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.
Blog
The True Value of Budgets
Tuesday, January 24th, 2023As 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.
Tuesday, January 24th, 2023The 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!
Thursday, October 27th, 2022One 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
Wednesday, June 8th, 2022This 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!
Thursday, November 4th, 2021Historically, 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?
Thursday, November 4th, 2021This 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.
Legal Aid: Are you ready for the changes to claim checks for civil submissions?
Tuesday, September 7th, 2021At 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.
An End to Cheques and Cash
Tuesday, September 7th, 2021To many, the use of cheques and cash in 2021 seems almost alien. In the legal profession however, it is still quite common.
Being the COFA – not just a title
Monday, August 9th, 2021In 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.
