Law Firm Bookkeeping

Law Firm Bookkeeping Australia-wide

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LEAP, Actionstep and Smokeball Support

Comprehensive support through a large array of bookkeeping services and tools for all sized law firms

What is law firm bookkeeping?

Law firm bookkeeping, otherwise known as legal bookkeeping, is the recording of financial transactions specific to the law industry. In particular, law firm bookkeeping focusses on legal trust accounting, which is a crucial component to the legal industry. As legal professionals deal with a range of important and confidential financial matters, including trust accounts, employing a specific law firm bookkeeper ensures that all your legal financial transactions are correctly attended to and recorded.

Books Onsite can look after all or part of your Trust Account Bookkeeping, Office Account Bookkeeping and Annual External Examination all for a Weekly Fixed Fee Package.

Remote Fixed Fee

We get to know you and your business and then provide an ongoing weekly remote service

Account Management

Sydney, Melbourne, Brisbane and Perth backed by MYOB, Quickbooks or Xero Certified CPA support

Management Reports

Featuring Management and Reconciliation of your Accounts and to ensure compliance with all regulations.

What can a Books Onsite law firm bookkeeper offer?

A Books Onsite legal bookkeeper will initially come to your office to get to know you and your business, refine your systems and customise a procedural checklist that is unique to you and your needs.

Then, for a fixed weekly fee, we provide an ongoing weekly remote service to your law firm which includes the following:

  • Management and reconciliation of your trust accounts to ensure compliance with the relevant Law Society Regulations.
  • Management and reconciliation of your Office Accounts with Xero or MYOB.
  • Annual External Examination, as Books Onsite bookkeepers are Certified External Examiners in NSW, Victoria and QLD.
  • Payroll and Creditors payment and management. *Please note, you will need to provide access only to your internet banking (not authority on your account) to enable us to upload draft payments directly from your software ready for your approval.
  • BAS Agent Services including BAS and IAS reporting and lodgement.
  • Monthly Management Reports to assist you in analysing your firms and staff performance including both monthly and prior year.
  • Profit & Loss and Balance Sheet comparisons, WIP and Debtors Exposure Reports and Funds available for Trust to Office Transfer Reports.

Frequently Asked Questions

Not sure what you are looking for? Check Out our Legal FAQ right here or Contact Us today for more information.

What do law firm bookkeepers do?

What do law firm bookkeepers do?

Law firm bookkeepers can complete a huge range of tasks, such as:

  • Management and Reconciliation of your Trust Accounts to ensure compliance with Law Society Regulations.
  • Management and Reconciliation of Office Accounts with Xero or MYOB.
  • Annual External Examinations.
  • Payroll and Creditors payment and management.
  • BAS Agent Services - BAS and IAS reporting and lodgement
  • Monthly Management Reports to assist in analysing both firm and staff performance including: Monthly and Prior Year.
  • Profit & Loss and Balance Sheet comparisons, WIP and Debtors Exposure Reports and Funds available for Trust to Office Transfer Reports.

This list is in no ways exhaustive - find out more here.

What is the difference between a law firm bookkeeper and an accountant?

Law firm bookkeepers and accountants are actually two different aspects of a legal business - although they have a range of common goals and ideas, they are actually different parts of a business financial cycle. The tasks that a law firm bookkeeper generally comes first, such as organising day-to-day transactions, and then an accountants’ tasks follow this, however, there are some overlapping components.

In other words, law firm bookkeepers report financial data and accountants give insights and analysis of that data.

Do law firm bookkeepers deal with trust accounts?

Yes! Law firm bookkeepers are specialists in trust accounting for law firms, including making sure everything is up-to-date and in accordance with all the relevant rules and regulations. Give Booksonsite a call if you would like further information in this regard.

Why employ a law firm bookkeeper for your law firm?

There are a range of reasons as to why you should employ a law firm bookkeeper, not complete it yourself (or employ a regular bookkeeper even!) including:

  • Law firm bookkeepers remain up-to-date with all the relevant legislative provisions when it comes to trust accounting.
  • Employing an external person allows you to focus on other areas of your business.
  • Ensures all relevant dates, timeframes and rules are followed and complied with.
  • Ensures all relevant documents are completed and lodged on time.
  • Providing advice regarding the management of your legal trust accounts.
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