FAQ
Do I need to change system?
No. The Cashroom is system agnostic – we support any Legal Practice Management System so there is no need to change system when you come to us.
How does your service work?
You would have your own designated team who operate remotely. They communicate with you via our secure portal, acting on your instructions in real time. They will make postings, reconcile accounts, set up payments, run your Payroll, or produce detailed Management Accounts for you as part of an efficient, compliant and secure service. Our teams are encouraged to develop strong working relationships with our clients, so that they very much feel like part of your firm. Our services can provide you with a completely outsourced finance/accounts function, or support your existing inhouse team.
What kind of law firms do you support?
We support firms of all shapes and sizes, throughout the UK, from sole practitioners to some top 50 UK firms. There are different benefits gained, and services taken, by these different types of firm – for the smaller or start-up firms we are ensuring compliance, and usually operating the entire finance function for the firm. For bigger firms, we may be supporting an inhouse team with additional resource, or providing monthly management information to their Finance Director.
Can you make payments for us?
We have bank access for our clients, enabling us to do daily bank reconciliations, as well as monitor the bank for incoming monies. We can set up payments on instruction, leaving the firm to check and authorise, saving time and effort for our clients.
How much does it cost?
Our comprehensive cashiering service tends to be significantly less expensive than the inhouse option. This is because our team-based approach can ensure the right level of person deals with the right level of task. By remotely reviewing your Practice Management System to assess the volume of transactions being processed through your system, we can quickly provide a quote. Our Payroll service depends on the number of employees, and our Management Accounts service can be tailored to your needs, and therefore priced according to requirements.
How quickly can you start?
We are able to start service very quickly, but can be constrained by things like banks being a little slow in organising our access. As a rule of thumb, we can usually get to full service within four weeks, but often more quickly if there are no such access delays.
Do we need to outsource our whole finance function?
No. While many of our clients are indeed replacing their whole cashiering function with our service, many firms use us to provide a support service to their internal finance team as a wraparound. We can provide valuable flexible resource in that way. So, whether you require a full replacement for your accounts department, or simply some additional resource to assist your inhouse team, we can help.
How are you dealing with the new data protection regulations?
Here is a link to our data protection policy.
Please contact us for a copy of our data protection policy.
What is your client privacy policy?
Here is a link to our client privacy notice.
Please contact us for a copy of our client privacy notice.