Legal Accounts Software: The new features!
The Law Factory LLP has covered the topic of legal [...]
Credit Control or Credit Out of Control? The importance of good processes for Law Firms
Credit control is often an area that is lacking attention in law firms. It is not an area of the work that is relished by anyone and as a result can spiral out of control if left untouched.
The SRA’s 2023 Open Consultation & What This Means for the SRA Accounts Rules
Since the SRA released the latest set of Accounts Rules changes in 2019 there has been a lot of feedback from firms stating that certain aspects are unclear. This year, the SRA put out an open consultation where they sought to clarify the rules & alter the wording in hope that it would make things clearer for solicitors’ practices. This article explores those changes.
Legal Aid BACS – To spreadsheet or not to spreadsheet?
This article will explore the different ways in which Legal Aid BACs can be entered onto your legal accounts system and the positive benefits of the spreadsheet method including aiding with compliance with the SRA Accounts Rules.
The True Value of Budgets
As I write this article, we are amidst what many deem a “cost of living crisis”, where “inflation is out of control”. These are very strong terms, but nonetheless the country is having to do what it can to pull through in this post-pandemic era. Companies are having to review how they work, for example where staff are now working in a “hybrid” format, part time at home, part time in the office. Companies should also be taking this time to review their finances and their budgets.
New financial year and a freshen up of the accounts.
The new financial year is only a few months away but it will be upon us before we know it! Now is the perfect time to start thinking about how the accounts should look at the end of the year, but also how we want them to look moving forward into 2023/24. There are some key areas that need to be reviewed now for the year-end itself.
Cashflows: Make them work for you!
One of the fundamental aspects of running a successful firm, is understanding the flow of funds through the bank. We come across many firms who often do not use their cashflow properly or in some cases, do not use one at all.
Client Account and Recalled Credit Card Payments
This article explores the problems a solicitor may face if they take payment on account for services by credit card.
New Software Choices: Get involved, get the training!
Historically, the main area of focus for legal software was the accounts department. Legal software companies knew that most solicitors ran a paper file, but the accounts were electronic. It was therefore often the cashier having the final say on a choice of software. The process now is very different. This article explains why the accounts department are still crucial when making your choice.
COFA’s, are you reviewing your bank reconciliations properly?
This blog explores the relationship between the COFA and the accounts department and the importance of giving the monthly bank reconciliation more than just a cursory glance.