Outsourced Legal Cashiering for Smaller Law Firms - By MGT Chartered Accountants

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 carrer.
  • 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 delegaed 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.