Why should solicitors use Accounts Specific software?

on 14 June, 2010 Email this Email this - Print this Print this

As Ben Franklin remarked, nothing is certain but death and taxes. These days, the tax collector no longer sends troops to pillage your house and family, she just demands exact accounting records in the “prescribed” format. Being model citizens (well, most of us), solicitors comply with all these rules and regulations.  Most of us keep our accounts on a professional, SRA compliant accounts package.

But some of us still struggle on with a manual or spreadsheet system. I sometimes wonder why – the process can be laborious and time intensive.  Of course, if you are happy with this method then maybe a software package is not for you.

But, consider this – if you invested two weeks in marketing and client relationships, would it bring in additional business?  Are all your cards up to date, showing the full history of the office and client transactions? Can you do proper “double entry” with just one posting?  Are you able to get last months balances at the touch of a button?  Do you know the profit on the business for the year? Or for the last few months? And have you got any residual moneys on old transactions? Have you transferred all the bills due?

This is before we consider the regulations – VAT has to be recorded and sent to HMRC. And at the year end, all the balances have to be tidied up and made ready for the annual audit. Bank reconciliations need to be made, and kept, every month. Occasionally, for whatever reason, you will have substantial moneys held for a period of weeks. Is interest due? Or not? Can you push a button to find out?

So, in summary, if you want to reduce your workload while increasing productivity and satisfy the taxman into the bargain, then maybe it’s time you invested in an accounts specific software package. There are lots of very good systems to choose from but, for heavens sake, do choose one of them.

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