“BBM are a commercial boutique firm. We have used The Cashroom’s Legal Cashiering Services since 2010; however we have only recently started using their Management Accounting Service.
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