Time for a fresh start?

New Year, new finance function?

It’s that time of year when we begin to reflect on what we can do better this year than we did last year. Working in the legal profession, making time to step back and reflect can be difficult but it is important for business development and optimising your processes for maximum return. 

For many firms, now may be the time you begin to look at your business, your processes and procedures and how you could improve these. This includes your finance function – could your finance function be improved to save your fee earners time and accelerate organisational growth?  

If your firm is looking at your strategy and processes for this next year, Cashroom can help you increase efficiency, reduce risk and ensure compliance with our fully outsourced finance function.  

Why use an outsourced finance function?

Using an outsourced finance function allows you to focus on core elements of your business giving you the time you need to scale your business. You no longer need to worry about staff training, holiday cover, sick cover, pensions or parental leave, these all become the responsibility of your outsourced provider.  

Outsourcing can help relieve a lot of the stresses law firms face when it comes to compliance, regulation and efficiency. A key reason firm’s look to outsource is to gain extra and more expert resource for a much lower cost. Alongside this, outsourcing your finance function frees up fee earners time to spend more time doing what they do best –practicing law and generating revenue.  

You can read more on the benefits of outsourcing in a recent blog article here.

At Cashroom, our legal cashiers consist of ILFM and SOLAS qualified Cashiers, Solicitors and Chartered Accountants, providing our clients with a unique support network for all aspects of managing their accounts department. In 2021 we launched our partnership programme with ILFM as a training resource for our client facing staff. Our directors have held partnership positions in top 50 law firms and many of our cashiers and accountants have worked in law firms so know first-hand what is required to support a law firms finance function.  

We have the ability to scale our services dependent on our client’s demand. This means clients are no longer paying senior members of staff to complete junior tasks and no longer need to worry about resource as we have that covered with over 135 members of staff.  

We’re not just your legal cashier, our service expands into management accounting, statutory accounts and tax returns and even finance director services where a member of our team will sit on your board each month to provide financial data insights to help your firm make the right decisions. We can provide a range of services to suit each client on a bespoke basis, from day-to-day cashiering, bank reconciliations and postings to year end reports and business consultancy. We can provide additional resource to your existing team or become your fully outsourced finance function, whichever service/s we provide, we see ourselves as an extended branch of your in-house team.  

Ready to reflect?

Are you ready to reflect on your processes and discover how outsourcing your finance function could save your firm time, money and resource?  

Get in touch with our team today for a confidential no obligation chat to discuss how Cashroom could support your firm’s new year plans become a reality.  

Email: info@thecashroom.co.uk  

Phone: 01695 550950