Legal bookkeeping, or law firm bookkeeping, is the process of recording and managing financial transactions
specific to the law industry. Bookkeeping in law firms involves:
Law firms should consider outsourcing their bookkeeping needs to outsourced service providers to make sure their books are accurate and they stay compliant with local tax regulations. As a law firm, you need to be nothing short of perfect, as you will be under strict scrutiny by your clients and law officials.
Here are some of the reasons why you should outsource and how Velan can offer solutions for your needs:
We specialize in a range of services designed to optimize your financial management and ensure compliance with industry standards.
We take charge of overseeing and aligning your trust accounts with precision to meet and exceed Law Society regulations, ensuring impeccable compliance.
Velan efficiently administers and reconciles your office accounts through leading platforms such as Xero or MYOB, providing a streamlined and transparent financial process.
We conduct thorough annual external examinations, offering you the assurance of meticulous scrutiny and adherence to compliance standards.
Velan handles the complexities of payroll and adeptly manages payments to creditors, ensuring a smooth financial workflow for your legal practice.
Our comprehensive BAS agent services include meticulous BAS and IAS reporting and management, relieving you of the burden of regulatory reporting.
Velan goes the extra mile by generating monthly management reports according to your needs. These reports offer a deep dive into firm and staff performance, featuring monthly and prior-year assessments, detailed profit/loss and balance sheet comparisons, insightful reports on work in progress (WIP), debtor exposure, and assessments of available funds for Trust to Office Transfers.
Velan has decades of experience serving the law industry with its bookkeeping expertise. If you want to hire a trusted partner with shared goals, then there is no other provider like Velan.