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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COFA’s, are you reviewing your bank reconciliations properly?
Thursday, November 4th, 2021Legal 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.
Safety in Banking and Dual Authority – How to ensure bank payments are made correctly and securely
Monday, August 9th, 2021In 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.
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.
Conveyancing; the Unseen Pressure in a Chaotic Market!
Tuesday, February 16th, 2021This blog explores the effect of the pandemic and the Stamp Duty holiday on the housing market and solicitors working in conveyancing. It offers thanks for the hard work in difficult conditions they have put in and the challenges still to be faced.
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?
Can I increase efficiency by becoming a paperless law firm?
Tuesday, December 22nd, 2020The thought of going paperless may at first seem very daunting, especially when a firm has been running paper-based files forever. The change itself can sometimes seem like a summit which is impossible to climb. The key however is to ascertain what resources are available and how we gain easy access to digital files.
