How Cashroom Transformed Financial Management for Stryders Solicitors

Stryders Solicitors is a specialist criminal law firm. Managing finances in a high-volume, Legal Aid & private-focused practice requires precision, efficiency, and compliance with regulatory requirements. The firm needed a reliable financial management partner to streamline processes and reduce the administrative burden on their team.

Challenges

Before working with Cashroom, Stryders faced several operational challenges, including:

Legal Aid Management: The firm needed a more efficient way to request and process Legal Aid Agency (LAA) statements without impacting day-to-day operations.

Financial Accuracy: Keeping client accounts up to date and ensuring smooth financial transactions were crucial for regulatory compliance.

Disbursement Tracking: Manually posting disbursements to ledgers was time-consuming and prone to errors.

Accounting System Migration: Transitioning from outdated systems to modern cloud-based platforms required expert guidance.

Expense Management: The firm needed a streamlined process for managing staff expenses efficiently.

The Cashroom Solution

Stryders partnered with Cashroom to address these challenges through a tailored financial management approach. Key solutions provided included:

LAA Statement Processing: Cashroom took over the responsibility of processing, and reconciling LAA statements, significantly reducing administrative workload. With help from our cashiers, client accounts are now updated in real-time, ensuring compliance and accuracy.

Accurate Disbursement Posting: Cashroom automated and improved the process of posting disbursements to ledgers, reducing errors and ensuring all financial records remain accurate and up to date.

Migration to LEAP/Xero: With Cashroom’s support, Stryders Solicitors successfully migrated to LEAP/Xero, modernising their accounting system and enhancing financial reporting capabilities. This transition has improved efficiency, allowing the firm to track and manage finances with greater clarity.

Staff Expense Management on Xero: Cashroom assisted in setting up an efficient and user-friendly staff expenses process on Xero, making it easier for the firm to manage reimbursements and expense tracking.

Monthly reports: Cashroom provides monthly reports which assist in keeping on top of potential client to office account transfers and any potential SRA accounts rules breaches such as office credits.

Results & Impact

Since partnering with Cashroom, Stryders has experienced significant operational improvements:

Time Savings: Automating LAA statement processing and financial tasks has freed up valuable time for the team.

Greater Accuracy & Compliance: Enhanced financial tracking and ledger updates have reduced errors and improved compliance with SRA regulations.

Seamless Financial Management: The move to LEAP/Xero has streamlined bookkeeping and reporting.

Improved Expense Tracking: The new staff expense process ensures clear, efficient reimbursement tracking.

Increased profitability: Monthly reporting ensures that financial transactions are at the forefront of each client matter, reducing the possibility for errors and ultimately ensures better cashflow and profit for the firm.

“Cashroom has been instrumental in transforming our financial processes. Their expertise in handling both Private and Legal Aid finances, migrating us to LEAP/Xero, and streamlining expense management has made a real difference. The Cashroom Portal has also been a game-changer, giving us real-time access to financial data, improving security, and making communication seamless. We now have greater efficiency, accuracy, and peace of mind knowing our accounts are in expert hands.”

Matt Bliss, Stryders Solicitors

By partnering with Cashroom, Stryders Solicitors has successfully optimised their financial operations, reducing administrative burden and improving overall efficiency. The adoption of modern accounting systems and automated processes has enabled the firm to dedicate more time to delivering exceptional legal services.