By the Books Accounting Assistance

Outsourcing your Cashroom – 4 of 4

June 28, 2013 Posted by Lynne Moffatt

Outsourcing seems to be a hot topic with Scottish legal firms, and The Law Society of Scotland. The following series of articles outlines points for consideration if you are thinking of outsourcing your cashroom.

Could outsourcing your legal cashroom be the answer?
Outsourced Cashroom – How can it work?
Outsourced Cashroom – What to Expect
Outsourced Cashroom – What not to Expect

Outsourcing your Cashroom
Part 4 of 4 – Outsourced Cashroom – What not to Expect

Whilst an outsourced cashroom will have many benefits, it will not completely remove your responsibility as Cashroom Manager (prev called Designated Cashroom Partner) of your legal firm, these responsibilities come as standard.

When outsourcing your cashroom function you should NOT expect:-

to be immune to Law Society audits, but we will make these as painless as possible
that we will manage your staff – however, we will help them as much as we can
to have to manage us, as you would an employee
to pay employer’s NIC, SSP, SMP, SSP, SAP – no incidental employer expenses that add up
to shell out for computer or office equipment that would be necessary if you had a cashier in-house
procedures to stagnate – if it can be made simpler and/or quicker, we will offer suggestions
to ever want to change back to a full-time in-house cashier!

Once you have tested how an outsourced, or virtual, cashroom can work – we don’t expect you to ever want to go back to having a full-time in-house cashier ever. Of course, life changes and firm’s change so if you do feel that you need an in-house cashier again – we will also make that transition as painless as possible. We can provide training and support at that stage, if needed.

Could a virtual cashroom be YOUR solution?

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Tags: Help for legal cashrooms, Legal Accounts Assistance, Outsource Cashroom, Scottish Law Accountant, The Law Society of Scotland Accounts Rules, Virtual Legal Cashroom
Categories: Help for legal cashrooms, Legal Accounts Administration Assistance, Outsourcing cashroom administration, The Law Society of Scotland Accounts Rules

Outsourcing your Cashroom – 3 of 4

June 25, 2013 Posted by Lynne Moffatt

Could outsourcing your legal cashroom be the answer?
Outsourced Cashroom – How can it work?
Outsourced Cashroom – What to Expect
Outsourced Cashroom – What not to Expect

Outsourcing your Cashroom
Part 3 of 4 – Outsourced Cashroom – What to Expect

An outsourced cashroom can greatly reduce your stress levels and concerns when it comes to your Cashroom and The Law Society of Scotland’s Accounts Rules.

If you follow your initial training, you can expect:-

your outsourced cashroom to run smoothly and exceptionally easily
your costs to be lower than paying a Cashier’s salary – less than half is what we aim for
firm financial reports as often as you require, and in a format that you can easily read
information on any updated accounts rules or suggested ‘good practice’ guidelines
your Law Society accounts inspections to run like clockwork
suggestions to further streamline your accounts procedures
a helpful, straight-forward attitude to dealing with your accounts and book-keeping requirements
to benefit from a network of firm’s who, just like you, have outsourced their legal cashroom

Are YOU ready to benefit?

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Tags: Help for legal cashrooms, Legal Accounts Assistance, Outsource Cashroom, Scottish Law Accountant, The Law Society of Scotland Accounts Rules
Categories: Help for legal cashrooms, Legal Accounts Administration Assistance, Outsourcing cashroom administration, Scottish Law Accountant, The Law Society of Scotland Accounts Rules

Outsourcing your Cashroom – 2 of 4

June 11, 2013 Posted by Lynne Moffatt

Could outsourcing your legal cashroom be the answer?
Outsourced Cashroom – How can it work?
Outsourced Cashroom – What to Expect
Outsourced Cashroom – What not to Expect

Outsourcing your Cashroom
Part 2 of 4 – Outsourced Cashroom – How can it work?

Whether outsourcing is for your firm or not depends on your needs, but I have not met a situation yet that cannot be accommodated using an outsourced cashroom solution.

We run the accounts software for you, so you don’t need to pay for it each year – CHECK
Banking systems (online) – CHECK
Internet connection – CHECK
Easy access to firm’s financial information – CHECK
Easy access to client’s ledger information – CHECK

1 + 2 + 3 + 4 + 5 = OUTSOURCE YOUR CASHROOM

You will need someone at your end to pay cheques in, send cheques out and send us information. This can be a secretary, receptionist, junior member of staff or YOU if you prefer to work alone! Full training for the minimum of procedures will be provided. The rest you can leave to us. We will keep you on the right track, run the rest of your cashroom requirements (including The Accounts Rules) and provide you with the information you need to run your business.

If IT scares you – don’t worry, we LOVE IT! We have created systems that are easy to learn and use, so deployment is quick and there is little time spent on the crossover to a new system.

Outsourcing your Cashroom

June 4, 2013 Posted by Lynne Moffatt

Could outsourcing your legal cashroom be the answer?
Outsourced Cashroom – How can it work?
Outsourced Cashroom – What to Expect
Outsourced Cashroom – What not to Expect

Outsourcing your Cashroom
Part 1 of 4 – Could outsourcing your legal cashroom be the answer?

If outsourcing your cashroom is the answer, what is the question?

> My cashier is retiring soon, how will I replace her/him?
It is extremely difficult, nigh on impossible, to find a reliable legal cashier who aces accountancy and the accounts rules.

> My paralegal is also my cashier, we could take on more legal work – but where will we find the time?
You could increase your turnover, but cannot find the time out from other duties.

> If fear of running my own accounts did not stop me from opening my own law firm, how successful could I be?
You aspire to run your own successful law firm, but do not know where to start with Accounts Rules compliance and systems.

> I am out of the office a LOT, how can I have access to my firm’s financial information wherever I am?
By taking advantage of industry-leading software – you WILL have access to the information you need, wherever you are.

The answer? – OUTSOURCE YOUR CASHROOM!

QuickBooks – Why do I LOVE it? – Part 4

February 26, 2013 Posted by Lynne Moffatt

I sometimes find myself asking – Why am I so faithful to QuickBooks? Why do I love it?
In my opinion, it just keeps getting better and better! Why?

Purchase/Ongoing Cost (See previous post)
Network of over 5 million users worldwide (See previous post)
Outstanding reporting and integration capabilities (See previous post)
You don’t need to be a book-keeper or accountant to use it

Last week I covered point 3, REPORTING AND INTEGRATION

Today – let’s consider point 4, YOU DON’T NEED TO BE A BOOK-KEEPER OR ACCOUNTANT TO USE IT …

Cutting Accountancy Costs
Let’s face it, every company needs to monitor and revise their overheads regularly if they are to succeed – especially in today’s financial climate. If you currently have an accountant doing your daily book-keeping, you could save money by doing it yourself. Not a decision to made lightly, you should weigh the pros against the cons. – For example, do you have the discipline and time to ensure you WILL do it daily to keep on top of matters? Will you keep the same standard of information regarding your entries as you currently do because you know you are passing it on to someone else for processing? – Do not assume that you will remember what each entry is for, even if your accounting routine will be daily – WRITE things down, or RECORD each and every detail you can.

Set-up and Training
You may not need a book-keeper or accountant to do the daily processing of entries, but it helps if you have someone to set up the basics and teach you how to use it going forward. This way, you don’t have to worry about the mechanics in the background – all you have to worry about is processing the information in the way you have been taught. Your information will then filter through to your reports in the manner it should, to give you useful reports you can rely on. It’s also good if you can set up an arrangement with your trainer that if you have any usage issues, you can contact them for support.

D.I.Y.
After setup and training, ongoing work can be done yourself easily – following your detailed notes from your training. You will have an amazing sense of achievement doing your entries, and you may even enjoy it! Even if you don’t LOVE it, like I do, you will see results as you run your reports, you’ll reduce your accountancy costs on your P+L and that’s a great result – all you need to know.

Word of Caution
Accounting is not for everybody. If you are not entirely up to this task, or are not motivated enough to take it on – DON’T (it could be the worsT thing you do!). It could end up costing you more if you do not receive the proper advice and training, as your book-keeper or accountant will ultimately have to be more involved to iron out any issues you have caused.

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Tags: Beware of getting lost in your accounts, Cut accountancy costs, Do your own accounts, QuickBooks set-up and Training
Categories: Good accounting records, Love QuickBooks, QuickBooks as a Legal Accounts Software Solution

QuickBooks – Why do I LOVE it? – Part 3

February 21, 2013 Posted by Lynne Moffatt

I sometimes find myself asking – Why am I so faithful to QuickBooks? Why do I love it?
In my opinion, it just keeps getting better and better! Why?

Purchase/Ongoing Cost (See previous post)
Network of over 5 million users worldwide (See previous post)
Outstanding reporting and integration capabilities
You don’t need to be a book-keeper or accountant to use it

Last week I covered point 2, 5 MILLION USERS WORLDWIDE

Today – let’s consider point 3, REPORTING AND INTEGRATION …

There is not a report yet that I have not been able to produce with the help of QuickBooks – in over 16 years of use! Depending on your version of the Software, you might have up to 135 reports already built in without doing any set up yourself. New reports can easily be added, based on these pre-defined reports, and then memorised for future use. – Preferred formats, fonts and layouts can be saved making future production of a similar report a breeze.

Easy to read
Skilled and successful company owners rarely have the natural ability to pick up accounts reports and understand the strengths and weaknesses that could be facing them within those figures. What I like to do is keep it simple for my clients – 1 standard report shows 1) what is in the bank and 2) what is owed by the company to their creditors. The basis of any company – you cannot survive if you do not have funds to settle what you owe. You also need up-to-date information – there is no sense in knowing what you had in the bank last week, thousands could have been paid out since then. Similarly, if you do not have a figure of what is owe by the company to creditors, how can you plan accordingly? QuickBooks pulls this information together at the touch of a button – it may not be good news, but at least you have not spend days collating bad news! Other required information can then be gleaned to support that report – ie What is the firm due in by way of monies due by their customers, debtors?

Export to Excel
If a QuickBooks report does not give exactly the information that we require (perhaps we want some figures from a Profit and Loss report, and some figures from a Balance Sheet report to collate our required information) – we can export 2 or more reports, and manipulate these using Excel spreadsheets and formulas to collate the desired information. I have worked with firms to build macros to automate this process – to reduce the time spent on these production.

Third-party integration
I cannot even begin to list the software that integrates with QuickBooks. There are desktop programs, mobile apps, cloud add-ons, and so on – you name it – thousands of applications that have a connection with QuickBooks, and more appearing every day. A very simple (free) program I make use of is ‘QB_Timer’. This records the time I spend on each client, I import that information into QuickBooks and QuickBooks generates my invoices. – It saves HOURS, literally! Have a look at QuickBooks marketplace for information on further integrated apps and add-ons. Depending on your industry, there are hundreds to suit.

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Tags: Company Reports, Easy to read financial reports, Love QuickBooks, QuickBooks integration with Excel, QuickBooks Reports, QuickBooks third party integration products
Categories: Love QuickBooks, QuickBooks and Excel, Understanding your firm's figures

QuickBooks – Why do I LOVE it? – Part 2

February 12, 2013 Posted by Lynne Moffatt

I sometimes find myself asking – Why am I so faithful to QuickBooks? Why do I love it?
In my opinion, it just keeps getting better and better! Why?

Purchase/Ongoing Cost (See previous post)
Network of over 5 million users worldwide
Outstanding reporting and integration capabilities
You don’t need to be a book-keeper or accountant to use it

Last week I covered point 1, COST

Today – let’s consider point 2, 5 MILLION USERS WORLDWIDE …

Can 5 million users be wrong?
QuickBooks is the number 1 choice of accounting software for small businesses. That tells me there’s something about QuickBooks that attracts – I’m not the only one who LOVES it.

Love it or hate it
When speaking with others about QuickBooks I find many LOVE it, but some do HATE it. For the haters, I find that actually – either they haven’t given it a chance (using it briefly) or they haven’t been able to set it up or use it the way they should be using it. That doesn’t mean it’s a bad program, it just means their set up needs a bit of TLC, and more importantly they need some training. There’s a few essential ground rules to get the best out of QuickBooks. If you stick to those – it won’t fail you.

Development
Users also help to develop the software. QuickBooks have a ‘suggestion’ link within the program to post thoughts on how to make the program, or sections of the program, even better. These ideas are taken seriously and added to future releases or new versions. Bugs are ironed out and new ideas and apps are being introduced all the time.

Helpful Advice
No matter what issue I have had, or adjustment I have had to make in QuickBooks, I have done so quickly and accurately by looking up help within the ‘Live Community‘ on the web. 9 times out of 10, you are not the first to have thought of a way of using QuickBooks – and here you can be guided to a solution that’s right for you – completely free of charge.

Sleeping soundly
The network of over 5 million users, and growing network of registered QuickBooks ProAdvisors, means that if I am no longer around (for whatever reason!) my clients will NOT suffer. Another QuickBooks user can take over exactly where I left off. – I can sleep soundly knowing this, and take great comfort in knowing that all my hard work will not go to waste. It can be a seamless continuation.

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Tags: benefits for QuickBooks users, Development, Helpful Advice, Love QuickBooks, Sleeping soundly
Categories: Love QuickBooks

QuickBooks – Why do I LOVE it?

February 4, 2013 Posted by Lynne Moffatt

I sometimes find myself asking – Why am I so faithful to QuickBooks? Why do I love it?
In my opinion, it just keeps getting better and better! Why?

Purchase/Ongoing Cost
Network of over 5 million users worldwide
Outstanding reporting and integration capabilities
You don’t need to be a book-keeper or accountant to use it

Today – let’s consider point 1, COST …

I started with this point because for many small businesses this will be the first point of consideration – before even looking at whether the program fits their needs or not.

QuickBooks offer SimpleStart, Pro and Premier versions to install on a desktop. They also offer online solutions.
(See QuickBooks website for comparisons.)

The majority of my recommendations come down to QuickBooks Pro (Desktop). Each business sector will have varying needs, but this “middle of the road” product tends to suit most firms.

The current cost of QuickBooks Pro 2013 (Desktop) is £22 per month, per user OR a single payment of £269.

Monthly Payments

-Automatic updates as new versions are released.
-Low monthly payment makes it easy for a small business to handle.

-Could cost you more in the long run (than a single payment).
-12 month minimum contract.

Single Payment

-One payment, and your version could last MANY years.
-Still receive updates within your version, until it is no longer supported.

-Not automatically updated when new features and versions are released.
-If you need to update your PC, your version may not be compatible with a new version of Windows.

Consider Carefully

Each firm should consider their own needs carefully (or ask an Expert to help you decide). My preference when installing for a client would be a single payment for the current version. In my experience this can last upwards of 5 years (some have managed for 10 years!) and it still suit their needs. The oldest version that I can fully support is QB Pro 2003! (I am happy to have a look at even older versions should the need arise, but the older it is the more tricky it becomes to support.) QuickBooks stopped supporting v2003 a long time ago, so I have to rely on my own knowledge and expertise – but the program still faithfully runs for many, it hasn’t failed yet.

Think about that Cost

If you buy QuickBooks Pro 2013, for £269, and it lasts you even 5 years – that’s £53.80 per year, £4.48 per month or a mere £0.15 per day! OUTSTANDING cost and value for such a product. OK, you may need someone to help you set it up, and train you but 15p per day? – How does that equate to the cost of your time? – Value indeed!

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Tags: Legal Accounts Solutions, Love QuickBooks, QuickBooks ProAdvisor, Reasonably priced accounts package, Scottish Law Accountant
Categories: Love QuickBooks

9 months – and counting!

January 31, 2013 Posted by Lynne Moffatt

The Law Society of Scotland Accounts Rules amendments commenced on 1st November, 2011. This introduced Rule 6.11.1 – dealing with client balances at the conclusion of a matter. 2 months is the suggested ‘time limit’ to clear a ledger.

The intention is that small client balances are dealt with timeously – they no longer remain on ledgers and client trial balance reports for years, as some have in the past. There are many benefits. For years, I have urged many a client to do their house-keeping regularly – it’s much easier to see the wood from the trees which reduces the risk of ‘missing a balance’ – ultimately an indication that deeds have not been sent for recording, or stamp duty has not been paid on time!

What about client balances I have had for years?
The Law Society understood that with the introduction of a suggested ‘time limit’, firms now faced a mammoth and virtually impossible task to clear balances they might have had for years by 31st December 2011. They therefore added Rule 6.11.2 to clarify – existing balances (of concluded matters) held at 31st October 2011 would not be subject to the 2 month ‘time limit’, and firms would have a much more reasonable 2 years to deal with the old balances appropriately.

Time marches on and many firms might have forgotten about their responsibility here. 9 short months until deadline.

Of course, any new balance for a matter concluded since 1st November 2011 automatically falls under 6.11.1 and should be dealt with within 2 months (unless you can demonstrate, and have documented a reason to retain the funds).

The Law Society have issued guidance on how to deal with balances appropriately, at the conclusion of a matter. Useful guidance – ‘Sums between £10 and less than £50’ in LSS guidance, and ‘Sums of £50 and more‘

Practically, how can my client balances be managed?
As the old balances disappear it will become much more manageable to keep on top of new balances. Still, it could be an enormous task to review ALL balances regularly.

If you use QuickBooks as your Legal Accounts Software Solution, you can easily identify which ledgers you should focus on or be concerned about.

Here follows a short video to help you with this.

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Tags: Accounts Rules, Clearing old client balances, legal accounts, Legal Accounts Software Solution, legal cashier, Scottish Law Accountant, Small client balances, The Law Society of Scotland Accounts Rules
Categories: The Law Society of Scotland Accounts Rules

RTI-ready payroll software

January 23, 2013 Posted by Lynne Moffatt

I have been asked many times recently about RTI-ready payroll software. (HMRC’s payroll ‘Real Time Information’ scheme – COMPULSORY from April 2013). HMRC RTI information

1. QuickBooks
I use QuickBooks integrated payroll, it’s fantastic if you’re a QuickBooks user as it updates your accounts as well as process your payroll – they’re already set for RTI compliance and good to go. Give me a call if you have any QuickBooks payroll queries, or need someone to ensure you are RTI-compliant. 01383 231132.

2. 12pay
For a stand-alone payroll package I cannot fault 12pay. I have used this is the past and if my payroll subscription wasn’t included in the cost of my accounts software, this is what I would choose – no question.
RTI-ready, with MANY useful features to make payroll slick and easy.

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Tags: HMRC RTI requirements, legal accounts, Payroll Software, RTI-ready
Categories: Payroll

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