“5 Years of Innovation in the next 18 months” – Part 4

“5 Years of Innovation in the next 18 months” – Part 4

In this last part of the series, I’m going to talk a little about the Cashroom, what we’re  doing to change things up and innovate in the post COVID environment.

First, a quick recap on where we are, and how the lockdown affected us.

We decided to “lockdown” about a week before the official announcement. We initiated our business continuity plan and went from having 85 people fully operational in the office, to having 85 people fully operational at home, in just over a week. I’m not going to pretend it was easy (it wasn’t), nor that it went entirely smoothly (it didn’t), but we did it and I think (hope!) most of our clients didn’t notice any service disruption as a result of the transition.

When the government announced their financial support, we knew we had to take advantage of it. Volumes were dropping across out client base, and some clients were finding it tough. So, while it broke my heart to do so, we made the difficult decision to furlough 31 members of staff. I spoke to them all personally, explained the situation, assured them we would do our best to make sure they all came back, and spent the rest of the evening drinking heavily!

Also like many of our clients, we (successfully) applied for a COVID Business Interruption Loan, took advantage of the VAT deferral, and negotiated with our creditors.

Long story short, we are emerging from lockdown, blinking in the sunlight, and preparing for the new normal.

So what are we doing?

Return from Furlough

 As of the beginning of July, we’re bringing all staff back from furlough, at least part time.

We’re not doing it because we think work volumes will have returned by then. We’re doing it to free up “idle” capacity in the business to work on all the initiatives and projects we have underway that never seem to get the attention they need.

You all know what I’m talking about, the change initiative that never seems to quite get over the line, because those involved have “day jobs” delivering client services that always take priority. Well, by bring everybody back from furlough before we “need” them, we hope to create the capacity we need to drive through that change.

And talking about change…!

 Premises

The lease on one of our offices is up at the end of August. We have decided not to renew or replace it. We will lose around 40% of our office space, but the enforced home working has shown that we do not need everybody in one place – home working … works!

In the short to medium term, we will need to make changes around booking desks, social distancing, “Hot-desking” and deep cleaning, but in the longer time we plan to have only around 50% of our workforce in the “office” at any one time.

Technology

We have recently completed a deal to acquire a small technology business, bringing in house, the expertise we have to date outsourced.

An odd move for an outsourcing business, you might think. However, outsourcing works when you’re outsourcing a non-core function (e.g. your accounts team!). Over the last year or so it’s become clear that technology is in fact a core function at the Cashroom, and crucial to our future growth and development.

And talking about technology…!

Automation

 Over the next few weeks we’re trialling a new development to our client Portal. It takes advantage of the new Open Banking regulations to automatically set up payments based on instructions received from clients into the Portal. That means there is no need for our cashiers to log onto the client’s bank account, to set up the payment, increasing accuracy and security.

That’s only one example of how future developments of our technology platform will drive efficiency and accuracy.

It seems we’re a “Fintech” business now!

So, we’re being bold, and are trying to innovative and creative. We know not everything we try will succeed, and that’s OK, because we’ve given ourselves permission to “fail” as long as we do it fast, in a safe environment, and learn.

“Gulp…!”

David Calder, Managing Director at The Cashroom Ltd

For more information about The Cashroom please visit our website: https://www.thecashroom.co.uk/

This article was submitted to be published by The Cashroom as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

Cashroom

http://www.thecashroom.co.uk/

The Cashroom Logo   The Cashroom Ltd exists to deal with the day to day administration of a law firm’s finance function, ensure compliance with the Solicitor’s Accounts Rules, and provide firms with management information and Management Accounts. We provide the time and the information allowing solicitors to focus on their business. The Cashroom provides a specialist accounting service to the legal profession, comprising an outsourced legal cashiering service, and an outsourced management accounting service. We now do this for almost 150 clients in the UK. Our legal cashiering service is delivered remotely by a team of qualified cashiers, working in our offices. We use our client’s own practice management system (there is no need to change system), logging on remotely to run their cash room, as if we were in the room next door. We also provide an outsource management accounting service delivering management accounts and management information to law firms quickly and economically, often to firms who could not afford to employ a full time accountant. More importantly, we work with clients to analyse that information, helping them understand their firm’s finances more clearly. Lawyers are not accountants and employing, supervising and managing a cash room, was a worrying prospect for many solicitors. Our Legal Cashiering Service takes away that worry, running and managing a firm’s cash room, on an outsourced basis, and ensuring compliance with the Accounts Rules. And we usually do it for around two thirds the cost of running an accounts function in house. Few small to medium sized firms produce the management information they need to run their business effectively. Few produce monthly Management Accounts, few have annual budgets, and fewer still track performance against budget on a monthly basis. Our Accountants combine “best practice” from a number of firms to create a finance function, which produces Management Accounts and management information quickly and efficiently. The Cashroom produces annual budgets, monthly management accounts, monthly management information and cash flow projections. More importantly, our Accountants spend time with our clients making sure they understand the information, and what it tells them about their business. And, again, we do it for a fraction of the cost of employing a Finance Director. We also run a full outsourced payroll including auto-enrolment services for firms of all sizes.

Key Contacts:

If you are regulated within the English and Welsh market then please contact: Alex Holt T: 07817 420 466 E:  alex.holt@thecashroom.co.uk English Office The Cashroom, West Lancashire Investment Centre, White Moss Business Park, Maple View, Skelmersdale , Lancashire, WN8 9TG Tel: 01695 550 950 If you are regulated by the Law Society of Scotland, please contact: Gregor Angus T: 07875 598 593 E: gregor.angus@thecashroom.co.uk. Scottish Office, Livingston The Cashroom, Craglea House, 7 Quarrywood Court, Livingston Village, Livingston, West Lothian. EH54 6AX Tel: 01506 401 270

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