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An Introduction to Legal Accounting
Length: 6 Hours
Published September 23, 2022
Last Updated on May 4, 2023
Who is this training for?
This face-to-face workshop is for Solicitors, Lawyers, Accountants, Compliance Officers, COFA’s, Legal Accounts Professionals, Legal Cashiers and anyone that is new to the legal profession that has any involvement in working in legal finance and compliance.
Purpose of this training?
The finance department of a firm is responsible for managing the day-to-day transactions and finances of the business. This includes bookkeeping, preparation of balance sheets, cash flow reports, financial statements, record keeping and reporting. It also includes managing the payroll and accounts of the business. The finance department will also be involved with managing and conducting internal audits and ensuring compliance with the SRA Accounts Rules.
Nearly all firms that transact client money will have a legal cashier, or in larger firms, a team of cashiers with the role being segregated into areas such as credit control, billing, compliance, management accountants and cashiering.
This workshop is designed to give an introduction to legal finance and how it all fits within legal practice. It is ideal for new starters and for those returning to legal practice and accounts.
- The Role of the Legal Finance Professional/Cashier
- Introduction to Basic Double Entry Bookkeeping
- Client, Business and Petty Cash Accounts
- SRA Accounts Rules – An Overview
- Banking
- Disbursements and Recharges – An Overview
- Practice Management Software and Reporting
- The Reporting Accountant and the Annual Audit
- The Regulator and Investigations
Further Information
Practice notes and training sessions represent the Association of Legal Compliance & Accounts’ view of good practice in a particular area. They are not intended to be the only standard of good practice that firms can follow.
Practice notes and training sessions are not legal advice, and do not necessarily provide a defence to complaints of misconduct or poor service. While we have taken care to ensure that they are accurate, up to date and useful, we will not accept any legal liability in relation to them.
Frequently Asked Questions
Why Face-to-Face
Individuals have the opportunity to connect with, problem-solve, and network with others from a wide range of backgrounds that online environments usually can’t replicate. Direct interaction with the trainer is also beneficial. You may also feel more comfortable and learn more easily in a familiar, traditional classroom situation.
Face-to-Face – the Cons
It’s expensive and time consuming. Online training can be recorded and viewed over and over again, whereas face-to-face training is delivered and the learner is left to rely on their memory and notes. A classroom setting can also stifle learning by allowing dominant personalities to take the bulk of the discussion environments. Quieter individuals become limited in their communication options for exchanging ideas and information.
Our face-to-face workshops are hosted and presented within the main cities of the UK. Details on the actual venue will be provided closer to the date.
