Law Firms: Should You Outsource Your Bookkeeping?

June 9, 2022 by OSYB Staff

Bookkeeping is often the last thing on the minds of business owners. Who can blame them? They’ve got more important things to deal with.

Here’s the thing: Bookkeeping may be monotonous, but it’s crucial for any business to succeed. 

For many businesses, outsourcing their books is the best course of action—especially law firms.

Here are 5 reasons why you should outsource your law firm’s bookkeeping. 

It Gives You More Time to Focus on Your Firm

We know how busy law firms and attorneys are. There’s almost never enough time to handle all of the tasks at hand throughout the day.

Add to that the task of monitoring day-to-day finances and you’ll have a plate that is simply too full. 

Outsourcing your bookkeeping allows you to put more of your focus and time into improving your firm and providing exemplary service to your clients. The legal industry is ripe with competition—to maintain an advantage over your peers, you’ll want every second that you can get to go above and beyond with your service. 

Time spent on reviewing your books could be spent on other tasks, such as client retention or additional marketing efforts. 

It Helps You Avoid a Costly Hiring Process

For law firms hiring an in-house bookkeeper, the hiring process itself can be a troubling task. 

For starters, it requires a significant time investment—time that could be used on more pressing matters within your law firm. 

There’s also a risk you take when choosing to hire an in-house bookkeeper. Hiring the wrong person could lead to disastrous results, such as significant errors in your financial records. Then you’re back to the drawing board and trying to find someone else to replace your previous bookkeeper.

Why not avoid all of the trials and tribulations of hiring an in-house bookkeeper?

Outsourced bookkeeping for law firms makes the process much easier. Instead of a lengthy hiring process, it’s as easy as checking up on reviews for outsourcing companies. That way, you’ll know exactly which company to use based on reviews, recommendations, and level of experience. 

It Allows You to Scale Your Firm More Effectively

Growth for any business is important. Nobody wants to remain stagnant—especially attorneys. 

With an in-house bookkeeper (or doing the books yourself), you’ll likely run into issues with scaling your law firm. As you take on more clients, the load on your bookkeeper increases. Eventually, this can lead to an inability to keep up with the growing workload. 

Outsourcing your law firm’s bookkeeping is the best option to scale indefinitely without worrying about your books. A team of professionals handles your books and allows you to scale since these professionals are accustomed to working with growing companies. They have more resources on hand to deal with an escalating workload.

It Grants You Easier Access to the Latest Bookkeeping Tech and Software

Bookkeeping software continues to become more and more sophisticated as the years go by. What was relevant 5 to 10 years ago may not be the most efficient program to handle your books. 

Handling your books yourself means that the onus is on you not only to acquire this software and learn how to use it properly but also to stay up to date with the latest bookkeeping software trends. When you have so many tasks to keep up with as it is, adding software research and training to your plate isn’t going to seem appealing. 

Outsourced bookkeeping services remain up to date with the latest bookkeeping software, practices, trends, and more. Rest assured that your books are being handled in the most efficient and effective way with outsourced bookkeeping for law firms. 

It Gives You More Predictable Costs

If you choose to go the in-house bookkeeper route, you may think that a salary is the only hard cost. 

However, there are many hidden costs associated with in-house employees that often fly under the radar. Some of these include:

• Vacation time
• EI
• CPP
• Payroll deductions
• Sick days

Remember though: You get what you pay for. It may not always be the cheapest route to go with outsourced bookkeeping, but it does make the costs more predictable. The value you get from having an experienced team handle your books may also make up for any higher costs. 

OSYB Can Manage Your Law Firm’s Bookkeeping

Ready to switch to outsourced bookkeeping? OSYB’s Virtual Bookkeeping service is the best solution for law firms looking to save time, scale, and leverage the newest bookkeeping software. Our hosting service allows you to monitor your books in real-time and lets you focus on what matters most. 

To learn more about how OSYB can serve you best, schedule a free consultation today!