![]() Like any other type of business, law firms also need to maintain the business’s bookkeeping and accounting function. Good bookkeeping helps make sound financial decisions for better growth and market reputation. For accurate bookkeeping and accounting, a law firm can outsource the process to a third party or use accounting software like QuickBooks bookkeeping services with the help of an in-house team. Outsourcing can be done onshore or offshore. However, before outsourcing the bookkeeping services, there are some important factors to be considered for best results. Let us find out what those factors are. Factors To Consider Before Outsourcing Bookkeeping The bookkeeping for law firms is done by keeping in mind the industry-specific requirements for financial statements and reports preparation while focusing on legal and ABA compliance. An outsourcing service provider who works exclusively for law firms follows the legal industry-specific standards and regulations. Cost Savings The first and probably the essential thing to consider is whether the firm will have the benefit of cost-saving or not. The business must determine if it will save capital costs by outsourcing or having an in-house team. Outsourcing usually seems expensive initially, but it helps keep costs in the long run. Resources And Technology Used Service providers use accounting software like FreshBooks, Zoho, QuickBooks bookkeeping services, etc. Make sure to learn the basics of the software used. Also, confirm the number and experience of the resources involved in the team to handle the business’s bookkeeping process. Pricing Once the resources are confirmed, a business must consider the price that the outsourcing service provider asks for the work. The price must be in sync with the market standards and within the firm’s budget. The pricing must also be reasonable for the amount of work under the business’s bookkeeping. Turnaround Time Ask and check about the turnaround time of the outsourcing service provider with their previous clients. Also, do a background check regarding their team, work, qualifications, market reputation, etc., to ensure the business gets the best suitable service provider. Minimum Supervision Requirement The outsourcing service provider must be experienced enough to require minimum supervision so that the business doesn’t have to engage extra resources and costs. Reliability It is crucial that the outsourcing partner a business chooses is reliable and can be trusted with the business’s financial data. Previous clients can confirm their reliability. Strong Communication Channel Make sure to have a strong and direct communication channel. An outsourcing service provider must have a proper communication system to ensure the business has real-time information about the bookkeeping process. Businesses should also have access to the software used by the service provider. Legal Agreement One other crucial thing to ensure before outsourcing is to get a legal agreement with the service provider chosen. Be sure to mention every necessary detail related to the bookkeeping process, confidentiality, etc., in the agreement.
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AuthorWhiz Consulting provides bookkeeping & accounting services for UK-based businesses. We provide outsourced accounting, bookkeeping, payroll and taxation services to Birmingham, London, Manchester, or other parts of the United Kingdom. We provide services to all businesses irrespective of the scale of operation and industries like real estate, hospitality, healthcare, e-commerce and so forth. We have accounting solutions for every business, with the experience and knowledge of all the popular accounting tools. We will assist your businesses in managing cash flows, financial statements, bank & day to day transactions record-keeping, and monitoring the overall expenses made by the business. We will ensure your books are kept neat and reconciled throughout the year. We provide our services at a competitive cost as compared to hiring local or in-house bookkeepers and accountants. |