Regulation 13 of the Solicitors Accounts Regulations 2014 requires that a “a solicitor shall, at all times in the course of and arising from his or her practice as a solicitor, maintain (as part of his or her accounting records) proper books of account and such relevant supporting documents as will enable clients moneys handled and dealt with by the solicitor to be duly recorded and the entries relevant thereto in the books of account to be appropriately vouched”.
Proper posting procedures and regular, professionally prepared reconciliations ensure compliance and minimise the opportunity for errors or breaches to arise. Our bookkeeping clients have their accounts fully reconciled each month. We rectify all posting omissions and errors relating to the balancing of system to the bank statements. All regulatory deviances found are advised to the client for correction. Because we keep on top of reconciliations and rectifications on a monthly basis, our clients’ are always SAR compliant in this regard.
From a Financial Management point of view, the importance of keeping records up to date and fully balanced cannot be emphasised enough. Up to date, accurate books of account give a snapshot of your business and allow you to manage cashflow, minismise your outlays and maximise your profits. Every 2 months, we provide our bookkeeping clients with our specialist Practice Management Report; this is an invaluable resource for all practice managers as it contains information on compliance, balances and profitability.