3 Hours SRA CPD
Speaker: Linda Scott
Whilst good practice and financial management are obviously important - are they really happening in your organisation? Are you focusing enough time on the basics and regularly reviewing and improving your firm's performance?
Our businesses must be able to react effectively to change whether change is brought about by external pressures (economic cycles, regulation, client expectations and competitive forces) or internal pressures (leadership, budgetary pressure, dips in financial performance).
It is important that any business, not just legal practices, have sound financial and management processes, procedures and systems in place.
The owners of any business need to understand where they are financially. Financial controls and management should be reviewed daily so that there is always someone within the business who knows exactly how it is performing on a day to day basis. This means that you would be able to respond quickly and effectively in the event of a downturn.
Does your business have the financial resources to develop to make it more profitable? What is it that sets your Firm apart from the others within your area?
By the end of this seminar you will have had the opportunity to consider and discuss the following:
- Reviewing the recent financial performance and trends of your business.
- Annual Budgets - how to review and agree these.
- Aged Bills and Aged Disbursements - how much and what is the split between 30, 60, 90 and 120+ days.
- Credit Control Procedures - it is everyone's responsibility!
- Monies on Account - what is the Firm's Policy?
- Costs Delivered Targets - how are they calculated?
- Charge Out Rates - how are these arrived at?
- Having a Time Recording Policy in place.
- Expenditure - when was a full review of all expenditure last undertaken?
- Existing borrowing.
- Accountants and Bankers - who are they and are they proactive?
- Choosing the right accounts package for your Firm.
If you do not have robust financial controls in place and do not manage your finances daily, the current economic environment will expose any "chinks in your armour".
