Best Bookkeeping Services in Malvern

Alex from The Law Factory has the following advice to share relating to #legalaccounts but by all means - if you have any questions please feel free to get in touch! 1. SRA Accounts Rules These should be looked at all the time, but some areas can get overlooked. Take the time now to check and see if there are any matters which are cause for concern. Look at the matter balance listing for office credit balances, disbursement credit balances, unpaid anticipated disbursements, debit balances on client account and residual client balances. All these areas should be reviewed continuously, but they can get missed. 2. Debtors Law firms are busy places. Often bills are not chased up after they are sent out resulting in long term debtors. Ideally the firm needs to have the funds recovered, but also needs to recognise what needs writing off and the reasons why. Then get the debtors chased down where possible and make a list of any write offs that are posted. 3. Bank Reconciliations The bank reconciliations should be clear every month with minimal transactions showing on the un-reconciled items list. There should also be no missing items. Also don’t forget to check any suspense accounts that are knocking around! 4. Chart of Accounts This is worth looking through at least once per year. Throughout a firm’s life, accounts are opened to accommodate certain expenditure. Some expenditure is one off, some is long term. Some accounts are only temporary due to agreements ending for example.