Because most solos and small firms may not need a full-time bookkeeper, they often end up either trying to do the work themselves or having a spouse or partner come in “a few days a week” to do the work. With this approach, no one is consistently and directly responsible for ensuring that the finances are in order, regardless of how “simple” the firm thinks they are. 

The August Illinois Bar Journal Practice HQ column summarizes all the financial areas a proper bookkeeping routine covers and discusses the benefits of outsourcing this role. Whether outsourcing is a viable option, consider at least a quick audit of your own bookkeeping routine and the time you devote to it. A thorough, orderly bookkeeping process may help minimize expenses, increase your efficiency, and maximize your bottom line.

Read more in the August issue of the Illinois Bar Journal.