Solo Attorney Brian Reidy on Why Kahuna Accounting Works for His Law Firm
“I knew I had the skills to learn bookkeeping, but I didn’t want to take my time to do it. Time is valuable, either with my business or my family. It kind of got to the point where I thought ‘if I pay someone to do this I can better use my time somewhere else, and I can continue to grow the business,’ and it’s been a good decision.”
Illinois attorney Brian Reidy made the decision to start his own practice in December of 2014. From day 1, Brian was in charge of every aspect of his business. From taking out the trash to managing his own trust accounting, there were an unlimited number of tasks that needed to be done. This left very few hours for important tasks like marketing to bring in new clients and even more important aspects of life – like spending time with his wife and three children.
“There are many, many elements of running a law practice. You’ve obviously got the practice of law, but if you’re the person in charge, you’ve got operating expenses, costs of doing business, client acquisition costs, and if you have employees, you have payroll costs,” says Reidy. As his solo practice started to grow, he had to shift his time and focus to tasks required of an attorney. “My days were pretty filled with legal work. Bookkeeping was kind of pushed off to the end. I just didn’t really want to do it, but I knew it was a necessary evil.”
The necessary evil that all attorneys have to face in managing their business is trust accounting. “I really struggled with trust accounting and how it worked within the bookkeeping system I was trying to manage,” says Brian. One small mistake with trust accounting can jeopardize an entire firm.
Before making the decision to outsource his bookkeeping, Reidy tried to play catch up. “I did this for an entire Saturday followed by a half day Sunday trying to figure some stuff out,” Reidy stated. After doing the math of how many billable hours he was forfeiting by trying to do his own books, Reidy decided it was time to find a better solution. “Alright guys, I gave it an honest effort, it’s time for the pros to do it,” Reidy thought as he decided to outsource his accounting to Kahuna.
Instead of trying to find and correct every mistake made, Reidy now gets updates regularly from Raushana, a Kahuna Accounting Cloud Accounting. Reidy recalled several conversations where Raushana has pointed out potentially harmful mistakes. “I think you’ve marked this as a trust transaction when it’s actually an operating transaction. Mistakes like those can be costly, they can get you sanctioned. She helped catch those things, which is invaluable,” says Reidy.
Despite the value of outsourcing his bookkeeping to professional accountants, Reidy was hesitant to work with Kahuna. “I thought Kahuna was too big for someone like me, but I’ve grown (my business) because of it,” says Brian, who admitted the setup fee and size of Kahuna Accounting was intimidating at first. Now with a skilled team available to answer his questions, reconcile transactions and alert him of potential liabilities, he says “I couldn’t afford not to do it.”
Could your firm use a partner to handle the bookkeeping side of your business and help your firm grow? Contact Kahuna Accounting today to setup a call with Micky Deming or Andy Peterson of the Kahuna Accounting team, who are experts in finding the right solution for your needs.