are prevented or at least dealt with at the earliest opportunity, you can prevent your firm from being penalised by the Solicitors' Regulation Authority. Their work can also make auditing a smoother process, by ensuring that relevant notes are included with transactions whenever necessary, making sure that confusion cannot slow the auditing process down.
The Importance of Legal Bookkeeping Training
It is essential that the COFA has access to accurate and transparent information in order for them to protect the firm's integrity, which means that the legal bookkeepers work is essential for all concerned. Without having the right bookkeeping staff in place, following the rules to the letter, all manner of catastrophes can occur – so it really is worth taking time to recruit the right legal bookkeeping staff. Find someone with the right bookkeeping qualifications and training, and problems can be kept to a minimum.
Provided by The International Association of Book-keepers.