Every law firm will have compliance on their agenda.
Top of the list will be compliance with the Solicitors Regulation Authority (SRA) Handbook of course, but in addition there may be requirements from other bodies such as HM Revenue & Customs, the Conveyancing Quality Scheme (CQS) and LEXCEL amongst others.
There are many areas where Insight Legal can assist with compliance, whether that be from an accounts or practice management perspective – or both.
From an accounting perspective, Insight Legal provides standard checks and warnings when completing a financial posting to ensure that your client ledgers are never in debit and your office ledgers never in credit. There is a full and detailed VAT return to provide up to date information on your inputs and outputs, as well as helping you to record all payments and maintain an accurate liability. There are reports to monitor residual balances and also to monitor movement between your firm’s bank accounts.