• April 23, 2024
 Don’t be fooled, guess who has the best tech!

Don’t be fooled, guess who has the best tech!

Legal technologists see 2021 pushing the trends brought on by remote work even further, with AI and analytics continuing to grab attention.

How can technology help your law firm? There is no getting away from it especially this year. We use it in every aspect of our lives, we even exercise using technology by watching a work-out on YouTube or tracking a run on your watch. COVID-19 accelerated the use of collaboration tools, cloud technologies, video conferencing platforms and more to unforeseen heights. Even if you don’t think you are a tech expert, we are all much more comfortable with it.

The legal sector is naturally risk averse, making it difficult for law firms to genuinely innovate on their own. Traditional business models, the legal training system and the partnership structure can all pull against the will to change. However more and more firms are becoming tech pro’s themselves.

New legal start-ups have never been easier to set up using technology than now and at this time many are doing so. Many lawyers have a vision and a desire to use up to date processes and tech which does not align with their present partners’ old fashioned and restrictive views. This is the perfect time for savvy lawyers to set up. There are so many tech products firms can use to help them run their business better.

You might not think that technology is high on the list of your legal cashier or accountant’s agenda but at Cashroom that isn’t the case. In fact Cashroom recently acquired technology business Kanbaro to help clients improve efficiency and reduce risk. Read more about this.

The most obvious piece of technology at Cashroom which revolutionized our business is The Portal. The development of the portal was done with security at its core. Cashroom is Cybers Essentials Plus accredited, and this means that all of our processes, including the portal, regularly go through rigorous assessment and pen testing. In terms of a transaction, the portal provides that complete transparency with a documented audit trail. The benefit of this technology is when it comes to ensuring compliance with the firms Solicitor’s Accounts Rules the portal allows you to track each payment request from creation to authorisation at the bank.

We reached a landmark recently where we had our one millionth request through the portal, and we now deal with around 45,000 requests a month. Around 50% of those payments now go through a process using open banking and bulk export and import which is continuously improving our processes and processing capability. This technology again gives our clients a massive benefit as with using these processes there is no possibility of human error, either accidentally or criminally intentionally.

Technology is ever changing and with a dedicated inhouse team we are constantly working on this. We’re looking at integrations with Practice Management Systems. Cashroom is system agnostic and there are many PMS’s we currently work on. We have always accessed our client’s systems remotely so COVID didn’t change how we worked at all, what it has done is reassure firms that it works and opened up that trust in the technology.

We want to go further and are looking to provide benefits of automation by integrating with PMS’s to continue to provide efficiencies for clients looking for outsourced legal and cashiering services.

As well as security, efficiency, risk avoidance and compliance, our tech also provides accurate, up to date data and MI which enables our clients to properly manage their businesses. The Portal dashboard gives a clear and visible view of your firms accounts.

Don’t be fooled by your legal cashier or legal accountant in your business – keeping your business complaint, efficient and secure, we could be using the best technology of all!

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