Maintaining Legal Cashiering Dept for SMB Legal Practices

Once the groundwork for a Financial Management structure has been established, the Outsourced Legal Cashiering can commence, following the roles and responsibilities identified in the implementation stage.


DAY-TO-DAY RUNNING

You will be assigned a named cashier, supervisor, escalation procedures and absence cover arrangements.
Receipt/payment chits will be completed by the Legal practice and forwarded to Ascentant for processing. Chits with supporting documentation maybe scanned and stored on a local drive or other shared workspace such as GoogleDrive, emailed directly to their cashier or sent by post (Ascentant are currently developing an E-Chit system or App).

Cashiers then undertake all aspects of cashiering once daily chits are uploaded.
Supported by read-only access to relevant bank accounts, the cashiers are able to log and reconcile transactions.



REPORTS

The service includes regular Legal Cashier-generated reports enabling immediate remedial action by yourself. The reports will indicate your account status and highlight any anomalies or late arrival of money.

You are notified of any potential and actual accounts breaches which your cashier will discuss, assist and rectify with you, keeping your financial status above board and avoiding any legal issues.

The whole operation is closely monitored by a qualified legal accounts management team for guaranteed accuracy and improved operational control.




ADVANTAGES OF OUTSOURCED LEGAL CASHIER

The service allows you to concentrate on fee-earning work without the cost, supervision or loss of time of hiring a cashier direct.

Once all transactions are sent to Ascentant, the cashier posts these entries, meaning that at any point, fee earners can produce detailed management reports, billing guides etc.

You avoid all the problems with holidays, sickness etc which can beset small firms.

Monthly management reporting can be arranged with bespoke reporting and management accounts.



Workflow Example

Workflows will be bespoke to each client, but an example is as follows:

Outsourced Legal Cashier Workflow Matrix