Book-Keeping for Law Practices in Singapore
Book-keeping for law practices in Singapore is subject to specific regulations set by the Law Society of Singapore (LSS). Here's a breakdown of key points to consider:
Regulations and Requirements
Legal Profession (Solicitors' Accounts) Rules (SAR): This rulebook outlines the requirements for maintaining financial records for law practices.
Legal Profession (Solicitors' Trust Accounts) Rules: This set of rules governs the management of client trust monies held by law practices.
Approved Bookkeeper
Law practices must engage a qualified bookkeeper who is either:
Approved by the Law Society after completing a mandatory course
Possesses specific qualifications set by the LSS
Has at least five years' experience in bookkeeping for law practices (if not qualified above)
Resources
The Law Society of Singapore: The LSS offers a "Book-Keeping for Law Practices Course" to provide understanding of the SAR and bookkeeping for law firms
Practice Direction 3.3.2 Engagement of a Book-keeper: This direction details the qualifications and approval process for bookkeepers in law practices
Additional Considerations
Client Money Protection: Law practices must adhere to strict guidelines for safeguarding client funds held in trust accounts.
Accounting Software: Consider using accounting software designed for law practices to streamline bookkeeping processes.
How Bestar can Help
Here's how Bestar is able to help with book-keeping for your law practice in Singapore:
Compliance with Law Society Regulations: Bestar is a firm with experience in the legal profession (https://bestar-sg.com/). We are familiar with the specific bookkeeping requirements set by the Law Society of Singapore (LSS) for law practices, including the Solicitors' Accounts Rules (SAR) and Trust Accounts Rules.
Qualified Bookkeepers: Bestar has experienced consultants (https://bestar-sg.com/). We have bookkeepers on staff who are qualified or approved by the Law Society, as mandated for law practice bookkeeping.
Accountant's Report Preparation: Bestar showcases our expertise in preparing Accountant's Reports for the Legal Profession (https://www.bestar-sg.com/post/accountant-s-report-for-legal-profession). This report is a requirement for law firms, and having an accountant familiar with the format and regulations can be helpful.
Contact Bestar: While our website mentions legal profession accounting experience, confirm our qualifications and specific services related to LSS-compliant law practice bookkeeping. We ensure any bookkeeper assigned by Bestar meets the qualifications outlined by the Law Society.
By combining Bestar's expertise with your own knowledge of the LSS regulations, you can make an informed decision on whether our bookkeeping services are a good fit for your law practice in Singapore.
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