Why you should outsource your legal cashiering
It can be a struggle for law firm owners to delegate work. Most business owners have been there – you feel like you need to be in control of everything.
The truth is, there’s only so much you can do before productivity (and your sanity) starts to take a hit. That’s why it’s important to know when it’s time to outsource tasks when your time can be spent better elsewhere in the business.
Your time should be spent doing what you do best
Our guess is you didn’t start a law firm to spend your time focusing on the numbers. Your skillset is helping your clients and the more time you spend with the books, the less time you get to work on what you’re really good at.
It’s important to remember that if you want something done efficiently, it’s best to give it to someone who has experience and can get the job done. If your legal cashiering is done incorrectly, it can land you in hot water.
You’ll ensure your firm is compliant
Here’s a word of warning for you. There’s a myth that any bookkeeper can do legal cashiering. They can’t. You need to make sure whoever is handling your legal cashiering is experienced. If you fall foul of regulation, you could end up with fines, a bad reputation and potentially even having your firm shut down.
The Solicitors Regulations Authority (SRA) has recently boosted its finins powers by 1000% to £25,000. This highlights the importance of using an experienced and trusted legal cashier. It’s about keeping up with the usual basic financial rules and the added legal regulations and responsibilities.
An experienced legal cashier’s knowledge is gold dust to your firm. That’s why it’s not a job for your average bookkeeper.
Outsourcing is agile and scalable
You can scale outsourced legal cashiering up and down as your firm requires. This makes growing the firm easier because you don’t have to worry about finding the right employees. By the same token, you don’t have to look at cutting hours or even redundancies during leaner periods. It’s win-win.
Outsourcing can save you money
According to Law Firm Ambition, outsourcing your legal cashiering can save you around 30% in salary costs. Not only that, but you get your time back. This means you can focus more on growing your firm, securing new clients and delivering results.
You’d never want Del Boy looking after your legal cashiering but in the words of the famous Trotter, “you know it makes sense.”
The big pot of experience
An in house cashier may have a wealth of experience, however that experience will be limited to their exposure. This is not to say that in house cashiers are not doing a good job, they usually are, however exposure can be a huge help in how to deal with situations unknown to the individual.
When you outsource there are a team of cashiers working together, sharing knowledge with each other on the different things they have encountered. Your cashier will have worked on many different law firms accounts meaning they can suggest enhanced processes, better ways of working and ensure compliance with all the differing situations that may arise.
Further help
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