What does a Legal Accountant do?

Legal Accountants are specialised in handling the accounts of legal firms.

A legal accountant maintains solicitors and law firm’s financial information.

Preparing all financial statements including balance sheets, tax returns, income statements and profit and loss statements.

Processing all accounts payable and receivable and reconcile general ledgers. They also analyse and interpret this data.

Typically a legal accountant is mostly required during specific periods during the financial year.

What are the responsibilities of a Legal Accountant?

Generally speaking, the tasks of a Legal Accountant involve the following...

Provide ongoing financial advice (initial structure, expansion, tax matters and more)
Process and analyse financial data
Reporting findings to the business
Support with tax filing
Ensure legal financial compliance
Monitor financial performance
Undertake monthly and/or quarterly reviews of accounts

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What is the difference between a Legal Bookkeeper and a Legal Accountant?

Let’s break it down, a Legal Bookkeeper is involved in the initial stages of the process they take care of the administrative aspect of finances which involve recording transactions and keeping these records organised, reconciling bank transactions monthly and making sure you audit runs smoothly.

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Whereas the role of a Legal Accountant is to process these recordings, interpreting and analysing the data and reporting the financial information. Typically a legal accountant is mostly required during specific periods during the financial year.

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How can a Legal Accountant be a helping hand for with your legal firm?

Legal Accountants are highly trained and qualified to professionally deal with your legal finances. Outsourcing a Legal Accountant you trust helps to take away from the inevitable accounting pressures you are currently facing.

With your best interest at heart, Legal Accountants work closely with your legal firm to provide high-quality on-going support. It is the role of the Legal Accountant to ensure your legal firm has accurate accounts and conforms to the rules and guidelines set out by governing bodies (SRA, Conduct of Business Rules) - this comes into play when handling funds.

At Legal Accounts, we are dedicated professionals specialising in legal accounting there is no better place to outsource to than with us, we are efficient and consistent in every aspect of working and assure all of our clients their legal accounting is in the best hands.

Relieve your time and hand your legal accounting over to us.

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