Monday, September 5, 2011

How does virtual legal bookkeeping work?

My July 3rd posting was on why I provide my bookkeeping services virtually. Richard from Michigan suggested that I could further explain what I do and how the whole virtual legal bookkeeping process works.

Each month, I generally do the bank reconciliations (statements emailed or faxed to me), plus the remittances to the government for payroll taxes and HST (consumption tax). If something on the bank statement does not appear correct, I simply email to ask for clarification / explanation; just as I would have to ask for an explanation if I was on-site.

I also assist with law practice compliance issues. The law society in Ontario requires specific bookkeeping procedures, records, forms, etc.  I review practice / office procedures, help fill out forms, look for any bookkeeping errors made by staff, and advise and correct as needed.

I maintain the General Ledger in PCLaw, which has a tendency to gather posting errors that cause sub-ledger imbalances (i.e. bank ledger balance is different from the amount shown on the balance sheet). With the exception of partial postings which require the involvement of a PCLaw engineer, I can correct most of the other errors.

I can print or save any reports as are needed or requested. I can assist with billing disputes and other accounts receivable issues. And, I can also assist with overall small business advise in respect to running a law practice.

As always, I invite your comments and suggestions for future post topics. Next week – Archiving.