I am new to this forum, jsut a couple of questions and would apprecaite if someone can help.
Do any of you deal with solicitors bookkeeping? i know there are seperate rules that apply to them in terms of firm's account and client accounts. I am looking for an excel template if anyone know of one or would be willing to share one.
I got a solicitor who is interested in signing us to do their bookkeeping. If required, I would have to design a spreadsheet from scratch. Please let me know know if you know an economical software for this specific purpose. (Also interested in one for GP's and Pharmacies).
Best regards and Happy new year!!!
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H Shahid
MICB, Adv. CeMAP, MA
Bookkeeping and Plus Sums!!
you are right solicitors have their own rules and regulations.
I used to audit a solicitors when I worked as an ACCA and alarm bells are ringing, this is a specialist area of bookkeeping and errors can have serious consequences so I wouldn't enter into it lightly.
There are very specific rules when it comes to the client money accounts which they must adhere to and Solicitors can get fined and even struck off if they hold money belonging to client in their bank account too long before it is transferred into the clients bank account. All the client accounts need to have their own bank accounts where the money must be transferred to within a few days I think and you have to keep on top of this. Any clients accounts with a lot of money in need to be transferred to high interest accounts..... I could go on but there is quite a bit involved.
Although the Solicitors Accounts Rules are quite onerous, the rules can be grasped quite quickly and it doesn't sound like a big practice that you will be doing the books for. The Law Society publish detailed guidance on SAR's and I would recommend that you read up on them before taking on this work. As per previous post, most of the additional rules relate to clients money/interest/reconciliation etc.
I would not turn the work away but firstly would invest some time in ensuring that you are confident in doing it correctly. If you get to grips with the rules and have experience then this could be an area where you could market your services to other law fims as good bookkeepers with this specialist knowledge are few and far between and price their work to law firms accordingly.
-- Edited by Jason Dormer on Friday 8th of January 2010 08:05:22 PM
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Seahorse (UK) Limited - Support for Bookkeepers and Accountants www.seahorseuk.co.uk 01268 417631
Bookkeepers in the UK have long since struggled to get into the somewhat lucrative area of Solicitors Accounts. Understanding the Solicitors Accounts Rules (SARs) and how to actually APPLY the rules have stopped many bookkeepers from crossing the divide and entering into that territory. It's difficult to read and understand how to apply the rules from a book. Courses are better. The Boogles Legal Bookkeeping course next runs in Jan 2011. SARs is a technical subject, and Cashiers are few and far between so bookkeepers with this knowledge, are at a distinct advantage. See: www.Boogles.Org
the good thing about the Solicitors Accounts Rules its that they are so stringent it makes it clear to follow. Using software is the way forward here.
I used to work in the legal team at Hazlewoods, which specialised in accounting for solicitors. Feel free to give me a shout if you want any advice in the Sar setup.
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Phil Hendy, The Accountancy Mentor
Are you thinking of setting up your own practice or have you set up and need some help?
If so a mentor may be the way forward - feel free to get in touch and see how I can assist you.
Before you take on a solicitor client, please check with your professional Indemnity Insurer that you are covered to do solicitors accounts. They might charge you an extra premium for having solicitors as clients as they deem them to be higher risk.
There can also be issues, insurance wise with preparing superstars self assessment forms. Welcome on board too Phil
and Hi Lisa- small world, welcome on board.
PS: Lisa has some short training videos on Youtube - just do search on boogles. Useful to those who are new to bookkeeping.
Thanks for the welcome and tips Dalbir. I will look out for Lisa's training video's. I used to do similar courses on legal cashiering, but this was about three years ago - it would be good to get a refresher!
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Phil Hendy, The Accountancy Mentor
Are you thinking of setting up your own practice or have you set up and need some help?
If so a mentor may be the way forward - feel free to get in touch and see how I can assist you.
I qualified as a Legal Cashier and the work can be very different to basic bookkeeping. Have a look at the professional body that looks after cashiers work http://www.ilfm.org.uk/ for some information. You may find their training courses useful.
