If you are starting a law firm, or have an established firm and are looking to expand, you might find invaluable support where you'd least expect it.
Outsourced bookkeeping services.
A Scalable Solution
One of the great challenges for any new law firm is deciding how much to budget for full-time staff. Given the importance of thorough, accurate trust account management, there might be a temptation to bring on a full-time bookkeeper from day one. But if your billable hours are lean early on, you could find yourself with a budget shortfall.
On the other hand, if you try doing the books yourself, or if you delegate the job to a paralegal or office manager, you run the risk of making a crucial mistake with billing or trust accounts.Outsourcing is a scalable solution. An outsourced bookkeeping services provider delivers only the hours you need. In return you get a trained professional who is well-versed not only in trust accounts and other industry-specific bookkeeping requirements, but also the latest cloud-based case-management and accounting software.
As your practice grows and takes on more clients, you simply bill for additional outsourced bookkeeping services as needed. In the meantime, there's no need to worry about keeping a full-time staff member busy — or worse, laying him or her off.
Continuity in Times of Transition
Even an established law firm with a productive full-time back-office staff could benefit from outsourced bookkeeping services. This is especially true at growing firms.
Say, for example, your firm has just added a new partner. There aren't enough new billable hours to warrant hiring another full-time staffer, but there's more additional work than your existing back-office staff can handle. Outsourced bookkeeping services can provide just the scalability and level of expertise that you need while also serving as an internal control to ensure accuracy and guard against costly errors.
In addition, outsourcing can also help you navigate a host of temporary staffing shortages, such as vacation time or medical or maternity leave.Whatever your firm's needs, you can optimize your budget by combining your in-house staff with an outsourced bookkeeping services provider that knows the field.