Our services
On-site accounting
We are able to offer on site accounts cover in some circumstances either when your practice cannot be adapted to our bureau service or temporarily whilst the bureau system is set up. Because of the size of our firm, we are unable to offer cover on site of more than one day per week per client, except in exceptional circumstances. This may be where reconstitution of accounts is needed for Law Society Audit purposes.
Our onsite personnel are always experienced and fully trained with a good knowledge of office systems, Solicitors Accounts Rules, all reporting functions and analysis of management information.
Onsite personnel provide the following services:
- All postings client and office
- Cheque writing
- Bank reconciliations
- Monitoring and/or making client to office transfers
- Periodic reporting on SAR reports ie office credit reports
- Liasing with firm’s partners to produce monthly management figures ie Profit and Loss, monthly billing figures
- Year end reporting and yearly budgets
Reconstruction of accounts
In some circumstances, it may be necessary to trace back many months or even years of mistakes made by previous book-keeping staff in order to satisfy the Law Society and your accountants.
We are experienced in correcting these mistakes and presenting you with a clean set of books that comply fully with the Solicitors Accounts Rules.
Examples of common bookkeeping errors encountered are:
- Non-compliance with the SAR including in particular
- Failure to deal with office account credit balances
- Mistakes in posting client to office transfers
- Covering up of client debit balances
Reconstruction of accounts cannot change the mistakes made but can offer solutions to the current problems and suggest ways of taking the practice forward in the longer term.
We are experienced in dealing with the Law Society and also have a wide knowledge of the Legal Accounts Software Packages on the market, and those most suitable to particular practices.
Troubleshooting
We are able to assist you either by targeting specific areas of the accounts or by completely reconstructing the accounts.
We are able to offer you “health checks” and reports on your compliance with the Solicitors Accounts Rules, providing you with a plan of action to resolve any problems.
We can highlight and analyse problem areas of your business and offer you solutions
Solicitors Accounts Rules
We are able to provide you with a monthly “audit” to highlight problems within the accounts and ensure that appropriate action is taken immediately to rectify them.
We will inform all fee earners within your practice of potential breaches of the Solicitors Accounts Rules.
We will liase with your accountants at your year end and analyse their year-end report with you.
We will help you to prepare for Law Society visits
Consultation
Jeremy Downham, Principal of The Law Factory is able to offer a consultancy service due to his extensive experience with Law firms for the past 20 years. This may be used as a stand alone service or as part of a package from The Law Factory incorporating all aspects of your accounts processing.
Examples of services available are:
- Simple budgets through to more complex analysis of firm’s finances.
- Management accounts tailored to your firm’s particular requirements
- Devising Key Performance Indicators (KPI) on a regular basis to give a temperature check on all areas deemed important by partners in your firm
- Help with devising business plans for banks for start up practices
- Independent advice on legal accounts software
- Help in policymaking for practices
- Access to a network of banks and accountants to help in more advanced restructuring of your business
Bureau Service
The Law Factory prides itself on running an efficient, cost effective bureau service which enables firms of solicitors to maintain their accounts to a high standard without the need for a daily presence in their offices.
This service is well suited to firms of all sizes and is a key factor in the Solicitors' Accounts move into the 21st Century.
The service operates in the following way:
- Data is gathered by a member of your staff and posted, faxed or emailed to our offices.
- Alternatively if we have remote access to your computer, your staff member can record the transaction on an electronic slip (L@WSLiP).
- The basic day to day accounts will be processed remotely by one of our Accounts Assistants. This will keep costs low for you, since the data inputting takes up the lion’s share of time each month.
- A Manager will supervise the processing and will contact you with any queries or irregularities which occur as the accounts are processed. They will also perform the more complex tasks, for example reconciliation of bank statements, Month End Reports and creation of specific reports tailored to your needs.
- The Monthly reports are then reviewed by the Manager and the Principal to ensure that there are no underlying problems.
- The Principal or an Onsite Staff Member will arrange to meet with you on a regular basis to review the Month End Reports, sign bank reconciliations and provide any other management information, for example giving you advice on budgeting and targeting.
Advantages of using the Bureau Service:
- Good use of your own resources at your office.
- Cost effective as you will have the right person doing the right job at the right price
- Our system of checking and supervising your work ensures that your accounts are maintained to the highest standard and in accordance with the Solicitors Accounts Rules
- Regular contact with us over the telephone, email or fax ensures that we can correct any errors as they happen and you can be satisfied with all information produced
- Continuity of work as more than one person has knowledge of your accounts, avoiding delays due to holidays or sickness
- Remote access means that we can work on your accounts in real time