Best 5 Tips to Hire an Accounting Firm for Your Legal Practice

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Best 5 Tips to Hire an Accounting Firm for Your Legal Practice

Do I Need to Hire an Accounting Firm?

Yes. Most law offices are too busy to deal with daily bookkeeping tasks and accounting functions. It makes more sense to hire an accounting firm that specializes in legal clients.

Additionally, they can help protect you from any costly tax issues by ensuring you pay your taxes on time, file the right forms, and take the maximum deductions possible. 

How Do I Hire an Accounting Firm That Specializes in Legal Accounting?

Not all accounting firms specialize in legal clients. Interactive Accountants have more than 100 years of experience in various aspects of accounting, and a large part of their client base are lawyers and law firms. As a result, they possess all the knowledge and know-how to handle any bookkeeping and accounting issue that may occur in the legal sector. 

Do I Need a Full Time or Part Time Accounting Firm?

That’s entirely up to you. However, the more you can lean on your accounting partner, the easier it will be for you to focus on your clients and case matters. For example, you may want help with tax issues or loan representation for expansion, or it might make sense to have your accountant handle your day-to-day bookkeeping tasks as well. 

How Can I Tell if the Accounting Firm is Right for My Legal Firm?

Before you hire an accountant, ask some direct questions. Request references and check reviews online. You should get a feel for whether the firm is right for you. Look for an accounting firm that puts your needs first, has the legal experience you want, and treats you respectfully. 

Is Bookkeeping the Same as Accounting?

No. Bookkeeping is the daily management of financial transactions like the intake of receipts, paying expenses, and reconciling bank accounts. Accounting is a more in-depth financial approach that includes creating financial statements, processing payroll, analyzing cash flow and financial trends, and making predictions or providing advice about how to proceed. Accounting also includes filing tax returns and preparing other state or federally mandated forms or reports. Accounting is essential to remain compliant. 

Do I Need Bookkeeping and Accounting?

It depends on whether you have the staff available to handle the daily bookkeeping. Using the same accounting partner for both bookkeeping and accounting services is much more efficient. In addition, access to all the records will help your accountant see the bigger picture and steer you in the right financial direction.

Where Can I Find the Right Accounting Firm?

You have many choices when it comes to hiring an accounting firm. Interactive Accountants have more than 100 years of experience in all aspects of legal accounting and bookkeeping. They are a trusted partner to many law firms. They provide comprehensive services, including tax preparation and planning, bookkeeping, payroll, and accounting functions. 

They offer free consultations, and you can ask any questions before hiring them.