Since the introduction of the General Data Protection Regulations (GDPR) in 2018, we have seen some high-profile companies hit with multi-million pound fines by the Information Legal accountancyCommissioner’s Office (ICO).

Evidence suggests that UK businesses are struggling to fully adapt their policies and protocols to ensure they are compliant. The ICO were inundated with four times more data breaches in the year since GDPR was introduced as UK firms look to embrace their responsibilities and disclose a breach within 72 hours of its discovery.

Whilst many firms may have become compliant with storing and protecting data, policies on satisfying data access requests, were of particular concern. Two thirds (63%) of UK businesses had reported a significant rise in requests by the public for the data a firm holds on them, according to Parseq.

The report also found that 87% of organisations have failed to reply to data access requests within the allotted time limit, resulting in significant delays which will lead to fines, which then have a detrimental impact on a law firm’s accounts. This can be pertinent in the legal sector as solicitors try to balance competing priorities, however as with any job, some priorities can slip.

This is where an outsourced legal accountancy function can help to take the pressure away from solicitors who are juggling many aspects of the business.

Entrusting legal accounts into the hands of a skilled and experienced legal cashier, who can adapt your policies to comply with GDPR, will reduce the threat of possible fines and protect the firm’s valuable reputation.

 

Why The Cashroom?

At The Cashroom, we have tested our security measures by employing a specialist firm of “ethical hackers” to help review and improve all aspects of our data security. And, of course, we also have robust confidentiality processes in place to ensure that confidential client information is protected as per the SRA code.

But more than that, we have also developed an online portal to help minimise the risk of email fraud. Allowing internal and external stakeholders to communicate and share information in confidence, all exchanges are secure with access restricted to authorised individuals.

We supply you with high calibre, qualified people who are experts in management accounts. This means that we don’t just provide you with all the data and analysis your firm needs, we also take the time to understand your business and what you want to achieve, whilst adding value for money.

 

Want to have a chat about how outsourcing legal accountancy can help your firm? Speak to one of our advisors today who will point you in the right direction.

If you are regulated within the English and Welsh markets, then please contact:
Alex Holt E: alex.holt@thecashroom.co.uk T: 07817 420 466

If you are regulated by the Law Society of Scotland, please contact:
Gregor Angus E: gregor.angus@thecashroom.co.uk T: 07875 598 593