1. Audit Issues
The Solicitors’ Accounts Regulations (SARs) 2014 have been live since June 2014. Whilst there may not have been any significant departures from the 1998 regulations, Solicitors should nevertheless take the time, if not already done so, to re-familiarise themselves with their requirements from an accounting perspective.
As auditors, we cannot emphasise enough the importance of keeping your bookkeeping up to date; to include:
Efficient and effective bookkeeping can ensure that minor breaches are dealt with immediately, major breaches can be avoided, and ultimately your practice is ran successfully.
Our recent experience has been that anti money laundering is a key area on which the Law Society will focus their attentions during an audit. It is imperative that firms appoint their Anti Money Laundering Officer and follow the required procedures.
It is likely that with the introduction of GDPR on 25 May 2018 that this will also become a focus area for auditors and therefore we also recommend that firms can clearly demonstrate their compliance with GDPR.
2. Accounting issues
We understand more than anyone that practice life is busy, however you must never lose sight of the fact that you are running a business. With some high level indicators, you can keep an eye on your business performance without having to take too much time out of your busy schedule:
3. Tax issues
There is no one answer fits all to tax, however consideration should always be given to:
At Sean Cavanagh & Co, we work with you to ensure you have the right support to help you to manage your business and your tax affairs. We offer the full package, from day to day bookkeeping to year-end audit to Accounts & Tax. We also work in conjunction with highly skilled and recommended independent freelance bookkeepers.
Furthermore, we are always on hand should you have any accounting or tax related queries in relation to the business of your clients.
Should you wish to speak to one of our team on any of the above issues, please contact our Manager, Noel Convery or Director, Sean Cavanagh.
NI: 028 8775 5880
Noel Convery: firstname.lastname@example.org
Sean Cavanagh: email@example.com
T: 028 8775 5880 | (ROI) 016994453
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