Chief Revenue Officer at Cashroom Alex Holt joins Today’s Conveyancer Podcast host David Opie to discuss his Cashroom and the development of the business over the last 10 years. Cashroom offer outsourced finance functions for law firms across the UK; and has grown as a number of factors have come together to place pressure on law firm finance functions.
Alex points to a reduction in the number law firm specialist cashiers, many of whom have retired and exited the profession taking with them their longstanding expertise and experience. Tighter regulation and the stricter compliance requirements compounds the issue and has forced firms to look more closely at their finance and cashiering function and tighten up on any risks therein. It’s a trend Holt has seen in his time with the business with good cashiers in shorter supply.
Cashroom have recently launched in America; which understandably has been an eye opener. Despite overarching compliance requirements across the country, the application is very much implemented on a state by state basis and in much the same way Cashroom have been able to support firms with the tighter finance regulations in England, Wales and Scotland, there is also an opportunity to do so in the USA says Alex.
Ultimately says Alex, like many roles in law firms, the finance function is coming under increased scrutiny and given it’s central role in the organisation, and associated risks with fraud and handling client monies, it is important firms consider carefully how they manage their finances and plan for future resourcing.
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