Why your firm should outsource your cashroom

Businesses are tightening their belts and looking to outsource – creating smart solutions to unlock new levels of efficiency in their practices. It is now not enough to continue operating in an antiquated way. It’s all about convenience and minimising the slack in every area of your practice. And with remote working going nowhere fast, you need to be sure you are prepared with the right systems and support in place.

Focus on what you want to do

SME legal practices tell me that for the most part they still utilise outdated and ineffective tools for their legal accounting needs. If you fall into this category, you could be putting your firm at a significant disadvantage.

Whether you are stuck in the stone age of paper systems, using accounting software that is not tailored to your practice, or spending tens of thousands of pounds on salaries for in-house cashiers, now is the time to make the change to effective, streamlined, flexible and compliant ways of working. If you put your trust in others to run your cashiering, management accounts and payroll functions, you can focus on what you want to be doing – feeing and running your business.

Diane Ireland, legal process engineer at Inksters Solicitors, started using our Outsourced Cashroom Services a few years ago and had this to say: “It was a big decision for us to outsource our cashroom function. We have our own in-house cashier, but with Denovo Cashroom Services supplementing this function we can deliver day-to-day financial transactions much more efficiently. This has allowed us to free up time for our cashier to focus on more corporate financial tasks. We no longer worry about holidays/absences. Working with Denovo Cashroom Services ensures the continual running of this essential function. Denovo Cashroom Services provide us flexible, professional and knowledgeable services with a real friendly and personal touch, delivering a compliant finance function.”

The obvious benefits

The major reason law firms opt to outsource is because it really does save time and money. Take cashiering, for example. By contracting with a third-party provider, you get instant access to a team of expert SOLAS qualified staff who interact with you and your clients using the latest technology and techniques. Your clients get better care, your outsourced cashiers resolve issues faster, and you don’t need to deal with high turnover or infrastructure costs. Everybody wins!

The expertise you need

A move to outsource is akin to asking for a helping hand – a big leap for some legal professionals, I know! Plenty of smaller firms outsource not because they want to cut their overhead or they can’t find qualified staff, but because they simply don’t have the in-house expertise. In growth situations they don’t have time to develop it either. In that case, seeking out a third-party provider is perhaps the smartest move a firm can make.

Supporting growth

While growth is usually a good thing, a business can experience growing pains. Managing growth is often difficult, and your firm might struggle to keep up with demand. Teaming up with a third-party provider is the best thing you can do. Again, look at cashiering as an example. You might have some great cashiers already in place, but they’re suddenly overwhelmed by the volume, and you just keep growing.

An outsourced cashroom adds a team of highly trained people to supplement your existing team. They exist to support you if your cashier has moved on or retired, if you are starting up a new firm, or you are just looking for a way to streamline your cashroom. Having a fully qualified team behind you can help run your day-to-day accounts functions while making sure that your firm is practising within the Law Society of Scotland’s accounting rules, and provide you with management information and management accounts allowing you to focus on growing your business.

Access to technology

Infrastructure cost is another major concern when it comes to in-house services. Businesses that outsource HR might choose to do so because implementing a new payroll system is expensive. A firm that sends cashiering out of house might be doing so because the Law Society of Scotland regulates how firms manage clients’ money. The solicitors’ accounts rules are complex and technical, but mandatory. A legal cashiering service takes away that worry, as your third-party provider ensures compliance with the accounts rules. They have already invested in the technology needed to deliver the services you seek – and staff are already trained to use it.

Remember… outsourcing helps you get the focus back on your core business and control costs at the same time.