The Argument FOR & AGAINST: Using A Legal Bookkeeping Service (Like Boogles)

on 12 July, 2010 Email this Email this - Print this Print this

So, you’ve got in touch with us because you’re interested in getting in a legal cashier / a legal bookkeeper to give you a hand in your practice. But, we know that as a solicitor, you are keen to make the right decision and so we’re going to help you decide whether the expenses are worth it – presenting the evidence in a clear and easy way…..

The Current Scenario

You are busy. You have clients to see, work to do, emails to reply to, matters to close, cases to win, phone calls to make and (oh) a life to lead. You might even have staff to oversee. Law practices need to be constantly bringing in fees, and so marketing to generate your leads could form a big part of your waking hours.

Aside from growing the firm (sales) and delivering the job (doing law)… you also have to count the beans (finance). And, after a long, hard, busy and pressured day, perhaps you just can’t face (yet more) paperwork, admin or credit control. Trying to calculate your VAT return at midnight when you’ve been up since the crack of dawn – isn’t going to be your finest hour, and mistakes can be made.

How much is your time worth?

Solicitors can charge anywhere around £200 per hour. We know that a large proportion of that goes on overheads and running costs… BUT even with that in mind, your time is still WORTH a lot more to your business, than that of a junior team member. You may trust a member of your team to do the books – but do they really know their solicitors accounts rules? How confident are you that they’re getting it right? Did you employ them to do the books, or is it a job that you’ve pushed onto them? Are you going to have to train them up?

If you are doing your own books, you might think that you’re “saving money”…but let’s take a look at what is really happening here. You’re not “saving” what you think you are… this is why:

  • Your level of efficiency & competence in law is HIGH. This is why you are a solicitor. You trained to be a solicitor. Not an administrator.
  • Every moment spent on a non-revenue producing activity is COSTING your firm more than you realise.

Example – what the true cost of you doing your own books REALLY is:

Solicitor:

  • You charge £200 ph
  • It takes you 10 hours per month

Cost: £2000 per month

BUT (and this is where the pain can start)

You are working hard, juggling, trying to do things yourself, and save money. But you start to get tired (who wouldn’t working 16 hours a day, every day), and you slowly begin to fall behind…. Then (horror) you miss a deadline… a tendor – you loose a client or a contract. You just didn’t “get it together” in time because you RAN OUT of time.

That contract was 1 good client … worth “£3,000”… add this to the £2,000 of your time… and this is what your bookkeeping has cost you this month – £5,000.

Now, lets consider the case FOR the  bookkeeper:

Boogles Legal Bookkeeper:

  • We charge £30 ph  (invoiced every fortnight, payable 14 days after that).
  • It takes us “9” hours per month (because we’re more efficient and its simple for us)

Cost: £270 per month

When the PAIN of you trying to manage without this essential service gets to a point where you cannot bear it anymore, ring us up, on 020 3371 8894 or call Irene on 07738 572 901 and we will come over and help. Help is at hand.

Our initial ½ hour consultation is free.

If you choose to go ahead and engage us, then we’ll send you a letter of engagement and a one-off admin fee of £50 plus VAT.

Our terms of business are on our website.

We’ll start at a mutually convenient time.

Our cashiers keep a timesheet which they’ll ask you to sign each time they’re in. All staff are employed, trained and supervised by us. Irene Danso, Member of the ILCA is the Head of the Legal Cashiers.

Boogles is an award-winning bookkeeping company, established in 2004, employing around 20 staff, serving a variety of clients across London.


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Topics: outsourcing · reducing overheads · smaller law firms
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