Case Studies
How Cashroom Transformed Financial Management for Stryders Solicitors
Stryders Solicitors is a specialist criminal law firm. Managing finances in a high-volume, Legal Aid & private-focused practice requires precision, efficiency, and compliance with regulatory requirements. The firm needed a reliable financial management partner to streamline processes and reduce the administrative burden on their team.
Challenges
Before working with Cashroom, Stryders faced several operational challenges, including:
Legal Aid Management: The firm needed a more efficient way to request and process Legal Aid Agency (LAA) statements without impacting day-to-day operations.
Financial Accuracy: Keeping client accounts up to date and ensuring smooth financial transactions were crucial for regulatory compliance.
Disbursement Tracking: Manually posting disbursements to ledgers was time-consuming and prone to errors.
Accounting System Migration: Transitioning from outdated systems to modern cloud-based platforms required expert guidance.
Expense Management: The firm needed a streamlined process for managing staff expenses efficiently.
The Cashroom Solution
Stryders partnered with Cashroom to address these challenges through a tailored financial management approach. Key solutions provided included:
LAA Statement Processing: Cashroom took over the responsibility of processing, and reconciling LAA statements, significantly reducing administrative workload. With help from our cashiers, client accounts are now updated in real-time, ensuring compliance and accuracy.
Accurate Disbursement Posting: Cashroom automated and improved the process of posting disbursements to ledgers, reducing errors and ensuring all financial records remain accurate and up to date.
Migration to LEAP/Xero: With Cashroom’s support, Stryders Solicitors successfully migrated to LEAP/Xero, modernising their accounting system and enhancing financial reporting capabilities. This transition has improved efficiency, allowing the firm to track and manage finances with greater clarity.
Staff Expense Management on Xero: Cashroom assisted in setting up an efficient and user-friendly staff expenses process on Xero, making it easier for the firm to manage reimbursements and expense tracking.
Monthly reports: Cashroom provides monthly reports which assist in keeping on top of potential client to office account transfers and any potential SRA accounts rules breaches such as office credits.
Results & Impact
Since partnering with Cashroom, Stryders has experienced significant operational improvements:
Time Savings: Automating LAA statement processing and financial tasks has freed up valuable time for the team.
Greater Accuracy & Compliance: Enhanced financial tracking and ledger updates have reduced errors and improved compliance with SRA regulations.
Seamless Financial Management: The move to LEAP/Xero has streamlined bookkeeping and reporting.
Improved Expense Tracking: The new staff expense process ensures clear, efficient reimbursement tracking.
Increased profitability: Monthly reporting ensures that financial transactions are at the forefront of each client matter, reducing the possibility for errors and ultimately ensures better cashflow and profit for the firm.
“Cashroom has been instrumental in transforming our financial processes. Their expertise in handling both Private and Legal Aid finances, migrating us to LEAP/Xero, and streamlining expense management has made a real difference. The Cashroom Portal has also been a game-changer, giving us real-time access to financial data, improving security, and making communication seamless. We now have greater efficiency, accuracy, and peace of mind knowing our accounts are in expert hands.”
Matt Bliss, Stryders Solicitors
By partnering with Cashroom, Stryders Solicitors has successfully optimised their financial operations, reducing administrative burden and improving overall efficiency. The adoption of modern accounting systems and automated processes has enabled the firm to dedicate more time to delivering exceptional legal services.
Wildings Solicitors – A Success Story of Partnering with Cashroom
Wildings Solicitors are a modern innovative, Law Firm based in Birmingham, UK. Wildings Solicitors have been established for more than 30 years. Their mission is to achieve the best possible outcome for their clients by delivering quality legal services and maintaining the highest standard of client care and professional expertise.
“A few years back we faced an unprecedented challenge when our dedicated bookkeeper sadly passed away. This loss left a significant gap in our operations, and we were at a crossroads – should we recruit new in-house or explore an outsourced solution? After careful consideration, we chose to partner with Cashroom, and that decision has transformed the way we now manage our finance function.
From the beginning, Cashroom’s team demonstrated their expertise and efficiency, quickly stepping into the role and ensuring there was minimum disruption to the business. What initially drew us to Cashroom was that they provide a full-service cashiering solution. The idea that we would no longer need to worry about holiday cover, sickness, or training new staff was incredibly appealing. We needed a service provider who could hit the ground running and Cashroom exceeded our expectations in every way.
The transition was smooth and effortless. Cashroom quickly became more than just a service provider – they became a trusted partner. Their team took the time to understand our business, our accounts and our specific needs. This personalized approach meant that they weren’t just processing transactions; they were actively supporting our business. The communication has been outstanding, with a dedicated contact who is always available to us. This continuity has been invaluable, providing us with peace of mind that someone who knows our business inside out is just a phone call away.
Over the years, we’ve built a strong relationship with Cashroom’s team, who feel like an extension of our own. The level of support they provide, especially during busy periods with conveyancing transactions, has been exceptional. The Cashroom portal is another aspect we’ve come to rely on. It’s intuitive, easy to use, and has streamlined our financial processes, making it easier to manage high volumes of transactions and easy to access dashboards and reports.
Cashroom has exceeded our expectations, providing a level of service that has allowed us to focus on what we do best – serving our clients. We no longer have to worry about the day-to-day challenges of managing our finances, and this has given us the freedom to grow and develop our business with confidence.
Looking back, partnering with Cashroom was one of the best decisions we’ve made. They have become an integral part of Wildings Solicitors, and we would highly recommend them to any firm looking for a reliable, professional, and expert cashiering service. Cashroom has truly been a key factor in our continued success.”
KMC LEGAL – Combining their expertise of the legal industry with their customer-first approach, bringing a new enthusiasm to the conveyancing process.
KMC Legal, a medium-sized conveyancing legal practice, faced the common challenge of managing accounting tasks efficiently while maintaining focus on legal matters. Seeking a solution to streamline their financial processes, they turned to Cashroom, a leading provider of legal cashiering and accounting services.
“I am absolutely delighted with the service provided by Cashroom so far. Having them take care of my legal accounting tasks has been a massive relief, allowing me to focus on other parts of my work without the burden of managing payments. The portal they provide is excellent, and their cashiers are incredibly efficient – I can’t thank them enough. Thanks again for all your help!” – Ben Keating, KMC Legal
Challenges Faced
Prior to engaging Cashroom, KMC Legal encountered several challenges in managing their accounting tasks. These challenges included:
Time Constraints: Legal practitioners found themselves spending excessive time on administrative tasks, such as processing payments and reconciling accounts, diverting their focus from core legal activities.
Compliance Risks: With complex legal accounting regulations, ensuring compliance became a daunting task for the firm, leading to concerns about potential legal and financial ramifications.
Resource Allocation: Allocating internal resources to handle accounting functions strained the firm’s operational efficiency and hindered its ability to scale effectively.
Solution Implemented
Recognising the need for a comprehensive and efficient accounting solution, KMC Legal partnered with Cashroom. Cashroom offered a range of services tailored to the specific needs of legal practices, including:
Legal Cashiering: Cashroom’s team of experienced legal cashiers managed all aspects of the firm’s financial transactions, including client payments, billing, and bank reconciliations.
Compliance Support: Cashroom provided expert guidance on legal accounting regulations, ensuring that the firm remained compliant with industry standards and regulations.
Technology Platform: Cashroom’s user-friendly online portal facilitated seamless communication and collaboration between the firm and its dedicated team of cashiers, enhancing transparency and efficiency in financial operations.
Results Achieved
By leveraging Cashroom’s services, KMC Legal achieved significant improvements in its operational efficiency and financial management processes:
Time Savings: With Cashroom handling accounting tasks, legal practitioners were able to redirect their time and energy towards serving clients and pursuing strategic initiatives, leading to increased productivity and client satisfaction.
Compliance Assurance: Cashroom’s expertise in legal accounting regulations helped the firm mitigate compliance risks, ensuring adherence to industry standards and safeguarding against potential legal and financial liabilities.
Scalability: By outsourcing accounting functions to Cashroom, KMC Legal gained the flexibility to scale its operations more effectively, allowing it to adapt to changing business needs and opportunities.
In conclusion, Cashroom’s partnership with KMC Legal has demonstrated the significant benefits of outsourcing legal accounting tasks to a specialised service provider. By leveraging Cashroom’s expertise and technology platform, the firm was able to enhance its operational efficiency, ensure compliance with legal regulations, and focus on delivering exceptional legal services to its clients.
IDR Law – Boutique Legal Practice specialising in Inheritance Dispute Resolution
IDR Law is a nationally active boutique law practice that specialises solely in the resolution of disputes and problems that arise in connection with wills, probate and trusts.
I founded my own boutique legal practice IDR Law in 2017. It is a modern, paperless practice that outsources a number of functions. We have grown to a 3 office, 20 staff and £2.4m turnover practice over the last 5 years or so and I can say without hesitation that the single most beneficial outsourced function that we have taken advantage of is Cashroom.
From the get go, Cashroom took away my concerns about monthly finance compliance reporting and day to day cashiering. We are now extending their involvement to include office account management. Exceptional value for money and I highly recommend them to anyone looking for an outsourced cashiering function and quite frankly, why wouldn’t you?”
Martin Holdsworth
Founder and CEO of IDR Law
Complete Convey Property Lawyers – Property Lawyers Specialising in Residential Conveyancing
“Complete Convey is a CLC regulated firm established in 2015 by Mark Thompson & Nick Thompson who are brothers and solicitors. The business has developed and grown over the last 7 years and there are now 4 directors and 14 other members of staff operating out of Bamber Bridge near Preston. Initially dealing with residential conveyancing transactions, the company has progressed and now deals with all types of conveyancing as well as wills, probate, trusts, powers of attorney and other related types of legal work.
We were referred to Cashroom by a trainer for LEAP legal software who was handling our accounts initially. We were a very small firm at the time of transition, the whole process was seamless. We use Cashroom services for our day to day posting for both office and client accounts, bank payments, VAT returns, Xero and month end reports.
The Cashroom has been a huge benefit to our business. It enables us to have a cashier on hand all year round without any staffing worries such as holiday cover or absences. The work undertaken for all aspects of legal cashiering is done by the Cashroom from the day-to-day postings and setting up of payments to the preparation of reports and VAT returns in readiness for our approval. There is a great depth of knowledge in all aspects of legal cashiering which means that queries can be quickly resolved.
The Cashroom work with incredible speed and efficiency and a high degree of accuracy. The team are always personable, friendly and helpful.
For anyone who has an outgoing or retiring cashier I would suggest that a move to Cashroom is a no-brainer. For those firms who already have in house cashiers, the support provided by the Cashroom would be of huge benefit. “
Mark Thompson
Director – Complete Convey Property Lawyers
Mubasher Choudry Family Law Solutions – Bespoke solutions for Family Law
Mubasher Choudry has practiced exclusively in family law since qualifying in 2003. After working for two large law firms in Aberdeen and gaining extensive experience in dealing with all aspects of family law, particularly complex financial cases and child law matters, Mubasher Choudry set up as a sole practitioner in 2012 launching Mubasher Choudry Family Law Solutions.
“I have been a client of Cashroom for over 10 years now and couldn’t fault the service I have and continue to receive. I made the decision to set up my own firm as a sole practitioner in 2012, Cashroom were incredibly supportive during this time and ensured I continued to practice compliance and risk avoidance when it came to my bookkeeping.
Setting up on my own came with huge responsibilities when it came to bookkeeping and compliance, which was daunting for me at the time. I had basic knowledge and understanding of processes involved from working in firms myself but not enough to feel confident to run my bookkeeping alone. That’s why I reached out to Cashroom, working with them was a weight off my shoulders and provided additional resource to my firm, something I would not be able to afford in-house. I have access to a team of cashiers who work on my account and a dedicated account manager. The staff were friendly, helpful and supported me in understanding processes and regulations involved. Their expertise was clear, no question was too much for them and getting set up was a quick and easy process.
I outsource all my legal cashiering to Cashroom and they also provide additional support when needed for law society inspections, which is a huge benefit and help to me. Having them to call when needed provides me with peace of mind, I can’t fault their customer service, they are efficient, responsive and great to work with.
Cashroom’s client portal is user friendly and makes life easier, allowing me to focus on client work with the confidence my books are being handled professionally by Cashroom’s experienced and qualified legal cashiers. The portal seamlessly connects with my practice management system and provides one place to hold all my bookkeeping matters. The processes are sophisticated but at the same time easy to use. One feature I could not live without is the app, this allows me to respond to tasks and requests on the move when I am out and about with client meetings, minimising delays and enhancing the smooth running of my firm.
I would recommend anyone looking for a cashier or accountant to use Cashroom, they have significant experience and their services have been invaluable to me and my firm.”
Mubasher Choudry
Founder & Director, Mubasher Choudry Family Law Solutions
BBM Solicitors – Commerical Law Firm
“BBM are a commercial boutique firm. We have used The Cashroom’s Legal Cashiering Services since 2010; however we have only recently started using their Management Accounting Service.
BBM has grown quickly over the last few years and we have plans for further expansion still. As a result, we needed more comprehensive financial information and analysis, combined with the ability to control the firm’s finances more closely. To achieve this, we asked The Cashroom to help us with our budgeting and our management accounting.
The Cashroom worked quickly with us to produce a detailed budget, a management information pack, and reporting structure tailored to our needs. This allows us to more carefully plan our growth, and ensures we know exactly where we are along the way. It gives us the ability to manage and measure the success of our business proactively, rather than reacting to events as they occur.
The Cashroom bring a number of advantages to a project like this. Firstly, their expertise in the legal sector is clear. Because they work almost exclusively with law firms, they know the management information firms need, and can deliver it in a way that is easily understood by non accountants. Because of this experience, they are able to “benchmark” the quality of your management information, drawing together best practice from a number of firms. And finally, they bring an objective viewpoint to your business, in the same way a non-executive director might bring it to a limited company.
Outsourcing the vast majority of our finance function to The Cashroom gives us a quality of management accounting that few firms of our size could replicate. There is no doubt our business is stronger from having The Cashroom as part of the team.”
Eric Baijal
Partner, BBM Solicitors
MBM Commercial – Spin Off Law Firm and Cashroom’s first client in 2008
MBM Commercial LLP was the Cashroom’s first client in 2008.
Sandy Finlayson, Co-Founder of MBM writes:
“When the opportunity first arose for us to acquire our business from its former parent about eight years ago we had the opportunity to design a completely new law firm from scratch, quite literally with a blank sheet of paper. From the outset we recognised that:-
- We must have a very niche service offering;
- We must have strict financial controls and disciplines;
- We should invest only in lawyers and direct support staff; and
- We should if possible avoid all of the costs associated with a cashroom, IT support team and other support functions.
We enjoyed, and continue to enjoy a very good relationship with our former parent firm who were good enough to supply us with outsourced HR and marketing services. However, our real breakthrough came from discussions between David Calder, who was the Managing Partner of our emerging new business and Catherine O’Day who ran a small computer support company called Dundas IT. This had in turn been spun out of Springfords who are our accountants.
David and Catherine were able to design a fully integrated service offering comprising an outsourced cashroom, which at the time was a ground breaking new initiative in a legal profession, a full finance function and IT support.
Dundas IT was then acquired by a larger company and, to her eternal credit, Catherine recognised the opportunity to set up www.thecashroom.co.uk as a separate business, initially to service the requirements of this firm which was its launch customer. This has enabled us to enjoy a seamless and uninterrupted cashroom service since we launched our business over seven years ago, together with very high quality financial information. Since the outset we have operated with a five year financial plan which is updated annually and this has proved to be absolutely invaluable over the past five years of financial turmoil.
We enjoy an outstanding level of service from The Cashroom, we have no staffing issues to worry about, the service is provided at a very competitive rate and, to paraphrase the Honda advertisement – “it just works”! I cannot ask for much more than that.”
Simon A Holt – Specialist Personal Injury Solicitors
Simon A Holt are a small specialist Personal Injury law firm based in the North West of England. Their cashiering service was being provided by their accountants, however this was not providing a daily responsive service, and was not core business for the accountants, who put the firm in touch with The Cashroom. The Cashroom engaged with the firm to understand their requirements for a fully outsourced cashiering function. TCR’s specialist take on team liaised with the partner in charge to gather key information and organise appropriate licences and accesses. Once established, a specific team and key individuals were designated for the firm and 9 to 5 daily cover was put in place.
Susan Ayre, Partner at Simon A Holt & Co
SKO – Start Up Firm and Law Society Compliance Inspection
From the Beginning
Since our inception in November 2008, SKO Family Law has relied on Cashroom to manage our finance function. As a startup, we needed a dependable partner who could handle the complexities of our finance function and ensure compliance. Cashroom supported us with the inception and set up of our finance function including payroll, VAT and compliance with Accounts Rules for Law Society Inspections, monthly management accounts as well as daily postings, Cashroom have been invaluable from the start. We found Cashroom to be a cost-effective solution as a startup and partnering with them saved us valuable time and freed us up from much of the daily financial administration, allowing us to focus our time on clients and continuing the growth of the firm.
Supporting Our Growth
Over the past decade, Cashroom has played an integral role in supporting our growth. As we have expanded, their team ensured our financial processes scaled seamlessly. Monthly management accounts provided us with critical insights, enabling informed decision-making and strategic planning. Cashroom’s expertise was clear from the start and meant we could focus on what we do best – family law – while they took care of our financial processes and management.
Streamlining Compliance
Compliance with regulatory standards is crucial for any legal practice. We recently had an inspection from the Law Society. The standard notification letter listed the records required for the inspection, and we turned to Cashroom for assistance. Their team promptly produced all necessary documentation well in advance. When the inspector arrived, we were able to present everything in excellent order, which significantly streamlined the inspection process.
A Smooth Inspection Process
Initially, the Law Society Inspection was anticipated to take a full day. However, thanks to Cashroom’s meticulous record-keeping and the ease of reporting through their client portal, the inspection was completed in half a day with no compliance issues. The inspector was impressed with our financial records and pleased to learn about our partnership with Cashroom. This efficient process not only saved us time but also reinforced our confidence in Cashroom’s services.
Unparalleled Year-Round Service
The exceptional service provided by Cashroom is not limited to inspection times. Throughout the year, their support remains consistent and invaluable. Whether it’s handling daily postings or preparing for annual inspections, Cashroom delivers with reliability and precision. Their expertise ensures that we are always prepared, reducing stress, and allowing us to focus on our clients. It feels as though the team at Cashroom have become extended members of our team, we have regular meetings, they are always on hand for any queries we have and provide excellent support and guidance all year round.
The Value of Expertise
The true value of having Cashroom as our financial partner is most evident during critical times like Law Society Inspections. Their ability to manage our financial administration with such competence means we can present necessary documentation with complete confidence. The inspector’s positive response to our outsourced cashroom services underscores the high standards maintained by Cashroom.
Looking to the future
Our long-standing relationship with Cashroom has been marked by professionalism, reliability, and excellence. They have not only met but exceeded our expectations, providing services that are integral to our practice. The peace of mind that comes with knowing our financial administration is in expert hands allows us to focus entirely on our passion—providing exceptional family law services. We look forward to continuing our partnership with Cashroom for years to come and it is exciting to see what they will do next to enhance efficiency, compliance and streamline our accounting processes further.
Wilson McKendrick – Start Up Firm Legal Cashier Services
Wilson & McKendrick set up a new practice in June 2011 and from the start have outsourced our cash room function to The Cashroom. The Cashroom were extremely helpful in providing guidance on procedures and process during our set up stage. Since starting trading the Cashroom deal with all of the functions of a traditional cash room but instead of being along the corridor they are along the motorway! We have a dedicated cashier at the Cashroom and all of the experience of the Cashroom team to deal with any questions or queries. We don’t need to worry about holiday cover or sickness and as we grow the Cashroom service grows with us. If you are setting up a new practice outsourcing your cash room function is really the only way to go and if you have an existing practice I would still urge you to talk to the Cashroom.
Mark Wilson, Wilson McKendrick