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For non-subscribers and all other plan subscribers, access can be purchased separately.
An Introduction to Legal Accounting
Length: 3 Hours
Published September 24, 2022
Last Updated on May 4, 2023
Who is this training for?
This online 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 Online?
All ALCA online training is delivered live, interactive and is recorded. We bridge the gap between ‘face-to-face’ and online training by applying a blended approach. Questions can be posed to trainers throughout the workshops with quizzes/polls being used to engage with attendees.
Workshops can be continuously replayed for 60 days after broadcast.
Benefits?
- Reduced cost
- Can be taken anywhere on any device – no travel time or cost
- Shorter and more efficient than face-to-face
- Live and interactive
- Recorded and can be replayed at your leisure
Depending on your subscription and the length of the workshop, the pricing is as follows:
Our online workshops are delivered via Zoom. You can access the session via your computer, tablet or mobile device.
Details on how to join the online session will be provided the day before the training goes live.
We recommend you run a system test and check your internet speed by clicking HERE.
If your firm prevents you from using Zoom, please contact us.
There is no requirement to attend live but we advise that you do where you can as this will be the best experience for you. Don’t forget, you can pose questions live to the trainer and join in with the interaction when you attend live. Also, be mindful that you have access to the recording for 30 days, after which, it will no longer be available.
Not at all. We prefer it if candidates do as it makes the training more engaging but it is not mandatory to turn your camera or microphone on during the training session.
If you don’t have a microphone, you can still pose questions using the chat facility.
