One less thing to worry about as a business owner

Having spent the past 12 years within the legal sector, in various roles from Finance Manager through to Managing Director, I made the decision in April of this year to join Cashroom to lead their Professional Services team. 

Cashroom provides outsourced legal cashiering to over 250 firms.

We also provide credit control and payroll services alongside management accounts, statutory accounts, and compliance checks. My first month of employment has shown how important technology is within the business. My eyes have also been opened to the fact that accounting services, when outsourced, can be improved in terms of efficiency and cost, in comparison to traditional cashiering, which has changed little over the time I have worked within the sector. 

Those who remain “within practice” may ask why leave?

Whilst Covid and “the great resignation” played a part in my decision the answer is quite simple! There has always been a shortage of experienced finance and management staff within the sector, with many Financial and Managing Directors remaining with their current employers for many years. Many firms and Partners are caught in a “catch 22” situation in that they are aware that support is required but are not able to employ someone on a full-time basis (or able to find the right person). 

This is where I believe Cashroom can be of great benefit, and I would ask yourself the following questions: 

• Are you spending too much time on non-Fee Earning tasks?
• Do you produce reporting packs to analyze monthly performance?
• Do you produce Management Accounts and Cashflows to measure profitability and liquidity?
• In the capacity of COLP or COFA are you meeting your audit requirements and comfortable that you would pass an SRA audit?

The Cashroom accounting team can provide relevant financial reporting and information from an “in house” point of view, whereas say your external accountants are likely to produce from an accounting or audit point of view (speaking as an Accountant myself)! With many of our services being offered on a fixed fee basis you can be assured that the expenditure being incurred can be measured against the output provided, which results in one less thing to worry about as a business owner. 

Should you wish to discuss any of the above in further detail then please contact my colleague daniel.jones@thecashroom.co.uk. 

Adam Wilson