BBM – Legal Cashier and Management Accounts Services
BBM has grown quickly over the last few years and we have plans for further expansion still. As a result, we needed more comprehensive financial information and analysis, combined with the ability to control the firm’s finances more closely. To achieve this, we asked The Cashroom to help us with our budgeting and our management accounting.
The Cashroom worked quickly with us to produce a detailed budget, a management information pack, and reporting structure tailored to our needs. This allows us to more carefully plan our growth, and ensures we know exactly where we are along the way. It gives us the ability to manage and measure the success of our business proactively, rather than reacting to events as they occur.
The Cashroom bring a number of advantages to a project like this. Firstly, their expertise in the legal sector is clear. Because they work almost exclusively with law firms, they know the management information firms need, and can deliver it in a way that is easily understood by non accountants. Because of this experience, they are able to “benchmark” the quality of your management information, drawing together best practice from a number of firms. And finally, they bring an objective viewpoint to your business, in the same way a non-executive director might bring it to a limited company.
Outsourcing the vast majority of our finance function to The Cashroom gives us a quality of management accounting that few firms of our size could replicate. There is no doubt our business is stronger from having The Cashroom as part of the team.”
Partner, BBM Solicitors
Cavendish Legal Group – Staff TUPE and Outsourced Legal Cashier Services
“CLG is a rapidly growing law firm with a mix of high quality corporate and commercial work, and a high volume conveyancing practice. The firm had an existing team of cashiers but were looking to improve efficiencies and create a cashiering resource which would support the ambitious growth projections of the firm. A discussion with The Cashroom led to the creation of a detailed project to transfer across the cashiering team from CLG, thereby creating the basis for The Cashroom to open a presence in London.
The project ensured the smooth handover of the service while also including elements of service improvement and alterations to some ways of working. Initially the service was delivered from CLG’s offices, while the team was integrated. Senior members of The Cashroom team were placed within the CLG team to help train, support and guide the team into The Cashroom. The Cashroom also worked with the partners at CLG to create processes which worked best for both the firm and The Cashroom, ensuring a cost effective, efficient service throughout. Once established, the team moved into a separate location, and began delivering the service remotely.”
Alexis Brassey, Managing Partner and Notary Public, Cavendish Legal Group
Clear Law – Outsourced Legal Cashier Services
“Clear Law is a rapidly growing law firm, with a keen interest in efficiency and innovation. They wanted to ensure their growth was underpinned with a robust and flexible cashiering resource. The existing cashier team within the firm had reduced, and rather than recruit themselves they contacted The Cashroom. We discussed and designed a plan for the integration of their remaining, high quality cashiering team with an outsourced resource to be provided by The Cashroom.
It was agreed that the best way to approach this initially was to delineate areas of the office side accounts and purchase ledger and keep those as a discrete element which The Cashroom could support. As the relationship developed, it was also clear that there were elements of the client side which could require support in the case of illness or unexpected absence from the remaining cashier team at Clear Law. We therefore commenced a project to gain the knowledge of the client side accounts, working closely at all times with the management team and cashiers at Clear Law.”
Andrew Kwan, Solicitor-Advocate at Clear Law Solicitors
MBM Commercial – Spin Off Law Firm with Outsourced Legal Cashier and Finance Director Services
MBM Commercial LLP was the Cashroom’s first client in 2008.
Sandy Finlayson, Senior Partner in MBM writes:
“When the opportunity first arose for us to acquire our business from its former parent about eight years ago we had the opportunity to design a completely new law firm from scratch, quite literally with a blank sheet of paper.
From the outset we recognised that:-
- We must have a very niche service offering;
- We must have strict financial controls and disciplines;
- We should invest only in lawyers and direct support staff; and
- We should if possible avoid all of the costs associated with a cashroom, IT support team and other support functions.
We enjoyed, and continue to enjoy a very good relationship with our former parent firm who were good enough to supply us with outsourced HR and marketing services. However, our real breakthrough came from discussions between David Calder, who was the Managing Partner of our emerging new business and Catherine O’Day who ran a small computer support company called Dundas IT. This had in turn been spun out of Springfords who are our accountants.
David and Catherine were able to design a fully integrated service offering comprising an outsourced cashroom, which at the time was a ground breaking new initiative in a legal profession, a full finance function and IT support.
Dundas IT was then acquired by a larger company and, to her eternal credit, Catherine recognised the opportunity to set up www.thecashroom.co.uk as a separate business, initially to service the requirements of this firm which was its launch customer. This has enabled us to enjoy a seamless and uninterrupted cashroom service since we launched our business over seven years ago, together with very high quality financial information. Since the outset we have operated with a five year financial plan which is updated annually and this has proved to be absolutely invaluable over the past five years of financial turmoil.
We enjoy an outstanding level of service from The Cashroom, we have no staffing issues to worry about, the service is provided at a very competitive rate and, to paraphrase the Honda advertisement – “it just works”! I cannot ask for much more than that.”
Simon A Holt – Specialist Personal Injury Solicitors
Simon A Holt are a small specialist Personal Injury law firm based in the North West of England. Their cashiering service was being provided by their accountants, however this was not providing a daily responsive service, and was not core business for the accountants, who put the firm in touch with The Cashroom. The Cashroom engaged with the firm to understand their requirements for a fully outsourced cashiering function. TCR’s specialist take on team liaised with the partner in charge to gather key information and organise appropriate licences and accesses. Once established, a specific team and key individuals were designated for the firm and 9 to 5 daily cover was put in place.
Susan Ayre, Partner at Simon A Holt & Co
SKO – Start Up Firm and Law Society Compliance Inspection
We have been clients of the Cashroom since our start up in November 2008. The Cashroom provides us with an excellent service including our payroll, vat, compliance with Account Rules, preparing for Law Society inspections, monthly management accounts as well as daily postings . The Cashroom has been invaluable and highly cost effective.
Having the Cashroom on board as our outsourced Cashroom frees us from much of the daily financial administration and allows us to focus on what we do best – family law.
SKO Family Limited had its second Law Society Inspection on 16 September 2013.
We received the standard letter advising of the inspection and detailing the list of records that would be required for presentation to the Financial Compliance Team Member on arrival. We contacted the team at The Cashroom and they promptly produced all of the required records well in advance of the inspection.
When the Law Society Inspector arrived we were able to present her with all the necessary records in excellent order. We explained to her that we had an outsourced Cashroom namely The Cashroom.
Whilst, at the outset, it had been anticipated that our inspection would take a full day, in the end, given that our record keeping was in such good order, the inspection lasted half a day and there were no issues in respect of our financial compliance. We were of course delighted.
The service that we receive from The Cashroom throughout the year is second to none. The value of having their expertise is especially evident at times such as Law Society Inspections. We were able to present the necessary documentation with complete confidence, the inspector was delighted to know that our cashroom was outsourced to The Cashroom and we had, as a result, a highly satisfactory inspection.
Susan Oswald | Director
Accredited Family Law Specialist and Family Law Mediator
Wilson McKendrick – Start Up Firm Legal Cashier Services
Wilson & McKendrick set up a new practice in June 2011 and from the start have outsourced our cash room function to The Cashroom. The Cashroom were extremely helpful in providing guidance on procedures and process during our set up stage. Since starting trading the Cashroom deal with all of the functions of a traditional cash room but instead of being along the corridor they are along the motorway! We have a dedicated cashier at the Cashroom and all of the experience of the Cashroom team to deal with any questions or queries. We don’t need to worry about holiday cover or sickness and as we grow the Cashroom service grows with us. If you are setting up a new practice outsourcing your cash room function is really the only way to go and if you have an existing practice I would still urge you to talk to the Cashroom.
Mark Wilson, Wilson McKendrick