• December 9, 2023
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Boost your business from beginner to brilliant with outsourcing

Boost your business from beginner to brilliant with outsourcing

One of the easiest ways to boost your law firm from start-up to success is through the help of outsourcing.

A lot of law firms focus their time and energy on servicing clients. This leaves little time to focus on other essential aspects of running a business. Most industries have management teams whose entire purpose is to run the corporate entity. Law firms can be quite different in this regard as they rely on the partners and the highest fee earners to generate income and make use of their expertise, making it harder to find time to look up from their workload of helping clients and reflect on their business. It is important to focus on the growth of your clients – but you need breathing space to move your own business forward too.

What are the benefits?

If you want to scale and grow, outsourcing is essential.

When asked about the benefits of outsourcing, law firms have put an emphasis on the time saving aspect. Fee earners are now able to focus on billable work rather than having to work through time consuming admin.

They also discussed the ease of flexibility. Businesses may not have enough work worth hiring new staff for. However, when it comes to outsourcing, you can take or add the number of hours each week that are required to get certain tasks completed.

Being able to scale and grow has been an essential aspect of outsourcing for firms. Businesses who were one or two person start-ups have been able to grow in just a couple of years into businesses with larger teams as they focus their valuable time on client relations and business development. With any extra work they are struggling with, instead of scrambling to get it finished at the last minute, they can rely on outsourcing to carry the extra workload when needed.

Where do you begin deciding what to outsource?

Research what’s out there, what functions can be outsourced and ultimately what your end goal of outsourcing is. It may be to free up more time to focus on important tasks or you may not feel qualified enough to be the best person to complete specific tasks – that’s where the expertise of outsourcing can boost the quality of your work. Consider what will be the best return of investment for your business, for example, which tasks are slowing you down that could be handed over to someone more skilled. Also, make sure you are investing in the right outsourcing company – research client testimonials for the services you are interested in.

What kind of questions should you have for a potential outsource provider?

Again, it is important to identify the tasks that you need assistance with. This will help you find a perspective partner as you can list the exact work you need help with, and you can be directed toward someone with the abilities to provide the services that you need. You must also ask about the contract (when you can leave if needed), the hourly rates, how many hours the provider wants from you and their GDPR/confidentiality contracts.

What’s some advice that could be given to firms considering outsourcing?

Don’t wait, just react. Think about what you need to do to keep growth on track and prepare for any situation the economy may throw your way. There’s no better time to start than now with uncertainty and a new year ahead – so let someone with knowledge and experience help guide you to where you want to be.

Ultimately, decide what you want to outsource, get the provider on board with your team, and go for it! It is impossible to grow a company all by yourself. Speak to the experts and see how your business can be encouraged to flourish.

Start your research into outsourcing your legal accounting today by having a chat with Cashroom’s team. We would love to answer all your questions.

E: info@thecashroom.co.uk 

P: 01695 550950

This article was submitted to be published by Cashroom as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.

The Cashroom

http://www.thecashroom.co.uk/

The Cashroom Ltd exists to deal with the day to day administration of a law firm’s finance function, ensure compliance with the Solicitor’s Accounts Rules, and provide firms with management information and Management Accounts. We provide the time and the information allowing solicitors to focus on their business. The Cashroom provides a specialist accounting service to the legal profession, comprising an outsourced legal cashiering service, and an outsourced management accounting service. We now do this for almost 150 clients in the UK. Our legal cashiering service is delivered remotely by a team of qualified cashiers, working in our offices. We use our client’s own practice management system (there is no need to change system), logging on remotely to run their cash room, as if we were in the room next door. We also provide an outsource management accounting service delivering management accounts and management information to law firms quickly and economically, often to firms who could not afford to employ a full time accountant. More importantly, we work with clients to analyse that information, helping them understand their firm’s finances more clearly. Lawyers are not accountants and employing, supervising and managing a cash room, was a worrying prospect for many solicitors. Our Legal Cashiering Service takes away that worry, running and managing a firm’s cash room, on an outsourced basis, and ensuring compliance with the Accounts Rules. And we usually do it for around two thirds the cost of running an accounts function in house. Few small to medium sized firms produce the management information they need to run their business effectively. Few produce monthly Management Accounts, few have annual budgets, and fewer still track performance against budget on a monthly basis. Our Accountants combine “best practice” from a number of firms to create a finance function, which produces Management Accounts and management information quickly and efficiently. The Cashroom produces annual budgets, monthly management accounts, monthly management information and cash flow projections. More importantly, our Accountants spend time with our clients making sure they understand the information, and what it tells them about their business. And, again, we do it for a fraction of the cost of employing a Finance Director. We also run a full outsourced payroll including auto-enrolment services for firms of all sizes. Key Contacts: If you are regulated within the English and Welsh market then please contact: Alex Holt T: 07817 420 466 E:  alex.holt@thecashroom.co.uk English Office The Cashroom, West Lancashire Investment Centre, White Moss Business Park, Maple View, Skelmersdale , Lancashire, WN8 9TG Tel: 01695 550 950 If you are regulated by the Law Society of Scotland, please contact: Gregor Angus T: 07875 598 593 E: gregor.angus@thecashroom.co.uk. Scottish Office, Livingston The Cashroom, Craglea House, 7 Quarrywood Court, Livingston Village, Livingston, West Lothian. EH54 6AX Tel: 01506 401 270

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