Outsource your management accounts
Do you need personalised financial reports quarterly? Management accounts give you profit and loss stats alongside a balance sheet which are easy to digest, cutting out mental overload. We’re familiar with a range of information you’ll need for reporting and analysis.
Experienced and tech-savvy bookkeepers
Supervised by Chartered Certified Accountants
Solicitors accounts rules compliant
Keeping legal accounting easy
Assess your law firm’s financial performance
An in-house finance team might consist of a singular person. Even in larger firms, finance teams aren’t much bigger. Outsourcing your management accounts and reporting takes the pressure off small teams and provides you with the data you need to assess where your business sits financially, and how you can push on.
Reports can include anything you need – in a format that makes the numbers easier to work with.
Better financial decisions await
No need to panic about your accounting and finance, we’ve got you covered. We’ll help you look after:
- costs transfers
- conflict checks
- financial review
- interest calculations
- bank reconciliations
- costs/profit bills posting
- client & office bank posting
- month & year-end reporting
- transfers between client ledgers
- review of internal control procedures
- KPIs & financial reports for Lexcel audit
- budgets, cash flow forecasts, variance analysis
Make your management reports useful for decisions
Management accounts are most useful when the figures answer the questions your partners are asking. Before agreeing a reporting pack, identify what you want to understand: fee income, operating costs, cash availability, performance against budget or changes from the previous period.
Agree a reporting rhythm
The right timetable depends on your practice and how you use the information. Discuss whether monthly, quarterly or another reporting schedule fits your needs, and what records must be ready for each review. Consistent bookkeeping helps make comparisons between periods more meaningful.
Read the figures alongside their context
A change in income or expenditure may need an explanation beyond the headline number. Consider timing differences, one-off costs and changes in activity when reviewing results. Keep a list of questions and actions so the next reporting period can show what has changed.
If your records need regular attention before reports can be prepared, explore our outsourced legal cashiering. For a broader discussion about budgeting and financial direction, see our finance director support. Contact us to discuss a reporting scope for your law firm.
SRA Data CodeWe’re legal accountants in London offering better legal bookkeeping.
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