FinAcc Global has earned a respectable reputation due to its bookkeeping, accounting outsourcing, and payroll outsourcing services offered to Indian and overseas clients. Now, the team has recently launched bookkeeping services for law firms.

Bookkeeping involves keeping records for revenue, expenditures, reimbursements, payments, receipts, and details about sources of the firm’s revenue. Like any other company, even law firms are expected to keep records for the same. Such accurate data helps the proprietors to understand where they are losing or making more money.

“Any given office of attorney can manage accounting and finance without seeking help from expertise when the client’s list is small. However, as the firm’s business starts growing, the staff finds it difficult to handle the math along managing cases, meeting clients, attending a hearing, etc. As the organization starts growing, it needs professional help to ensure all the billable activities are tracked and invoices are generated and sent on time to the clients for payment. Activities of external experts need to be logged for calculating and clearing their dues on time. Plus, GST and other taxes also need to be calculated and recovered from third parties to ensure compliance with government norms. Lawyers cannot manage this without help from accounting professionals. Delaying the same until the tax filing date can result in irregular financial reports, which can indirectly hamper the firm’s reputation. Most importantly, failure in the proper functioning of the accounts receivable tasks can cause significant cash flow complications for the organization, resulting in delayed payments to employees, partners. Tracking receipts and storing them systematically remains a complicated task even if the office has accounting software. The same goes for issues in payroll management. Mistakes can lead to complications concerning labor laws. Bank transactions need to be recorded; accounts should be reconciled every month to derive financial metrics. FinAcc Global provides professional bookkeeping services and takes care of all the complicated economic, accounting tasks for law firms,” said the executive from FinAcc Global during a recently held teleconference. FinAcc Global has its team of highly-experienced CAs and senior accounts. The company provides accounting solutions to small and large firms from various sectors.

Offices of attorneys need an in-house bookkeeper or accountant to perform these record-keeping tasks. Unfortunately, this means substantial expenditure on salaries to individuals working in the dedicated accounts and finance department. Thankfully, outsourcing firms offer to take care of the attorney office’s accounting and bookkeeping. Outsourcing accounting and bookkeeping tasks can help legal firms focus their time and resources on their core functions.