• November 28, 2023
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Time for a fresh start?

Time for a fresh start?

New Year, new finance function?

It’s that time of year when we begin to reflect on what we can do better this year than we did last year. Working in the legal profession, making time to step back and reflect can be difficult but it is important for business development and optimising your processes for maximum return.

For many firms, now may be the time you begin to look at your business, your processes, and procedures and how you could improve these. This includes your finance function – could your finance function be improved to save your fee earners time and accelerate organisational growth?

If your firm is looking at your strategy and processes for this next year, Cashroom can help you increase efficiency, reduce risk and ensure compliance with our fully outsourced finance function.

Why use an outsourced finance function?

Using an outsourced finance function allows you to focus on core elements of your business giving you the time you need to scale your business. You no longer need to worry about staff training, holiday cover, sick cover, pensions or parental leave. These all become the responsibility of your outsourced provider.

Outsourcing can help relieve a lot of the stresses law firms face when it comes to compliance, regulation, and efficiency. A key reason firm’s look to outsource is to gain extra and more expert resource for a much lower cost. Alongside this, outsourcing your finance function frees up fee earners time to spend more time doing what they do best – practising law and generating revenue.

You can read more on the benefits of outsourcing in a recent blog article here.

Why Cashroom?

At Cashroom, our legal cashiers consist of ILFM and SOLAS qualified Cashiers, Solicitors, and Chartered Accountants, providing our clients with a unique support network for all aspects of managing their accounts department. In 2021, we launched our partnership programme with ILFM as a training resource for our client facing staff. Our directors have held partnership positions in top-50 law firms and many of our cashiers and accountants have worked in law firms so know first-hand what is required to support a law firms finance function.

We have the ability to scale our services dependant on our client’s demand. This means clients are no longer paying senior members of staff to complete junior tasks and no longer need to worry about resource as we have that covered with over 135 members of staff.

We’re not just your legal cashier. Our service expands into management accounting, statutory accounts, and tax returns, and even finance director services where a member of our team will sit on your board each month to provide financial data insights to help your firm make the right decisions. We can provide a range of services to suit each client on a bespoke basis, from day-to-day cashiering, bank reconciliations, and postings, to year-end reports and business consultancy. We can provide additional resource to your existing team or become your fully outsourced finance function, whichever service(s) we provide, we see ourselves as an extended branch of your in-house team.

Ready to reflect?

Are you ready to reflect on your processes and discover how outsourcing your finance function could save your firm time, money, and resource?

Get in touch today for a confidential no obligation chat to discuss how Cashroom could support your firm’s new year plans become a reality.

Email: info@thecashroom.co.uk

Phone: 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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