One of the less obvious consequences of the difficulties of the past 18 months for small and medium sized firms has been the challenge of producing sufficiently detailed figures for the needs of the bank manager.
Banks are increasingly requiring detailed management and financial information from solicitor customers, both on renewal of facilities and on a regular basis, with explanations to accompany accounting numbers - as they would expect from a Finance Director.
Whilst most Legal accounting systems hold the relevant data, turning it into meaningful information so that Partners and Lenders can make the right decisions has historically proved both challenging and costly. Many small firms simply cannot afford the requisite calibre of finance or marketing staff, while producing the information independently is close to impossible.
We have worked over the past year to develop a cost-effective solution to this problem, by delivering the skills and experience of a Finance Director and/or a Marketing Director on a remote basis – not only turning our clients’ information into an understandable format, but using it to help them achieve greater profits, smoother cash flow and increased revenues.
This is rapidly becoming one of our most popular services, as it meets the needs of both the firm and the bank, while also providing peace of mind for both. If you would like more information, please see this page on our website.