The Cashroom provide compliant, cost effective outsourced finance functions to law firms throughout the UK. Founded in 2008 The Cashroom provide remote services to nearly 200 law firms of all shapes and sizes.
In this video the Cashroom highlight why an outsourced finance function can not only de-risk your business but also importantly streamline efficiencies and make your practice run smoothly so you can focus on fee earning.
- There should be cost savings both as a primary comparison against salaries, but also many hidden savings. No need for partners without the necessary specialist knowledge to monitor and supervise that area of the firm, Savings on tech spend, and freeing up office space for fee earning staff, rather than admin staff, makes good financial sense.
- A good outsourcer will help you redesign and improve your processes, making optimal use of your practice management system. The real-time accurate handling of postings and transfers should ensure accurate and up to date Management Information.
- The finance function of a law firm lies at the centre of the most fundamental risks faced by the sector. Cyber threat. Internal fraud. Human error. All these can spell huge financial losses, and significant reputational damage.
- A good quality outsourcer will have processes in place and certifications to counter cyber threats. They will have robust recruitment and supervision procedures to minimise internal fraud and error risks. These processes will be augmented by the use of cutting edge technology, such as secure communication portals and training routines to ensure all staff are constantly updated on threats. Use of automation and task management tools will also minimise errors.
- Such factors have led insurers to view a top quality outsourced finance functions as a better solution than inhouse equivalents.
Alex Holt is Business Development Director for The Cashroom- the leading independent provider of outsourced finance functions for the legal sector. For a confidential, no obligation chat about how they might help your firm, email email@example.com