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.