As part of their day to day business, solicitors handle their client’s money. Whether it’s remitting the proceeds of a house sale, or administering an executry, solicitors hold, transfer and account for client funds daily. And because that money is not their own but their client’s, the Solicitors Regulatory Authority (SRA), regulates how that money’s managed. The Solicitor’s Accounts Rules are complex and technical, but mandatory. In the past most firms employed specially trained bookkeepers, or “Cashiers” to run their cash room, and ensure compliance with the Rules.
However, 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.
The Cashroom deals with the day to day administration of a law firm’s finance function, ensures compliance with the Solicitor’s Accounts Rules, and provides firms with management information and Management Accounts. We provide the time and the information allowing solicitors to focus on their business. 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.
The Cashroom Ltd turns 10 years old in January 2018. Originally servicing the Scottish legal market, in the last 5 years we have concentrated our efforts on England and Wales and our ‘south of the border’ client revenue is now exceeding that of our Scottish clients. In 2014, we acted for 59 clients and now have in excess of 120. We are a trusted provider of compliant, secure, cost effective outsourced cashiering and management account services.
Two of our four Directors were partners in law firms, so we understand and tailor our services to meet the true needs of the sector.
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. Without that information it is difficult for firms to understand how their business works, and harder still to manage performance.
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.
If you would like any more information about The Cashroom and what we offer then please do not hesitate to get in touch. Alternatively you might not want to discuss our services directly but want a confidential chat about running your law firm, we might know someone who can help with a variety of issues.
We ourselves can help you with your cashiering, payroll, management accounts, parental leave, and compliance checks throughout the year in anticipation of an inspection – we can help you with all of these or any one or combination of our services. We can also dovetail our services with an existing team within your office to relieve any pressures they may be feeling.
Contact Alex Holt for information about our services on firstname.lastname@example.org or call Alex on 07817420466.