Outsourcing legal cashier work may seem like losing control of part of your business, but if it is done professionally and with a firm you can trust, it can bring many benefits. One of the most palpable advantages is that if you can trust that someone else is doing it properly, then that it is one less thing that you the business needs to worry about. However, there are a number of other benefits that are perhaps not as obvious.
Outsourcing legal cashiering can reduce costs, as you would no longer have to employ a legal cashier, saving on an extra salary and other employment costs. In addition, if the legal cashiering work that you require is sporadic or would not be enough to justify a full-time employee, many outsourcing companies offer the option of buying the service as and when it is needed, which will serve to reduce further your operational costs. In addition, outsourcing this role can ensure that your firm will enjoy continuous cashier support, free from any disruptive holiday, sickness or parental leave absences.
If your firm’s IT systems are modern, it should be easy to ensure that your outsourced legal cashier can access them, whether your systems are cloud-hosted or server-hosted. Such issues can be easily resolved by discussing your current needs with an outsourcing legal cashier. Professional legal cashiers will be well aware of the need for your legal practice to maintain and store financial records so that they can be open to inspection by either the SRA or HMRC, so they will also want to ensure that a suitable solution can be found.
Be Fully Compliant
A further advantage when you outsource your legal cashiering work is that you can have peace of mind that all Law Society accounts rules are complied with, as reputable outsourcing firms will ensure that this is the case. In many cases the individuals who carry out the work will be ILFM qualified, ensuring that you are fully compliant with your legal accounting duties.
When legal cashiering work is outsourced, this will ensure that all annual accounts and auditing procedures can be streamlined. Rather than these aspects of running a firm being a cause of concern for managers, they will be dealt with externally and at arm’s length, ensuring that nothing is overlooked.
Become More Efficient
When legal cashier work is done separately from the day-to-day legal work, it can save your firm time, money and stress. It is possible for your solicitors to simply record their fee-earning activity time and disbursements and have this information sent to the legal cashier, who will do the rest of the work. Monthly accounting reports produced externally can help legal firms to pinpoint where they can improve efficiency.
The potential reduction of overheads together with the time saving that is possible if legal cashiering work is outsourced can make it a very attractive option for many legal firms, and it is no surprise that an increasing number are taking this route.