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In a nutshell, a legal bookkeeper focuses on the unique accounting needs of law firms, which have specific rules and regulations. In contrast, a standard bookkeeper handles general financial data for various businesses. In general, bookkeepers have a range of knowledge which means they are useful for a variety of industries, they may not have the specialised expertise when it comes to the stringent SRA accounts rules needed to prevent law firms from receiving various penalties, including financial fines, restrictions on activities, and even disciplinary action, potentially leading to suspension or removal from the legal profession.
Why do firms need a Legal Bookkeeper?
Given that the main difference between a bookkeeper and a legal bookkeeper lies in the specialised knowledge and responsibilities required for law firms, it’s highly recommended that law firms opt for someone who has an in-depth understanding and knowledge of The SRA Accounts Rules and experience with handling Legal Accounts as these are different to general business accounts.
What other knowledge do Legal Bookkeepers have?
Besides legal accounting principles, including trust accounts, client funds, and regulatory compliance specific to law firms, Legal Bookkeepers are used to working with specialised Legal Billing Software and working with someone like The Law Factory will ensure that those dealing with your accounts are proficient in integrating your software with accounting systems.
Why use The Law Factory?
At The Law Factory, we have a very experienced team of legal cashiers and qualified accountants who have worked in all areas and types of law, that also have an in-depth knowledge of the SRA Accounts Rules. We pride ourselves on being very approachable and are always keen to tailor our service to your firm’s personal needs.
