Outsourcing your finance function – your questions answered!
Outsourcing your finance function is a big decision for firms, that’s why we have collated a list of our frequently asked questions to help. Outsourcing your finance function doesn’t need to be daunting, the process is simple and can save your firm time, money and significantly reduce risk.
Working with Cashroom as an outsourced finance provider means firms no longer need to worry about resource, holiday cover and can confident their firm is adhering to compliance regulations.
Do I need to change system provider?
There is no need to change your system provider when outsourcing to Cashroom. We are system agnostic and work with any practice management system, meaning your firm can stay with the system that works for you.
We also have integrations into leading Practice Management Systems such as LEAP, Denovo, Klyant and Clio and banking networks.
How does the service work?
You would have your own dedicated team who operate remotely as an extension of your firm. They communicate with you via our secure client 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 in-house team.
What kind of law firms do you support?
We support law firms of all shapes and sizes, throughout the UK, from sole practitioners to some of the top 50 law firms. There are differently benefits gained, and services taken, by these different types of firms – 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 the in-house team with additional resource or providing monthly management information to the Finance Director. We also provide fractional FD and consultancy services to some of the bigger firms. Our service is bespoke and can be scaled up and down dependent on demand to suit your firms ongoing needs.
Can you make payments for us?
We have bank access for our clients which enables us to complete 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 access 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 can start service very quickly but can be constrained by things such as bank access. On average we aim to get to full service within four weeks, the onboarding process will begin straight away so we can get your firm into our service teams as soon as possible.
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 serviced 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 in-house team, we can help.
If you are interested in outsourcing part of all of your finance function in your firm, we can arrange a confidential chat with a member of our team to discuss your requirements.
Get in touch today:
Email: info@thecashroom.co.uk
Phone: 01695 550950
About Cashroom
Cashroom provides expert outsourced accounting services for Law Firms including Legal Cashiering, Management Accounts and Payroll services. Our mission is to free lawyers from the complexities of legal accounting by supporting the industry with accurate management information and allowing lawyers to do what they do best – practice law.
We’ve been with Cashroom for quite a few years now, and I would never go back. In any business, and particularly in times of uncertainty, it’s important to control your costs, and that’s exactly what you help me do.
