In order to provide Accounting services for legal professionals and solicitors it becomes mandatory that the accountant is professional, experienced and has an in-depth knowledge of the sector. For an accountancy firm it is mandatory to be registered auditors and the firm should be able to provide services to all type and size of businesses.

Especially in the case of Solicitors accounting the service provider should be apply to comply with  the work related to solicitors accounting such as the Solicitors Accounts Rules, audit services, annual accounting, tax and planning for risk mitigation and should be experienced enough to advise on non-routine issues.

Changes have been made with respect to SRA(Solicitor Regulation Authority) Accounts Rules and reporting requirements, and Legal Services Board has now approved it. These changes will come into effect on or after 1 November 2015 after the end of accounting period. In this new ruling the auditor is required to exercise their professional judgement in order to determine the work required to assess risks to client money and allow for flexibility to individual solicitors practice to ‘suit the audit’.

This is why an accountancy firm with enough knowledge and experience is required for solicitor’s accountancy. We have proficiency in providing accounting for solicitors.