Reflecting on 2023

It’s been another busy and exciting year for Cashroom, with new technology launches, various events and an exciting award win. As we come to the end of another year, it’s a great time to look back at the years success, where we can make improvements  and begin looking forward into a new year, a new start and new goals.  

Key highlights from 2023:  

Developing New Technology  

This year our dedicated engineering team have released and integrated TWO industry firsts. Firstly, earlier in the year we were able to introduce Open Banking technology into our client portal, providing a more streamlined process for cashiers and clients by creating a link between our client portal and the bank. This allowed Cashroom cashiers to access transactions directly, without the need to log into the banking platform each time. Giving us the capacity to speed up incoming funds response times for our clients. This has proven a huge benefit for all our clients, and in particular, our conveyancing clients who have been able to reduce delays in completion chains.  

In addition, we recently launched our revolutionary Confirmation of Payee feature which will be rolled out to all clients early next year. As another exciting first for the industry, Confirmation of Payee ensures that payee’s banking information is verified at the very beginning of the payment process, preventing future delays or misdirected payments due to incorrect details.  

At Cashroom, we are constantly striving to innovate our services, through utilising technology to introduce new solutions that cater to the individual requirements of our law firm clients. We are revolutionising Legal Accounting.  

Read more about our Open Banking here.

Support Team of the Year  

We were proud to bring home the trophy for Support Team of the Year at this year’s Scottish Legal Awards. This was an incredible achievement and a true reflection of the hard work and dedication of our service teams, who, on a daily basis, go beyond to provide first class support to our clients. To receive the recognition for our hard work and efforts at such prestigious awards is something we are very proud of. From the technology that powers our service, our training academy, our operational and HR teams to our frontline service teams and absolutely everyone in between, this award is an achievement for everyone at Cashroom.  

Our CEO, Chris O’Day said “We won this award back in 2014 and since then the company has grown, our service has improved, our technology has evolved, and our teams continue to grow. The level of talent and quality of the nominees in the room always serves as a reminder to Cashroom of why we provide the services we do to support law firms in Scotland and across the UK. Whilst we have some huge ambitions and work in the pipeline this award serves as a great reminder to look back and appreciate and recognise what we as a company have achieved so far. It’s an exciting time for Cashroom.”  

We were also highly commended at this year’s British Wills and Probate awards for Best Use of Technology. A huge success for our engineering team for the work they put into making our client portal more efficient and innovative to support compliance and reduce risk for law firms.  

Networking Heights  

We had the pleasure of being involved in a range of industry events this year, including Law Firm Ambitions inaugural in-person conference, which as founding partners, we were proud to be a part of and we can say with confidence that it was a huge success. There are too many to mention but it has been great to speak to so many of our clients and industry friends on the road this year and hear about new accomplishments and share advice as we all navigate the complex legal sector.  

The Legal Sector really does always come together to support one another and it is great to be involved in so many prestigious events and we are already looking forward to next year!  

Client Successes 

We are grateful to have expanded our client base again this year and support the legal industry in reducing risk, ensuring compliance and increasing efficiencies in their firms. By providing tailored solutions and our expert team of cashiers and accountants we have been able to help many of our clients achieve their own financial goals this year.  

“As a result of partnering with Cashroom we can now grow our business at a faster pace, with the knowledge that our finance function is in safe hands.” Phil Ryan, Director, Cheval Legal 

Team Growth 

This year we have had a core focus on our people – the amazing team of legal accounting experts at Cashroom. In a hybrid working world we understand the importance of employee empowerment and fostering a culture of collaboration, continuous learning and personal development. We have had numerous promotions; new qualifications and our Cashroom Academy has had a 97% completion rate across the year on all of our in-house training courses. As we continue our partnership with ILFM, we have seen a significant increase this year in staff progressing through their ILFM qualifications. These investments in our team mean we can continue to provide an industry best service to our valued clients.    

Looking Ahead to 2024 

As we look forward to 2024, we are excited to continue to improve our technology and service even more through innovative developments and nurturing our people to continue revolutionising legal accounting for law firms. We have some big goals and exciting things on the horizon, and we can’t wait to get started and share them with you.  

To keep up to date with all of the latest news and updates from Cashroom, you can sign up to our monthly newsletter here.

What are you goals for 2024?  

Now is a time when a lot of us begin looking at our goals for next year and how we will achieve them.  

If your law firm is looking to outsource your finance function next year, get in touch with our team. We have limited consultancy calls available in January so if you are considering outsourcing your finance function or looking to save costs, increase efficiency and resource or ensure compliance for your firm, book in for a confidential call with our friendly team.