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Get Expert assistance from MMBA’s Legal Accountant for Law Firms & Solicitors
- Your legal practice and our legal accounting excellence, make a perfect match
- Prepare yourself for an SRA investigation with our assistance!
- MMBA’s team of expert accountants is the best for solicitors
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Legal Sector Accountancy
We provide support to several nationwide law firms and offer a wide range of accountancy services to them. All our services can be tailored to meet your individual needs but are specifically centred around understanding your legal professional services firm.
Driving Business Growth for Legal Start-ups
At MMBA, we have in-depth experience of providing accountancy services for new legal start-ups, ensuring you are given the right advice and assistance, whilst avoiding potential pitfalls.
From guidance in deciding the appropriate legal structure of the firm, to helping in deciding & setting up Legal Accounts Software, or providing assistance in SRA Authorisation Application, our legal accountants and tax advisers can make your life easier by taking the strain of all the financial and regulatory details.
This helps you to focus on running and growing your business, knowing that we are proactively managing your finances and regulatory compliance in the background.
Here are just some of the other areas in which we can provide specialist services for your legal start-up:
- Help in Getting PI Insurance Cover
- SRA Client Money Audit Reports
- Dealing with Client Money & complex accounting transactions
- Training your staff on SRA Compliance
- Setting up SRA Reporting Period for Client Money Reports
- Training COFA
- Advice on VAT thresholds & Registrations
- Dealing with PAYE, Corporation Tax & Personal Tax Issues
The services outlined above are just some of the many ways we can help your business not only succeed, but thrive in a controlled and well managed way so you’re always in control, with our full advice, guidance and expertise on your side.
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Don’t Let These 5 Legal Bookkeeping Mistakes Cost You
Legal Accountancy for Established firms
Being a more established business in the legal sector means that you are likely to have evolving requirements, including clients’ legal needs, and that your accountancy provider needs to be able to scale with these needs, particularly in firm’s financial and law firm accounting services.
At MMBA, we have a pedigree of working with long-term legal sector clients and delivering value added law firm accounting services that are both proactive and responsive.
If you feel that your current accountancy firm could be looking after your interests with more dedication and personal attention, then you will find the MMBA approach a refreshing change.
Below are just some of the services where our specialist legal sector experience and know-how, including our legal team and legal bookkeepers, can help you grow and protect your business and wealth.
- Reviewing the legal structure of the firm
- SRA Client Money Audit Reports
- Advice on moving from Sole Trader to Limited Company, or LLP where beneficial
- Assisting the legal book-keeping team on achieving SRA Compliance
- Aligning the SRA Reporting Period with the firm’s year end period
- Dealing with Client Money & complex accounting transactions
- Training COFA
- Advice on VAT implications, such as standard rated, exempt & out of scope transactions
- Dealing with PAYE, Corporation Tax & Personal Tax Issues
- Assisting with SRA Compliance visit
SRA accounts rules regulate the accounts of authorised bodies regulated by the SRA. Solicitors accounts are prepared under the solicitors accounts rules.
The services listed above provide only an outline to the extensive range of services and areas of specialist advice we can provide to help your firm reach its next business milestone.
Talk to MMBA’s Expert Legal Accountant
MMBA is recognized as one of the leading providers of legal accounting services, including accounting and bookkeeping for solicitors Don’t hesitate to get in touch with our expert legal accountants and tax advisers for easy, affordable, and excellent legal accounting services.
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MMBA Accounting and Bookkeeping- Best Practices for Law Firms
MMBA offers effective accounting and bookkeeping practices vital for law firms to ensure financial transparency, efficient management of financial resources, and compliance with regulatory requirements. Our best practices include:
- Separate client trust accounts
- Double-entry Accounting, a core practice for accounting professionals
- Timely and Accurate financial data or record keeping
- Handling client funds, client monies, or client trust accounts
- Managing cash flow is essential for law firms across various legal sectors
- Billing and Invoicing
- Trust account Reconciliation
- Bank Reconciliation
- Interest on Trust Accounts
- Financial Software designed for managing financial transactions
- Reporting
- Internal Controls
- Regular Audits and Reviews
- Tax Planning and Compliance (Minimising tax deductions)
- Data Security
- Third-Party Review
By adopting MMBA’s best accounting practices for law firms, you can maintain sound financial management, adhere to regulatory requirements, and provide clients with confidence in the financial integrity of their legal services.
UK Accountants for Solicitors – Do Lawyers Need Accounting
Bookkeeping and accounting play a significant role in ensuring the financial integrity and success of the legal firms as well as any other business. Below are several reasons that make bookkeeping and accounting for legal firms crucial.
To achieve the compliance of The Law Society in managing Client Money
- To prepare quarterly budgets to manage the cash flows
- To prepare management reports on a monthly and quarterly basis to keep an eye on profit or loss within the business, an essential part of a firm’s accounting practices.
- To track the staff costs against the delivery of jobs
- To evaluate the work in progress at any given time
- To calculate and plan the expected future cash requirements for tax payments as well as capital expenditures
How Bookkeeping & Accounting Matter for Law Firms : Accounting for Legal Firms
Bookkeeping and accounting play a significant role in ensuring the financial integrity and success of the firm. These are the various reasons which make bookkeeping and accounting for legal firms important.
Accounting for a law society involves managing the financial aspects of an organisation to serve the needs of legal professionals. Accountant in law firm or Law firm accountants help you by:
Managing Your Financial Statements
Effectively managing the firm’s financial statements involves utilizing the services of an accountant, which provides numerous advantages that contribute to the overall financial well-being and success of your practice.
Tracking Your Deductions
Expert accountants for solicitors, specializing in law firm’s accounting can help you identify, categorise, and document deductions to reduce your tax liability for improving overall financial management, including preparing tax returns.
IHT and Estate Planning
Because of cryptocurrency’s constantly evolving and complex nature, individuals and businesses involved in the crypto-space must hire knowledgeable, reliable, and experienced crypto accountants.
SRA (Solicitors Regulation Authority) Investigation in Law Firms
The Solicitors Regulation Authority is responsible for regulating solicitors and law firms to maintain the integrity of the legal profession and uphold high standards of legal professional conduct in the legal industry.
Accountants provide financial expertise and assistance in the assessment of financial records, which helps in determining whether a law firm has complied with its regulatory obligations or not. Its important for solicitors to cooperate fully with SRA accountants for SRA investigations.
During SRA investigations, the authority may examine various aspects of a solicitor’s conduct too.
SRA Accounts of Law Firms
SRA Accountants play a crucial role in legal accounting firms’ SRA accounts management. They ensure that the law firms operate while adhering to the SRA’s accounting process requirements.
SRA Audit
SRA Accountants conduct SRA audits to assess a firm’s compliance with SRA regulations, particularly those related to client accounts, financial management, and the handling of client funds in law firms across the legal sector.
They contribute through audit preparation, risk assessment, review of financial records, documentation reviews, internal controls, audit documentation, etc.
MMBA’s Specialised Law Firm Accounting Services: Expertise, Compliance, and Affordability
Law firms rely on specialized accountants to manage their financial affairs efficiently. These professionals, law firm accountants, accountants for law firms, accountant for lawyers, bookkeeper for lawyers, legal accountants, accountant for law firms, or solicitors accountants, provide tailored accounting solutions to meet the unique needs of legal practices.
MMBA’s law firm accountants offer comprehensive law firm financial management services, including bookkeeping, payroll processing, tax planning, and law firm financial reporting.
They ensure compliance with Solicitors Regulation Authority abbreviated as SRA audit requirements, maintaining accurate records and providing assurance on financial integrity.
MMBA’s reliable law accountants offer excellent solutions to help legal practices thrive financially. With their expertise and dedication, solicitor and law firm accountancy specialists play a vital role in supporting the financial health and success of law firms.
The solicitor and law firm accountancy specialists provide essential financial expertise ensuring compliance with regulatory standards and optimal financial management. Our affordable solicitors accountants are the best in the UK.
MMBA’s Services for Law Firm : Accounting SRA Audit
MMBA’s accountancy team possesses experience, reputation, and specialization in legal accountancy, with a focus on ensuring a law firm’s financial statements are accurate.
Our accountant for law firms or bookkeeper for lawyers specialises in providing tailored financial services. They offer their services to solicitors and law firms.
They are well-versed in industry-specific regulations and best practices to ensure compliance and financial transparency. Their effective accounting for law firms, helps you make informed business decisions and maintain firm’s financial health.
This effective accounting for legal firms ensures your business’s success and growth. Our dedicated accountant will work for you as if you have your own accountant in law firm.
Common mistakes in Legal Accounting for Law Firms
Careful attention to detail and adherence to specific rules and regulations are basic requirements of legal accounting and bookkeeping.
Some common legal accountancy and bookkeeping mistakes are inaccurate timekeeping, incomplete documentation, commingling funds, failure to reconcile trust accounts, misclassification of expenses, tax compliance errors, billing mistakes, delaying invoice generation, lack of financial controls, poor software selection, issues in managing legal accounts software, and failure to stay informed.
MMBA’s Legal Accounting Guidelines for Managing Financial Statements
In the United Kingdom, every law firm requires accounting guidelines for managing financial statements to ensure accuracy, transparency, and compliance with legal and ethical standards.
Legal practices have to meet their obligations to clients and regulatory authorities, so they must ensure proper law firm’s financial and accounting management. Here are MMBA’s accounting guidelines for managing legal and financial matters, including best practices in accounting for law firms:
- Segregation of funds
- Trust account compliance
- Law Firm Financial reporting
- Record keeping
- Billing accuracy
- Expense tracking
- Income recognition in the context of ensuring compliance with the UK laws and maintain standards of accounting for law firms.
- Reconciliation
- Tax Compliance
- Internal controls
- Audit and review
- Consistency and transparency
- Legal and ethical compliance
- Employee training
MMBA’s Legal Accountancy Resources and Knowledge Base:
The MMBA Accountant offers a fantastic opportunity to stay updated with the most recent news and guidance
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MMBA’s Legal Accounting FAQS
Do you need an accountant for your Legal Firm?
The size and complexity of your firm, your specific needs, and your financial expertise are the factors that decide whether you need an accountant for your legal firm or not.
How can you maintain accounting accuracy?
To ensure the financial health and integrity of your business, you must maintain accounting accuracy. Some essential steps you must follow to ensure accounting accuracy are using reliable accounting software, segregating duties, reconciling regularly, double-checking entries, documenting transactions, using control accounts, performing regular audits, tracking fixed assets, budgeting and forecasting, employee training, and maintaining backups and security.
Do you have to keep Batch Reports from Online Banking Transactions?
Some of the best accounting software for startup law firms are Quill Legal Booking System, Inside, Leap Legal, Clio Legal Software, and Action Step.
Name some of the best accounting software for startup law firms
Some of the best accounting software for startup law firms are Quill Legal Booking System, Inside, Leap Legal, Clio Legal Software, and Action Step
Should you hang on to supporting documents while using online accounting for your law firm in the UK?
Online accounting software and systems are efficient and convenient for managing financial records in the UK. However, it is always advisable to retain supporting documents while using online accounting software for your law firm because they serve as essential evidence and backup for your financial transaction. They are also crucial for legal and regulatory compliance.
What are trust accounts?
Trust accounts are specialized financial accounts used to hold and manage funds or assets on behalf of other property and the beneficiary under specific legal and fiduciary obligations.
Is it okay to have a single account for personal and business transactions?
Technically, it is possible to have a single bank account for both personal and business transactions. Still, it is generally not recommended because it can pose legal and tax issues, recordkeeping and accounting challenges, limited liability protection, lack of sense of professionalism and credibility, banking inconvenience, and difficulty in producing a clear audit trail.