It is imperative a solicitor maintains their accounting records on a continuous basis. Firstly, it is a requirement of the Law Society and secondly to accurately record the client ledgers for both the office and client account. This will help to avoid any possible breaches in the Regulations and the solicitor can comfortably rely on the accounting records of the Practice.
There must be a suitable and efficient accounting software in place. We can help to source or recommend an accounting software to best suit the individual needs of the Practice.
There must be appropriate office procedures in place to ensure the accounts are maintained in accordance with the Solicitors Accounts Regulations.
The following day-to-day transaction maintenance is required:-
- All client account lodgements and payments transactions must be recorded in the accounts system on a daily/regular basis.
- All office account lodgements, outlay and invoices must be recorded on the accounts system on a daily/regular basis.
- It is advisable to reconcile the client and office bank accounts continuously. For best practice we would recommend the bank accounts be reconciled at a minimum monthly basis. This will highlight any errors which may have arisen.
- It is advisable to review the client and office client listing reports on a regular basis, again to highlight any issues or errors which may have occurred. We would recommend these reports be reviewed at a minimum monthly basis.If any issues arise they can be rectified without delay.
- Completion of six month reports as required per the Regulations. The six month reports include the completion of the office balancing statement and the client balancing statement.
The solicitor must be able to rely on the accounts of the Practice at all times. We have extensive experience with solicitors’ accounts, what is required and the best way to achieve it.
Ultimately, our goal is to maintain accounts in an efficient manner. We will look at automating as much of the work as possible, thereby reducing costs.
It is vital the solicitor can rely on the accounting function within their firm so they can focus on their Practice.