I have a Law Society accounting investigation going on at the moment.
The last one I had was 7 years ago, apparently, and it did not go well at the time. I had just started my solicitor’s practise in Enfield and was, if not flying by the seat of my pants, focused on generating clients and keeping my business going. Administrative and accounting matters were not a priority.
I was obliged to visit the Law Society and explain the various issues that had arisen and explain how they would be tackled in the future.
I did take the whole thing seriously and put in place an efficient, effective system of bookkeeping, accounts, anti-money laundering documentation and procedures. So, I am in better shape now and am confident enough about the outcome being satisfactory for the Law Society and for me.
It is easy when you are trying to build a business to overlook the pesky paperwork, the administrative details that might trip you up later on. This would be a big mistake. Taxation, filing of accounts, anti-money laundering procedures, and compliance with all regulatory requirements must be in order from the start of your business.
If they are not you leave yourself open to tripping yourself and your business up early on. Even though these matters may be seen as a nuisance and a hindrance to the real business of starting and growing a business they cannot be overlooked.
As former Taoiseach Albert Reynolds used to say, “it’s the little things that trip you up”.