What we do

Non-compliance with the Solicitors Accounts Rules (SAR) due to poor accounting practices or systems is an all too common problem in the legal profession.

At Centrix we have dealt with a number of firms in this position and have been able to resolve their problems quickly and effectively.  By rectifying these mistakes to satisfy both your Accountants and the Solicitors Regulation Authority (SRA), we have been able to reconstruct the accounts and provide our clients with SAR compliant books of account.

The following list is not exhaustive but covers the some of the problems that we have come across when rectifying accounts: –

1)      Improper in house training and procedures leading to problems on matters from the outset

2)      Files incorrectly set up on the Practice’s Accounts System

3)      General poor housekeeping and tardiness

4)      Postings being incorrectly allocated on matters

5)      Bank reconciliations not being done in a timely fashion in accordance with the SAR

6)      Rogue balances not being dealt with promptly or at all

7)      Out of date cheques not being actioned and followed up

8)      Cross contamination of postings on multiple files (where clients have more than one matter)

9)      Timing issues when dealing with office balances in order to comply with the SAR

10)   General poor WIP management (leading to over/under billing and/or write-offs)

Why use us

So what are the advantages of using “outsourced” experts when resolving Accounts reconstruction Issues and why do clients trust us?

In a nutshell:

a) We save them worry and stress. A fresh pair of eyes on these issues is often helpful, as is having experienced cashiers with wide experience providing the rectification work.  By outsourcing the issue you are demonstrating to the SRA your intention to rectify the problem and correct it by placing it in the hands of specialists. This mitigates regulatory criticism and ensures that the problem is corrected.

b) We take the strain. Reconstruction of Accounts cannot change the mistakes made, but it can correct them.  It typically offers solutions and suggest ways of taking the practice forward in the long term. This is essential under Outcomes Focused Regulation (OFR).

c) We save them time and money.  As specialists who have encountered such problems numerous times we can undertake your outsourced tasks quickly saving you valuable fee earning time.

d)We are cost effective.  We agree fixed fee to ensure there are no hidden surprises and this assists cash flow and budgeting.

e) We employ fully qualified and experienced cashiers and Finance Managers and ensure that their training is up to date.

How does it work?

Centrix provides a bespoke solution to your Accounts Restructuring Service for Solicitors and Law Firms dependant upon your size and requirements.  By making our service bespoke we can ensure we are both efficient and cost effective.  After an initial discussion we agree terms and price dependant upon your specific need.