Why choose a niche bookkeeper?
The bookkeeping industry is full of eager, experienced people searching for more clients all the time. Attorneys could quickly sign an agreement with a bookkeeper and get started hoping to have organized and well managed books.
However, the trouble may also be just getting started. Hiring a general bookkeeper means training them in all of the special extra needs that legal bookkeeping requires. The new bookkeeper may claim to understand how to organize law office books, but unless she has actual experience doing so, the chances are she will miss something or make mistakes along the way.
It is very important that a busy attorney search for and hire a bookkeeper that specializes in doing law office bookkeeping – in other words, has chosen attorneys as her niche. Here are 5 reasons why it is a good idea to hire a specialist for your bookkeeping.
Reason #1 – A niche bookkeeper understands trust and IOLTA accounts
Standard businesses require bookkeepers to record income, expenses, assets, and debts. Attorneys need an extra set of records to keep track of trust accounts and IOLTA (Interest On Lawyers Trust Accounts). Hiring a bookkeeper who niches in serving attorneys is the only way to be sure these specialized accounts are recorded and tracked properly.
Mismanaging the records in either of these types of accounts can lead to huge problems with disastrous consequences. General bookkeepers will have a steep learning curve before they can understand and accurately manage the money that goes into and out of these specialized accounts.
Reason #2 – A niche bookkeeper is obviously dedicated to your field
When a person chooses one particular industry to serve through bookkeeping, he is shutting the door on all other opportunities. He may be turning down income from multiple clients in order to pursue and gain only attorneys for his bookkeeping practice. This bookkeeper can be guaranteed to serve you with his whole efforts, and will be dedicated to learning all that he can about the legal field. He will quickly gain the knowledge and experience required to make your bookkeeping smooth and accurate, because he needs to serve his chosen field well in order to continue working.
Reason #3 - A niche bookkeeper has experience in his field
Who would you trust to perform heart surgery – a heart surgeon, or a general practitioner? The more complex tasks do require specialists. They already have experience in their field, and are able to use that experience when working with you as a client.
Just as attorneys also specialize in particular fields, so bookkeepers can and should become specialists in one industry. By doing so, the bookkeeper can bring a wealth of experience to the attorneys they serve. When an attorney hires a specialized bookkeeper, she can rest assured that the bookkeeper is already serving other attorneys with similar finances and detailed reporting requirements.
Reason #4 - A niche bookkeeper will already have developed a specialized chart of accounts
Great financial reports are easy to read and easy to search through when a particular question needs to be answered. Each industry has unique accounts that line up with their expenses and income. Attorneys will obviously have the need for a special set of accounts to track their spending and income, as well. A bookkeeper specializing in serving attorneys will know exactly where to place those transactions, and will have a customized chart of accounts ready to go each time she gains a new client.
Reason #5 - A niche bookkeeper will be extremely fast and accurate
Anytime an attorney hires a contractor for a job, he will have to factor in the time it will take for the worker to learn the ins and outs of working with him. Usually after a few months, the attorney and contractor find a great rhythm, and the work is quick and accurate. If the attorney decides to hire someone who is not very experienced serving attorneys, he may discover that the learning curve takes much longer than usual.
Hiring a specialized bookkeeper cuts down on the time it will take for the attorney and bookkeeper to find that perfect sync, because the bookkeeper is already familiar with the complications of the legal bookkeeping field.
Attorneys have an important and complicated job to do. They need to be sure that the support they get from their bookkeepers reflect that importance. When a great attorney and a great specialized bookkeeper work together, incredible work gets done.
