Telephone: 0121 389 3000
What Is The Difference Between A Legal Accountant And A Legal Bookkeeper?
What is the difference between a Legal Accountant and a Legal Bookkeeper?
80% of businesses fail as a result of poor finance management - don't be one of them!
No company wants to fail as a result of poor finance management, especially legal firms whereby finance can be extremely important.
The first step is distinguishing the difference between a Legal Accountant and a Legal Bookkeeper, know exactly who you need to deal with your accounts and when they're required.
What are the key responsibilities of a Legal Bookkeeper?
Day-to-day a Legal Bookkeeper is responsible for ensuring all of the below is in order for partnered legal firms...
- Keeping accurate records of transactions in the Attorney Trust account
- Monthly bank reconciliation
- Creating and sending statements and invoices
- Following up on outstanding invoices
- Issuing monthly statements
- Creating a balance sheet of all data collected
- Maintain records for annual audits
Readers also liked: How Much Do Legal Bookkeepers Charge? Costs & Fees In 2021 (UK)
Do you need to pay London fees for a Legal Bookkeeper?
There's only one significant difference between getting a price estimate from a Legal Bookkeepers in London and a Midland's based Legal Bookkeepers... the price! London prices can be extremely off-putting, but can they be avoided? Could outsourcing elsewhere in the UK be cheaper for your legal firm?
London Based (£££) - Do you value face-to-face meetings?
As a legal firm based in London, you're not going to be far away from a Legal Bookkeeper who can offer you support.
If a priority for you is the ability to meet with your Legal Bookkeeper for regular face-to-face meetings, you'll benefit from working with a Legal Bookkeeper near you.
Unfortunately, you will have to compromise on the London prices that come alongside this.
Midlands Based (£) - Do you want receive the same level of service for a lower price?
If you are happy to attend regular vitual meetings with your Legal Bookkeeper, then the answer is no.
When outsourcing to a Legal Bookkeeper based outside of London you will recieve the same high-quality service for a much cheaper price.
You also open up the doors to a whole new world of fantastic Legal Bookkeepers all over England.
What are the key 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
Readers also liked: How Much Do Legal Accountants Charge? Costs & Fees In 2021 (UK)
What level of service should you receive from a Legal Accountant?
Of course, you should never settle for anything less than a faultless service. When it comes to outsourcing an Accountant, you will be required to put a lot of trust into the Legal Accountant you chose to deal with your finances. It is so important you do lots of research into deciding the best company/accountant for you.
The key differences between Legal Accountants & Legal Bookkeepers 2021
How do you find a suitable Legal Accountant and Legal Bookkeeper?
While legal accountants and legal bookkeepers complete different job roles, they work in harmony. Due to this, companies like Legal Accounts offer both services under the same roof.
Most businesses benefit from this as there is a greater level of communication between the two people handling your finances, this reduces waiting times and avoids miscommunication.
Readers also liked: Can The Same Person Act As Both A Legal Bookkeeper & An Accountant For My Solicitors Firm?
These 4 pointers below, have been identified by us here at Legal Accounts as being essential assets to look for in both your Legal Accountant and your Legal Bookkeeper...
- Have an excellent level of communication
- Have an understand of your existing software
- Be friendly and passionate
- Have your best interests at heart
If you're interested in outsourcing your legal firm accounts/bookkeeping roles to a trusted Midland's based Legal Accounting firm, get in touch with us and we can provide you with excellent accounts under one roof.
