Outsourced Legal Cashiering

Outsourced Legal Cashiering

Our Outsourcing Unit has the ability and capability to cater to the smaller and medium sized solicitor firms to stay complaint with their Solicitors Accounts Rules (SAR).

Our service area which comprises many activities in addition to the standard legal cashiering function include the following. The activities of the legal outsourcing department are supervised and monitored by qualified chartered accountants who have also worked in legal 500 firms in the city during their career

Monthly management accounting and reporting for the Management Committee
Monthly cash flow analysis/Forecasts and Budgeting,
Monthly Billing budget and variance analysis for Exception Reporting
Monthly departmental KPI analysis and reporting to Heads of Departments
Producing departmental profitability analysis for management committee meetings
Dealing with the external auditors for the finalization of monthly and annual LLP financial statements if we are not involved in this aspect
Producing CSF’s for senior stakeholders
Global client bank reconciliations
Supervising the monthly payroll activities, reporting  and online submissions
Preparing and monitoring annual bonus arrangements
Compliance/Control Reviews with Money Laundering Procedures
Regulatory Reporting and periodic submissions such as VAT, CT, ESD etc
Continuous monitoring of client money and compliance according to MLR’s
Dealing with file reviews before files being archived
Preparation of internal audit plan, audit procedures and report finalization
Dealing with external auditors with annual audit plan, schedules and final reports  and annual SRA audit reports
Carrying out checks to identify any Solicitors Accounts Rules breach and maintaining the breach register
Requesting COFA to make notes of any SARs breaches on the risk register and advising them on how to rectify breaches in order to have an effective control on client funds
Reconciliation of partners current accounts, tax revenues and capital accounts
Maintenance of partners' accounts, maintenance of partner's drawings and capital accounts on a monthly basis and critically at year end when profits and tax postings have been made to capital accounts
advising on Payment on partners' monthly drawings and year end distributions
Ensuring new partner capital loans are arranged with the banks and their redemption
Maintenance of detailed partner profit sharing information for all partners
Preparation of annual partner statements actual and budget, including reconciliation of partner balances between statements and accounts system
Regular contact with the partners providing them with information and dealing sensitively and promptly with queries
Planning, preparing and submitting VAT returns quarterly and dealing with LLP corporation tax returns and partners’ SA tax returns
Advising on practice mergers and how to value their practice for the potential buyers
Advising on how to operate client account transactions and file transfers during the initial stage of the merged practice
Dealing with and accounting for WIP for the merged practices in order to separate pre-merger profit costs
Managing online banking and foreign exchange transactions with approved delegated authorities
Supporting in-house staff with financial matters and other staff with accounting and IT related queries

Want to find out more?

If you have a general enquiry rather than a question for a specific matter, please phone or email us at info@mgtaccountancy.co.uk and we will get back to you as quickly as possible, you can get in touch with us at any time.