Blog

Cashflows: Make them work for you!

Thursday, October 27th, 2022

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.

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Client Account and Recalled Credit Card Payments

Wednesday, June 8th, 2022

This article explores the problems a solicitor may face if they take payment on account for services by credit card.

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New Software Choices: Get involved, get the training!

Thursday, November 4th, 2021

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.

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COFA’s, are you reviewing your bank reconciliations properly?

Thursday, November 4th, 2021

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.

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Legal Aid: Are you ready for the changes to claim checks for civil submissions?

Tuesday, September 7th, 2021

At the beginning of July, the Legal Aid Agency (LAA) posted an update in its News Section regarding improvements to their checking system for civil claims.

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An End to Cheques and Cash

Tuesday, September 7th, 2021

To many, the use of cheques and cash in 2021 seems almost alien. In the legal profession however, it is still quite common.

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Being the COFA – not just a title

Monday, August 9th, 2021

In 2012 the SRA introduced Compliance Officers into law firms, the first being the Compliance Officer for Legal Practice (COLP) which focuses on regulatory requirements for the work undertaken by the staff and firm. The second is the Compliance Officer for Finance and Administration (COFA) who ensures that the regulations surrounding monetary & financial aspects are adhered to. It is the COFA that I will be focusing on in this article.

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Safety in Banking and Dual Authority – How to ensure bank payments are made correctly and securely

Monday, August 9th, 2021

In 2021, internet banking is something most people and firms use to manage their daily needs. For law firms it is a core part of their infrastructure. The ability to be able to make quick decisions and pay monies promptly is not only crucial for the firm but is expected by the firm’s clients and third-party suppliers.
There is however a danger with internet banking which can be taken for granted and that is the security aspect. This article explores the advantages and pitfalls of the different systems.

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When is a Good Time to carry out an Internal Procedures Review?

Monday, April 12th, 2021

Internal reviews on procedures surrounding the accounts department are never deemed a particularly exciting part of running a law firm, however they could make a real difference to efficiency and compliance.

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Approaching Residual Client Balances

Wednesday, March 3rd, 2021

As legal cashiers we can often come across a matter balance listing which needs reconciling to get the monies moved to the correct place. Quite often the monies are to be returned to the client.
For long matter listings, the prospect of handling residual balances can be quite daunting. This article will detail how to handle client residual balances in bite-sized chunks to make the job easier.

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