- cashflow improvement
- detailed financial reporting
- meet profitability goals
In the legal services sector, firms must be especially vigilant when managing their books and accounts, as they must comply with strict legal and regulatory requirements. Failing to do so can lead to litigations and major disputes, so at numbers nerds, we ensure that your books are in impeccable order, and that your accounts are always fully compliant with the Solicitors Regulation Authority (SRA) accounts rules.
cashflow forecasting and credit control
In law firms, company funds are often tied up in overheads, staff salaries, and similar expenses, and there can be long delays before cases are settled and clients pay their fees. Through cashflow forecasting, numbers nerds will help you manage your funds efficiently, and keep you prepared for cash shortfalls and surpluses. We’ll also set up a credit control system to help improve cashflow, following up with clients to get payments settled in the quickest time possible.
As part of numbers nerds’ approach to keeping your cashflow steady, we’ll prepare a streamlined custom invoicing system for your firm. As solicitors usually bill by the hour, we use MinuteDock software to ensure that your time is accurately tracked, allowing us to generate detailed chronological invoices and provide comprehensive reports.
An efficient, streamlined payroll is essential in law firms in order to maintain smooth operations. The numbers nerds team will take care of all elements of your payroll, from PAYE registration to filing accurate returns, and submitting meticulous RTI reports each time your employees are paid. The nerds can also be appointed as your authorised HMRC delegate, dealing directly with HMRC and receiving all reminders and notifications on your tax matters.
monthly KPI meetings
To help your firm achieve its financial goals, improve operations, and become tax efficient, the nerds will meet with you on a monthly basis to discuss your KPIs, identify and resolve any financial issues that may be affecting your practice, and keep you on track with your revenue and profitability objectives.
The nerds will prepare detailed financial reports for your firm, in line with SRA regulations. Importantly, you will always be able to account for your clients’ monies and assets, and with our mobile-friendly, Cloud-based accounting and bookkeeping software , you’ll also be able to stay abreast of your firm’s financial health at a glance, wherever you are in the world.
For more information on any of numbers nerds’ expert bookkeeping, accounting or support admin services, contact us today, or have a look at our three-step approach to put together the perfect package of tailored services to suit your firm’s needs.
where to go next?
If you are just starting out or an established company. The numbers nerds team can handle all your business’s accounting needs.
Irregular cashflow is a major problem faced by businesses. Let the nerds help you keep your finances remain stable.
PRK Coaching freed up time to focus on business passions without worrying about the bookkeeping and accounts.