It’s that time of year again when firms begin renewing their Professional Indemnity Insurance. This can be a stressful time for firms with so much to consider. An outsourced finance function can not only de-risk your business, but also importantly streamline efficiencies. This makes your practice run smoothly so you can focus on fee earning during this busy time.
In their “De-risk your finance function” article, Lockton, one of the leading UK suppliers of PII, said:
“A good quality outsourcer will have processes in place and certifications to counter cyber threats. They will have robust recruitment and supervision procedures to minimise internal fraud and error risks. These processes will be augmented using cutting-edge technology, such as secure communication portals and training routines to ensure all staff are constantly updated on threats. Use of automation and task management tools will also minimise errors.”
You may be thinking, how is Professional Indemnity Insurance relevant to Cashroom? Let us tell you…
Alex Holt, Director of Business Development, said:
“At Cashroom, we help our clients ensure compliance with whatever regulatory regime they fall under. Whether it’s SRA, SLC, Scottish Law Society, doesn’t matter. Our highly trained staff and sophisticated processes provide all the support needed to make compliance straight forward for you, meaning you can concentrate on being lawyers and we can take the strain of the regulatory regime.”
While Cashroom does not provide or submit any Professional Indemnity Insurance on behalf of or for firms, working with Cashroom does ensure that firms are compliant with Solicitors Accounts Rules and other legislations which can only be a positive for firms when applying for their renewals.
Lockton stated:
“The finance function of a law firm lies at the centre of the most fundamental risks faced by the sector. Cyber threat. Internal fraud. Human error. All these can spell huge financial losses, and significant reputational damage.”
Being able to prove your compliance from your accounts can only support your Professional Indemnity Insurance. So how does Cashroom ensure compliance?
Unique and secure technology
Creating a secure service with further reduced risk payment methods for firms is a massive priority for our full-time technology development team. Cashroom has designed and developed a unique web portal which removes the insecurities of email communication for clients. This reduces the risk of human error, fraud, and other cyber-crime. Our technology has been developed in its entirety in-house and is monitored daily. Clients can log on and request tasks for their accountants and cashiers and have clear visibility of their accounts and tasks. With integrations into the leading Practice Management systems and the banking network, Cashroom makes law firms tools work better by integrating with industry leading software and custom applications right into our Cashroom Portal.
Qualified cashiers and accountants
Our partnership with ILFM (Institute of Legal Finance & Management) means all of our cashiers work through the ILFM cashiering programme to gain their recognised qualification. Meaning, all our cashiers are qualified or are in the process of gaining their qualification. In the case of training cashiers, they always have a team leader and manager to supervise them whilst they continue to develop their skills. With our trained staff, we are providing our clients with a unique support network in all aspects of managing their accounts department. Cashroom’s expertise and dedication to regular training means we are always ahead of the game when it comes to new regulations and compliance, providing peace of mind for our clients.
Clear audit trail
Our Cashroom portal not only reduces risk for our clients but provides a clear audit trail for their (and their insurers) visibility. We can deliver this through our secure web portal where clients can communicate with their Cashroom cashiers and accountants, log requests and see an overview of their accounts.
At Cashroom, we believe a good quality outsourcer will have processes in place and certifications to counter cyber threats. These processes will be augmented by the use of cutting-edge technology, such as secure communication portals and training routines to ensure all staff are constantly updated on threats. The use of automation and task management tools to also minimise errors. That’s why we ensure we deliver all of this, so our clients get the best service.
Lockton said:
“Such factors have led insurers to view a top-quality outsourced finance functions as a better solution than inhouse equivalents.”
If you would like to hear more about how Cashroom can ensure compliance with your law firm, please email Daniel.jones@thecashroom.co.uk or call 07949 177 952.
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.
