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Outsourced cashroom
for new start law firms

Save time and money and ensure you stay compliant.

Have you ever thought of using an outsourced cashroom? First and foremost, you are a solicitor. You are neither a qualified accountant nor a legal cashier. However, you will be required to produce management accounts & reports, organise payroll, keep your credit under control, maintain an up-to-date purchase leger and deal with audits and inspections in a timely, efficient and compliant manner.

All that is a lot to take on when you are building a new business and trying to bring in new clients. If you employ a legal cashier from the outset, it’s one further overhead for which you need to budget. And failing to meet the accounts rules regulations of the SRA or The Law Society of Scotland can cause you problems.

To help you get started on the right foot, it makes sense to consider looking at using an outsourced cashroom from the word go.

How can an outsourced cashroom help?

A good outsourced cashroom will provide you with the following services as a minimum:

  • For England and Wales – experienced, qualified cashiers who thoroughly understand the England & Wales accounting requirements – ensuring full compliance with SRA along with support for COLP and COFA, thus safeguarding your legal practice.
  • For ScotlandSOLAS qualified, experienced legal cashiers ready to deal with all your Scottish legal cashroom and accounting services. Ensuring full compliance with the Law Society of Scotland‘s Accounting Rules, most importantly, safeguarding your business.
  • Purchase Ledger support – helping you to manage your purchase ledger function providing regular creditor reports and complete supplier payment runs to allow you to meet payment terms and ensure VAT effectiveness. Your law firm needs to know how much it owes to its suppliers at any particular point of time.
  • Audit and Inspections – a good outsourced cashroom can assist with detailed expertise in compliance with the Solicitors Accounts Rules & Regulations. It can provide the regulators with all the relevant reports they require pre-inspection and assist you in preparing for an upcoming inspection or monitoring visit. 
  • Credit Control – outsourcing your credit control allows you to focus on being a solicitor and generating revenue, whilst the cashiers take care of improving your cash flow. Effective and efficient credit control is critical to the success of every law firm, reducing the wait for payments and maintaining positive cash flow.
  • Payroll – if you are starting afresh as a team of colleagues, payroll management is a significant responsibility. Again, a good outsourced cashiering firm will provide you with a fully managed payroll service, including all statutory payments, student loans, pensions and any other payments and deductions. All designed to ensure your team is paid correctly and on time.

Peace of mind.

You may not need everything in this list at first. But, whichever you choose, you can rest in the knowledge that you are in safe hands and further support will be available when needed.

How can LawStart help?

At LawStart, we have an associated business partner named YourCashier. YourCashier is a fully insured, regulated and compliant outsourced legal cashiering specialist. It is dedicated to providing you with innovative outsourced cashroom solutions covering all aspects of cashroom management.

Your Cashier outsourced cashroom

The team at YourCashier aims to establish excellent relationships and provide a friendly, professional solution for your practice. You would have your own designated team consisting of 2 experienced outsourced legal cashiers working remotely. They communicate with you by predefined, secure channels ensuring they act on your instructions in real-time.

For further details, please get in touch.

Cloud Software

Cloud-based practice management solutions.

Cashroom

Cashiering and bookkeeping services.

Accounts

Accounts, tax advice and cashflow forecasting.

Legal

Company and partnership formation.

Marketing

Helping you to build your new legal business.

HR

Human resources and contract advice.

Community

Access to like-minded legal entrepreneurs.

Virtual Office

Mailing, telephony and secretarial support.

Let’s start a conversation…

If you are seriously considering branching out on your own, please contact one of our professional advisors. We have years of experience working with new start law firms and will be happy to provide practical advice and a no commitment assessment of your needs.

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