The Cashroom (Finance) team are responsible for undertaking the duties listed below and
through training and support from other team members, the successful candidate will work
towards becoming competent in these tasks.
1. Client Transactions
* Responsibility for reviewing and processing all client fund transactions on a daily basis,
in line with the firm's stated procedures.
* Using the firm's online banking systems, accurately process client and firm payment
transactions, adhering to the firms stated anti-fraud procedures.
* Manage client funds held on designated accounts; opening and closing accounts as
required using the online banking systems, and ensuring the correct authorisations are in
place at all times for lodgements and upliftments to these accounts.
* Process interest to clients designated bank accounts.
* Process inter client transfer transactions, ensuring all such transfers comply with the Law
Society of Scotland Accounts Rules.
* Prepare daily banking, ensuring this is lodged with the bank within the required
timescales.
2. Reconciliations / Compliance
* Perform daily, weekly and monthly bank reconciliations as required on all client and firm
bank accounts ensuring that all unreconciled items are resolved timeously.
* Perform quarterly reconciliations of all client designated bank accounts, ensuring all
unreconciled items are resolved timeously.
* Responsibility for reviewing all client fund ledgers, identifying client balances which may
be classed as residual, and ensuring appropriate steps are taken to return the funds to
clients without delay, thereby ensuring compliance with the Law Society of Scotland
Accounts Rules.
* Run the day close daily balancing reports ensuring any discrepancies are identified and
resolved rapidly.
* Ensure compliance with the Law Society of Scotland Accounts Rules at all times.
3. Purchase Ledger / Accounting
* Operate the firm's purchase ledger, to include accurately processing firm and client
disbursement invoices to the system, running weekly bulk payment runs, one off supplier
payments online or by cheque etc.
* Process expense claim submissions accurately and timeously, and ensuring that all claims
comply with the firm's expenses policy at all times.
* Ensure a strong financial control environment exists in the area of credit card payments,
including performing a monthly reconciliation of all expenditure processed to the firm's
credit cards.
* Ensure all firm payments made by direct debit are in line with authorisations supplied to
the Cashroom team, and that these are processed timeously to the firm's practice
management system.
* Reconcile all supplier statements received on a monthly basis.
* Responsibility for firm petty cash, including timely reconciliation in line with the firm's
procedures.
* Maintain the Nominal Ledgers by posting of cash and bank transactions, and by
processing appropriate Journals.
4. Billing / Credit control
* Preparation and sending out of fee notes to clients.
* Regular meetings with fee earners to discuss billing requirements.
* Processing WIP and client disbursements write offs.
* Responsibility for ensuring all fee notes issued across the firm are stored electronically
in the Finance central storage system.
* Working with the Cashroom Supervisor, ensure that all outstanding fees are pursued
for payment with a view to ensuring timeous collection.
This will include :-
- Identifying outstanding fees which can be recovered from funds held, and
ensuring that these are processed timeously.
- Reviewing on a daily basis funds received to pay fees and ensuring the correct
client/fee note is identified and the sums received are allocated accurately to the
firms records.
- Preparing required recovery transfers/credit entries and ensuring they are
appropriately authorised.
- Processing of fee recoveries to the firm's accounts/practice management system.
- Preparing outstanding fees correspondence and statements and sending out to
clients.
- Chasing overdue accounts via telephone, letter and e-mail.
- Work with partners and fee earners with a view to ensuring timeous recovery of
outstanding fees.
- Ensuring that any queries identified are dealt with in a timely manner and any fee
credits/cancellations are raised and issued as required, after discussion and
approval from the relevant fee earner/partner.
5. Other
* Responsibility for collating tax payment information by client, at the required level of
detail, from the tax group and thereon ensuring client funds which require to be moved
between matter ledgers by way of transfers in order to effect payment are processed in a
timely and efficient manner.
* Assisting the Residential Property team with the preparation of cash statements to be sent
to clients.
* Ensure all queries and tasks allocated are completed within the required timescales.
* Ensure all queries raised by fee earners / secretaries are responded to and resolved in a
timely and proactive manner at all times.
* Provision of training as required within both the finance team and the firm as a whole.
This list is not exhaustive and is designed to give an overview of the post.
Essential skills, knowledge and experience:
* Previous experience working within a legal finance team or a busy, demanding finance
environment is desirable
* Alternatively, a candidate who is educated to a degree level in a relevant subject
* Strong focus on excellent customer service, with a willingness to take responsibility for
timely completion of work and resolution of any issues
* A flexible, proactive, positive, "can do" attitude. A self-starter
* Excellent communication skills, both written and verbal
* Accustomed to relationship building and liaison with all levels of staff
* Strong attention to detail
* Excellent IT skills using MS Word, Excel, Outlook, and Teams
Search is an equal opportunities recruiter and we welcome applications from all suitably skilled or qualified applicants, regardless of their race, sex, disability, religion/beliefs, sexual orientation or age.