Accounting Services for Law Firms: Why Hiring Industry Experts Is the Right Decision

Accounting Services for Law Firms: Why Hiring Industry Experts Is the Right Decision

Let’s face it; lawyers aren’t accountants. It’s not that you can’t do simple payables and receivables because you could…if you wanted to—or had the time. But your time is money, quite literally. If you’re spending all your time preparing cash flow forecasts, managing your payroll, and doing bank reconciliation, you’ll have little time left to bring in revenue. 

Who You Hire Matters 

If you’re a lawyer starting a firm, you may get away with doing your own accounting with one or two clients, but as your business grows, your accounting gets a little more tricky and a lot more complex. Implementing new legal accounting software just won’t cut it. 

At this point, you’re standing at a crossroads. Do you hire an accountant? A CFO? A Controller? Some firms hire a bookkeeper to save costs, but that is only a temporary solution to a bigger problem. You really need a professional accounting partner—one who understands the specific requirements of tracking ledgers and case costs. Law firms require more than basic accounting. Because of your unique structure and use of trusts, legal accounting demands constant attention and monitoring of state requirements. Compliance is critical, but hiring in-house accountants to manage all this can be very expensive.

Why Outsourcing Your Accounting is a Smart Solution

Going through dozens of interviews and onboarding a new employee only to find out they aren’t a good fit or don’t quite live up to their self-proclaimed qualifications can be costly and time-consuming. Teaming up with an outsourced CFO or accountant is a quick and affordable way to keep your finances in order without the headache of the hiring process or turnover. When you work with a reputable outsourcing firm, you get experience, reputation, and professionals who know how to handle your unique needs. 

Most practicing lawyers know the implications when money is not handled ethically or businesses fail to comply with current laws and regulations. Hiring an outsourced accounting service with experts trained in legal accounting takes that responsibility off your plate. It gives you the peace of mind that you are managing your accounts and revenue correctly.

What’s the Bottom Line 

Like every other business, law firms need to evaluate their finances and operations to optimize their cash flow and predict future performance. This is a non-negotiable when running a successful business but is not a simple task. Accounting includes copious amounts of paperwork, bookkeeping, reporting, and tax implications. An outsourced accounting partner takes the guesswork out of your finances and provides you with a transparent look into your client profitability and partner compensation, so you can better understand your firm’s capabilities and opportunities for growth. 

When outsourcing your accounting services with RTA Group, you’ll not only have a seasoned professional at your fingertips; you’ll have a consultant who can help you make educated decisions about your company’s future. We use your cash flow forecast to identify areas of poor performance and areas to increase development to generate extra revenue. RTA’s bottom line is to improve your bottom line. 

At RTA Group, our highly trained legal accountants can provide you better visibility of your finances, objectives, and forecasts – at a fraction of the cost. 

Whether you’re a personal injury lawyer, family lawyer, real estate lawyer, or personal injury lawyer, RTA Group has a team of top-tier accounting professionals to accelerate your business to the next level. 

Unlike hiring an internal CFO, working with RTA Group is seamless. We guarantee swift implementation of your new financial solution with no interruption to your workflow. Don’t waste any more time or money. Call us today.

Your Full Outsourced Finance Team Solution!

Request a custom quote or more information about a service we offer. Call (833) 578-2477.