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.
Articles
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.
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.
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.
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.
When is a Good Time to carry out an Internal Procedures Review?
Monday, April 12th, 2021Internal 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.
Approaching Residual Client Balances
Wednesday, March 3rd, 2021As 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.
A New Year, a new start for your legal practice?
Thursday, January 21st, 2021Often, we hear phrases like “a fresh start” or “a new start” at the beginning of a year. This makes sense because as a community we feel like the start of a year gives us a natural opportunity to reset, especially after a short Christmas break. Therefore, why shouldn’t the same be applied to legal practices?