SPONSORED: Future of law firms

Read how Cashroom's cashiers are embracing cutting-edge technology and why integration is no longer just an advantage for law firms, but a necessity.

Seamless integration of technology is no longer just an advantage for law firms; it’s a necessity and something most law firms have now embraced. Cashroom’s mission is to free lawyers from the complexities of legal accounting.

As a leading provider in legal financial management, our legal cashiers use an unparalleled suite of technology advancements tailored specifically for Scottish law firms, allowing them to stay ahead. We are the first non-bank to integrate both open banking and confirmation of payee checks direct into our client portal. For Scottish law firms, partnering with Cashroom provides peace of mind when it comes to compliance, risk avoidance and efficiency. We provide a unique legal cashiering service that allows firms to save time and money while adding resource and access to expertise at a fraction of the cost of hiring in-house.

Winning the Scottish Legal Award for Technology affirmed the true transformation our technology has had on the legal market, which is why nearly 300 law firms across the UK trust Cashroom to manage their accounts.

We have been working for more than 15 years to create a tool that supports both our Cashroom cashiers and our clients to make legal accounting as seamless, efficient and risk-free as possible. We are proud to have a dedicated in-house engineering team who work tirelessly to update and maintain our portal with the latest innovations to ensure it is the most secure, robust and dynamic platform for our clients.

“Our engineering team at Cashroom are constantly working to innovate and build secure, efficient and risk-avoidant features to help our clients ensure compliance. Our groundbreaking new feature in confirmation of payee is the latest in a line of integrations as we continue to revolutionise legal accounting.” – Paul O’Day, Chief Technology Officer

Our technology combined with our experienced and qualified cashiers and accountants is what sets Cashroom apart. We are the only provider of outsourced cashiering with this level of technology and resource. We are proud to work closely with the Law Society of Scotland as approved suppliers to offer our support and expertise to the industry. Our portal has features no other provider can offer, giving Cashroom clients a competitive edge and preparing them for the future use of legal technology. Some of the innovative features that power our Cashroom portal include:

• System agnostic: Cashroom is the sole provider in Scotland to embrace being fully system agnostic. This means that regardless of the existing financial systems and practice management use of a law firm, Cashroom’s solutions seamlessly integrate with what your law firm currently uses. This adaptability ensures a smooth transition without the hassle of overhauling existing infrastructures, saving both time and resources for law firms. We use more than 30 practice management systems and have no hidden alliance to any – we work with the system that is best for you and your law firm.
• Open banking technology: Security and speed are more paramount than ever. Cashroom’s implementation of open banking technology sets a new standard in Scotland. By leveraging secure APIs, Cashroom facilitates direct, real-time access to financial data from various banks. This not only streamlines financial processes but also ensures accuracy and reliability, empowering law firms with reliable hourly insights into their finances.
• Confirmation of payee technology: Security breaches and fraud pose significant risks to law firms. Cashroom has addressed this concern head-on with confirmation of payee technology. This innovative feature allows firms to verify recipients’ details before executing any payment, right at the forefront of the process. This offers an additional layer of protection and security against fraudulent activities and stops delays and disruptions further into the process. Our conveyancing firms in particular love this addition to our service.
• Enhanced security: With cybersecurity threats on the rise, Cashroom prioritises data security. The portal is equipped with robust encryption protocols and security measures, safeguarding sensitive information and ensuring compliance with industry regulations. Clients can rest assured that their data remains secure at all times. Your data is securely stored for up to seven years and provides a clear audit trail in line with compliance procedures. While other providers may use email communication vulnerable to cyber threats, our secure and encrypted portal has Cyber Essentials Plus certification, providing our clients with peace of mind.
• Customised workflows: No two law firms are alike, which is why Cashroom offers customisable workflows tailored to meet the unique requirements of each client. From invoice processing to expense management, these bespoke workflows streamline operations, enhance productivity and drive efficiency. Our teams and systems work with our clients to make Cashroom work for you. We use our experience of working with 300 UK law firms to provide best-practice insights into your law firm.
• Automated workflows: Manual tasks are time-consuming and prone to errors. Cashroom addresses this challenge by implementing automated workflows, eliminating repetitive tasks and minimising the risk of human error. This automation not only accelerates processes but also frees up valuable time for legal professionals to focus on core business activities and generate revenue.
• Authorisation workflows: Maintaining control and oversight is essential in financial management. Cashroom’s authorisation workflows empower law firms to establish robust approval processes, ensuring compliance with internal policies and regulatory standards. With configurable authorisation levels and real-time tracking capabilities, Cashroom puts control back into the hands of law firms.
• Payment dashboard: An easy-to-view payment dashboard allows law firms to gain oversight of their accounts quickly and efficiently. See everything in one place to keep track of your finances. Our clients who have been audited say they love this feature.
• Secure communication: More than 75% of cyberattacks start with an email. Law firms are a prime target for fraudsters due to the high volume and value of their transactions. Our portal eliminates the need for emails when it comes to communicating on transfer of monies. Our encrypted and secure portal provides a safe environment for firms to discuss, query and monitor finances, as well as talk to their Cashroom cashiers and accountants easily. Say goodbye to getting lost in email chains with our comments section for discussion and activity log.

Cashroom is leading the way in the Scottish legal market with legal cashiers having access to this level of technology, representing a forward shift in the way law firms manage their finances. By offering system-agnostic solutions, open banking technology, confirmation of payee checks, and automated and streamlined workflows, Cashroom not only addresses the current requirements of law firms but anticipates their future needs. In an industry where innovation and efficiency are becoming crucial elements for success, Cashroom stands as a catalyst for transformation in the Scottish legal market. Cashroom clients are the law firms of the future!

Get in touch today to discover how our technology can provide your firm with increased efficiency, reduced risk and ensured compliance.

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Article provided Cashroom as part of their sponsorship package.