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.

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.

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.

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.

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.

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

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.

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.

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.