The importance of Accounting Compliance for the Legal Community
As a law graduate commencing your brand-new career within the legal community, accounting services and compliance are likely the last things on your mind. But should they be on your mind?
The answer is yes. Why? Because lawyers who develop a proactive and strategic approach to their accounting and overall finances, are proven to be well set up, not only for an extremely successful career, but an extremely successful life too.
What happens when you move into a more senior position, or perhaps even become a partner in a top tier QLD law firm? You need to be prepared for that likely possibility (and early on).
This is where the importance of accounting compliance comes in. Let us explain.
Your income levels can change dramatically
As a junior lawyer, it’s inevitable that you will move up the corporate ladder throughout your career. This often happens fast, with a significant income increase to match. And as we all know, lawyers invariably become high net worth individuals, making their income and how they manage it, extremely important.
Having the right accountant on your side already, will make it easier for you navigate your career and achieve your short- and long-term financial goals, whilst ensuring your compliant.
There are many milestones to manage
So, you’ve moved into a more senior legal position, or perhaps even become a partner in your firm.
These are two highly significant milestones which come with additional financial changes.
Some of the following needs can arise as a result:
New structure set up – such as a family trust
Compliance assistance – such as maintaining ATO guidelines
Insurance needs – such as income protection
Budgeting and cashflow management
The right accountant can help with all this and more.
Your level of free time decreases
As a law student, you may have had a little more time on your hands. Now, as a fulltime lawyer, it’s likely that your level of free time has significantly decreased and will continue to do so.
No need to worry though, because the right accountant will be there as a consistent adviser and support system to take care of all your accounting and financial needs, giving you more time to do what you do best, along with spending time with your loved ones.
Lawyers who develop a proactive and strategic approach to their accounting and overall finances, will be well set up not only for an extremely successful career, but an extremely successful life too. Having the right accountant on your team from the very beginning can help.
At Crest Accountants, we have over 45 years’ experience in working with lawyers to help set them up the right foundations and structures, for their busy career and life. We take the time to get to know our clients so that you feel confident we have your best interest at heart. Crest Accountants, the Gold Coast accountants you can trust.
Contact us and book an appointment to see how we can help you with your accounting and compliance needs today.