Bookkeeping Services for Law Firms

Law professionals know that running a law firm involves much more than what happens in court or during legal proceedings. Managing cases, handling clients, and ensuring compliance already keep law firm employees on their toes. But for firms to have the right people, resources, and tools, they need to stay financially healthy. This is where virtual bookkeeping services for law firms come in.

This specialized service can make a difference for lawyers and other law firm staff who want to focus on their core tasks without having to worry about dropping the ball on the financial front. Bookkeeping services providers can take on complex and time-consuming tasks, like managing accounts, financial reconciliation, and more.

Virtual bookkeeping services for law firms help manage a law firm’s financial transactions, from systematic recording and tracking to invoicing for billable hours. Professional bookkeeping services can be done remotely, meaning firms can gain access to expert financial management without the need for an in-house accounting team.

If you’re looking to take your law firm to the next level, it’s time to invest in bookkeeping services for law firms. Hiring virtual assistants who are also professional bookkeepers bring their expertise, accuracy, and efficiency to the financial side of your firm.

Cost Savings

Hiring in-house staff involves paying salaries, benefits, office space, and training–all of which cost financial resources. Outsourcing professional services helps law firms minimize such expenses.

With virtual bookkeeping services law firms can save in various ways. First, they only pay for the service they need. There’s no need to be locked into a long-term commitment with full-time staff. Additionally, they won’t have to invest in additional equipment and office space.

Efficiency

The processes involved in finance and accounting can be tedious, taking up time and resources. Virtual bookkeeping services for law firm clients can free up your team from tasks like invoicing, billing, accounts reconciliation, and payroll, allowing lawyers and legal staff to focus on their core work rather than back-end duties.

Accuracy

When it comes to financial documents, eliminating or reducing discrepancies and errors is a top priority. Virtual booking service providers have expert professionals who specialize in legal accounting responsibilities. These accounting experts value precision, a must in both the accounting and legal worlds.

Cloud-based Access

Virtual bookkeeping assistants handle their clients’ finances remotely using secure cloud-based accounting platforms like Quickbooks, Xero, and Zoho Books. Such tools enable collaboration across remote teams and the availability of real-time financial data.

Transparency

With bookkeeping services law firm leaders can count on financial transparency. Remote accountants can provide detailed financial records, maintain audit trails, and prepare accurate financial statements. They ensure law firms remain compliant with financial regulations and maintain their clients’ confidence.

Improved Financial Management

Real-time and detailed reports help law firm leaders track their financial health. Reports on cash flow, expenses, and receivables provide leaders with valuable information and insights when strategizing. These expertly executed reports help enable financial growth and stability.

Here’s a quick list of what to look for in an accounting services provider:

Industry Expertise

Virtual bookkeepers shouldn’t just be well-versed in accounting terms. They should also speak the language their clients speak. Legal bookkeeping experts should understand the following:

• Billing structures specific to the legal services industry
• Financial ethics guidelines
• Legal industry regulations

Data Security

Financial data should be kept confidential. It’s important to find virtual staffing agencies or service providers that have strong security measures, including:

• Encrypted cloud storage
• Secure Email Gateway (SEG)
• Non-disclosure Agreements or NDA
• Role-based access controls
• And more

Scalability

A virtual bookkeeping services provider should be able to quickly adapt to their client’s needs. As a firm grows and takes on more clients, its financial transactions will also grow and become more complex. A dependable bookkeeping service provider should be able to seamlessly accommodate these changes by providing customizable service plans and a talent pool of skilled virtual bookkeepers.

Excellent Communication

It’s essential to find a financial services provider that’s easily accessible and responsive. Law firms should find providers who can deliver regular financial reports and updates. They should also be able to be available during their client’s time zone for easier communication, ensuring real-time support for financial inquiries and time-sensitive transactions.

Strong Client Reviews

An excellent indicator of whether or not a bookkeeping services provider can deliver on their promises is through client reviews. Check online testimonials and feedback from previous and current clients. These reviews will help paint a better picture of a bookkeeping provider’s accuracy, reliability, expertise, and overall performance.

Getting bookkeeping services can be highly beneficial for law firms. Virtual bookkeepers can take on all the tasks involved in finance and accounting, from timely invoicing and managing receivables to data management. More importantly, they help law firms remain compliant with stringent regulations, ensuring their clients can confidently handle cases without worrying about penalties or high fees.

Of course, not all bookkeeping service providers are created equal. Law firms must still conduct a meticulous search to find top-tier virtual bookkeeping experts. This search will surely take time, money, and energy–three resources legal professionals may not have a lot of. The solution? Working with 20four7VA.

Why Choose 20four7VA?

20four7VA is a leading virtual assistant (VA) staffing company established in 2013. For over a decade, the company has helped clients flourish through award-winning alternative staffing solutions.

Our team is dedicated to helping businesses grow while providing rewarding career opportunities to remote talents across the globe. Our end-to-end solutions can help law firms like yours reap the many benefits of remote bookkeeping services. Our solutions include:

• Free pairing service
• Access to a global pool of vetted remote talents
• Onboarding assistance
• HR support
• Payroll processing
• Dedicated Account Manager (AM)
• In-house training
• Access to 20four7VA’s proprietary time-tracking tool
• Data security and privacy guarantee
• Customizable VA packages

If you want a good way to manage your law firm’s finances, getting virtual bookkeeping services is a must. And if you want great financial services, partnering with 20four7VA is the way to go.

Getting top-notch outsourced virtual bookkeeping services may just be what you need to secure a more successful and financially sound future for your business. However, navigating the world of remote staffing can be taxing. If you want expert virtual staffing assistance, working with 20four7VA is the right choice.

We’re an award-winning remote staffing company specializing in cost-effective, scalable end-to-end virtual staffing solutions. Our global talent pool includes remote professionals with varying skills and specializations. We’ve helped over 5,500 clients find the right remote talent to grow their businesses, and we can do the same for you. So why not book a free consultation call with us today?