January 22, 2019
Alex Holt, Director of Business Development at The Cashroom, outlines what they can do for you and your firm.
What services does The Cashroom offer the legal profession?
The Cashroom provides outsourced financial functions to over 170 law firms of all shapes and sizes throughout the UK. We offer a complete outsourced cashiering service, which includes all postings, daily bank reconciliation and compliant cash handling. We are also able to prepare Management Accounts packs, simplifying raw accounts data and providing trending analysis. We further provide a payroll service which manages pension auto-enrolment requirements.
How can The Cashroom help with the running of a law firm?
One of the biggest headaches for lawyers is compliance with Solicitors Accounts Rules. We have hundreds of years of expertise across our teams, and can deal with any case management system. This gives us the knowledge and practical experience to run any firm’s finance function, helping the solicitors focus on what they’re good at- being lawyers. Our processes and systems are also designed to provide the best possible solution from a risk and security perspective – another huge headache for firms!
How does the relationship between a firm and The Cashroom work?
We look to provide a complete replacement for in-house cashiering. Our approach is to provide a team to each firm, which has their own key individuals, who in turn develop a strong working relationship with the clients. We’ve developed a number of communication methods, each designed to maximise efficiency for the clients, while at the same time reducing risk of cyber-attack. For example, we have developed our own client communication portal, to minimise the need for email communication, and their attendant cyber risk.
What challenges and opportunities have you faced this year?
One challenge and opportunity is the rapid growth we are experiencing. We constantly strive to maintain our quality of service as we bring in increasing numbers of new clients. The ongoing threat of cyber fraud continues to involve us creating steps and measures to secure processes and systems with our clients, minimising the risk of cyber or internal fraud.
What are The Cashroom’s plans for 2019?
During 2019 we intend to continue with our growth plan, and in fact accelerate through greater development of technology to support us in the provision of the best possible and most cost effective service for our clients. We will continue to bring on board and train our own cashiers, while also seeking out experienced cashiers to join us and benefit from the wonderful career opportunities we can offer. We also plan to open an office in Dublin and expand into the Irish market.
What are you looking forward to most about the Modern Law Awards 2019?
We are delighted to sponsor the Innovation award, as this sits so well with our focus on the use of technology and embracing new ideas to deliver the ever changing service required from the legal sector. And at the event itself I’m looking forward to several glasses of wine with existing clients and contacts, and hopefully with some new ones!
We constantly strive to maintain our quality of service as we bring in increasing numbers of new clients.