Real Estate and the need for Solicitors

Solicitors have to deal with multiple cases all at once, often with very little support. This can be taxing on their productivity and performance. Sometimes it would be better if they can outsource part of the process to other experts such as secretaries, paralegals, and accountants. In addition, there are certain regulatory requirements that call for the technical knowhow of a third-party professional. Compliance dictates the use of accountants for solicitors, for example, for specific documents that have to be submitted on a regular basis. Find a good accounting firm that focuses on this type of work to get the best results.

Read more about accountants for solicitors


Accountant's Report 


The most common request is for the creation of an accountant's report. This report is mandatory under the rules drawn up by the Solicitors Regulation Authority in 2011. All of the law firms which have been authorised by the SRA to deal directly with client money are compelled to produce a Solicitors Accountants Report. This cannot be entrusted to any random person. The document must be created by registered auditors who have the technical knowhow to do the job properly. Make sure that you get an accountant with years of experience in making this type of report to reduce the possibility of errors.


Taxation


Lawyers may also want to hire accountants to help them with taxation. Registered accountants have in-depth knowledge of the tax rules and can therefore provide valuable advice for legal firms. They can be consulted on the most recent legislations to come up with a strategy that would lighten the burden on the firm and the clients. For example, the client might be someone who is interested in buying a piece of real estate. Accountants may be able to help them and the solicitor to go about it with the least amount of expenses possible.


Accounts


The Accountant's Report is not the only document that is mandated for submission by the Solicitors Regulation Authority. The SRA has a number of compliance requirements that needs focused attention at all times. The bookkeeping and accounts should be handled with care so that pertinent details can be transmitted without any fuss. Some accounting firms will offer this service as well. A specialist solicitors team can handle the load so that the lawyers can keep their attention on their own clients and their legal practice. They can devote more time to negotiations, litigation, and other core competencies.


Secretarial


Lastly, the accounting firm can provide secretarial services for solicitors. This can be arranged for practices of all sizes. There are certain secretarial responsibilities that need to be completed regularly and in a timely manner. Otherwise, there might be fines and penalties for negligence. Having a professional team take care of the details can provide confidence and lessen anxiety. Time will no longer be wasted worrying about the smallest details or putting out fires that should not have started in the first place. Look for a legal accountants who have the capacity to render all of these services under one roof.