“With a staffing footprint of only a few attorneys why do I need a bookkeeper?” It’s a question I’ve heard a lot over the course of my career. Many lawyers who work in small firms don’t see the benefit of relying on external expertise to keep their books organized. Unfortunately, many of those same lawyers eventually come around to a different way of thinking only after something bad, or even catastrophic, happens with their accounts.
The nuances of bookkeeping vary from one corner of the market to another. When assessing candidates, it’s important to look not only at total years of experience, but also at the relevance of that experience. For example, if your business is fashion, a bookkeeper who has primarily worked in the auto industry won’t have the insights into your industry that can really add value to your work together.
No business owner looks forward to a letter from the taxman requesting a closer look at the books.
If you’ve received an audit letter – an official request by the tax authority to review your
accounts and confirm your taxes have been paid to date – don’t panic. Prepare.
These four steps will help you get through the process with minimal stress and the best
possible outcome.
If there’s one skill that a lawyer needs when she hangs her first shingle, it’s time management. Increasingly, the skill is being taught in professional development seminars and law school itself. Regulators have pushed for the change as they’ve realized that many trust account violations and other competency failures have resulted, not from ill will, but merely from a lack of time on the part of the practitioner.
So how do you ensure that you’re managing your time effectively? Read on below to find out.
Let’s say that you’ve already got an accountant. You may wonder why you would also need a bookkeeper. Don’t they do the same thing? Isn’t an accountant an upgraded version of a bookkeeper?
In a word, no. Bookkeepers and accountants, while they both work with your books and finances, perform very different tasks. Read on below to find out why, even though you’ve already got an accountant, you still need a bookkeeper!
