Your Outsourced Cashier: More than just financial transactions
It is becoming more and more popular for firms to outsource their cashiering and finance function due to the increase in compliance regulations, risk of cybercrime and the many benefits it provides to firms. Outsourcing allows firms to reduce overhead costs by eliminating the need for some or all of your in-house financial staff and associated expenses. Additionally, outsourcing provides access to specialised expertise in legal accounting, ensuring compliance with industry regulations and freeing up law firm resources to focus on core legal activities, making outsourcing an attractive and cost-effective solution. Outsourcing is becoming a popular option as firms realise the value of outsourcing in improving efficiency, reducing risk and enhancing their overall financial management and operations.
When outsourcing your cashier, they should provide peace of mind to your team, additional resource and save costs for your firm. Your outsourced cashier provides you access to specialist bookkeepers at a fraction of the cost of hiring them in-house, leaving your fee earners to do what they do best – practice law.
At Cashroom, we pride ourselves in delivering an industry best service for our clients, utilising technology and our combined experienced from our qualified cashiers and accountants. We’re more than just your cashier, we become part of your team. When you work with Cashroom, you have a team of cashiers to support your firm, who are experts on the right systems for you. You will also have a dedicated contact to reach out to when you need.
Here are some of the benefits that using Cashroom as your outsourced cashier can bring to your firm.
Cashroom use the latest Innovative and Secure Technology:
At Cashroom, our cashiers are supported by technology that optimises their daily processes, allowing requests to be processed with accuracy and more speed. We are system agnostic, meaning that you don’t have to change your Practice Management System to work with us- we support them all.
Our open banking technology allows funds from the banking platform to be uploaded in real time to our secure portal, providing fee earners with real time insights to client funds helping to speed up transactions whilst staying compliant and minimising risk. Our Cashroom portal seamlessly connects with leading Practice Management Systems, allowing you to view and access cashiering requests and client ledgers conveniently in one place. With direct uploads and the requirement to only add data once, we use our integrations and technology to remove common ‘copy and paste’ errors that can frequently occur with traditional methods of cashiering.
Secure Communication:
Cashroom offers a cutting-edge portal that elevates the safety and security of communication between Cashroom and clients. Our innovative comments feature ensures a seamless communication thread in one convenient location, eliminating the hassle of searching through old emails. With our highly secure portal, which requires 2FA login, you can confidently store and share documents and sensitive information without worrying about unauthorised access. In a world filled with fraudulent emails and phishing attempts, staying vigilant is crucial, which is why our clients and their insurers highly value the simplicity and security of the Cashroom portal.
Incoming funds Dashboard:
We provide a clear and simple dashboard for incoming monies for your firm. Your team will monitor your bank for you and then, using our portal, clients can view their incoming funds dashboard which keeps you informed when funds are received into the bank. Fee earners don’t need to chase for expected funds as our expert cashiers will send you a notification once the funds are in. This means you can focus on other important tasks, knowing that you’ll be notified when they can be claimed.
Truly System Agnostic:
Did you know Cashroom are one of the only outsourced cashiering providers not owned by a case management system? Legal Accounting is all that we do – it’s our only focus. Is your cashier struggling to work with the Practice Management System of your choice? Our expert Cashroom cashiers are trained to work with any Practice Management System which means you don’t have to worry about switching providers when you join us. Our system agnostic approach allows you to choose the system that best suits your firm. You will have your own team of cashiers at Cashroom, ensuring a smooth integration for your firm. Let us take care of your cashiering needs, so you can focus on doing what you do best- practicing law!
Scalable Services:
Do you struggle with busy periods and resource in your finance function? When you partner with Cashroom, we have the resources to cope with fluctuating demands. This is a particular benefit for conveyancing firms as we are able to deal with busy completion days and the additional transactions can be easily covered by our team of over 140 cashiers. This means our clients no longer need to worry about holiday cover, parental leave, spikes of activity or sickness, as our team of cashiers are on hand to provide the right resource for your firm.
Support your firm’s growth:
At Cashroom, we are more than just your cashiers. We work with our clients to improve efficiencies in their processes and procedures and support the firm’s growth. Our management accounting packages, produced by our team of accountants, ensure clients know where they are so they can plan where they are heading. In the current legal climate, firms can’t just stand still, so knowing where you are going is crucial. We are here to support our clients and firms to ensure they are future proof and can successfully mitigate risk and ensure compliance with their accounts.
If you are interested in having a confidential conversation with our team, please get in touch.
P: 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.
