Don’t let the Budget blues get you down -we can help your law firm balance the books
It seems as though much of the UK is holding its breath as we await the new Chancellor’s first Autumn Statement – “The Budget” – on 30 October.
There has been much speculation about up-and-coming tax changes, however, until the Chancellor stands up in Parliament the day before Halloween, (surely a gift to headline writers?!) we won’t know anything for sure.
A tricky balancing act
Uncertainty about what is in store is unhelpful for individuals, businesses and the wider economy as it discourages spending and investment decisions being taken.
It is certainly the case that the new Chancellor, Rachel Reeves, is facing an extremely tricky balancing act.
Many businesses will recognise the dilemma, cashflow is the life blood of a business and needs to be kept flowing, not just to meet committed costs but also to allow for investment and growth.
Law firm cash flow
In law firms, cash flow can be a particularly challenging issue because it can take a long time between completion of work and a bill being paid – there are lots of processes to be finalised in the intervening period and the more efficiently and quickly these can be carried out, the better.
Of course, technology has transformed billing over the past decades but it still requires human input! The accounts team plays a vital role in any law firm, not least in chasing bad debts. While partners may be making the spending decisions and setting the budgets, it’s the collection of cash which makes this all possible.
If your law firm doesn’t have the proper resources to manage its cash flow effectively, it could be storing up financial trouble.
What do we do?
At Global BPO we are specialists in business process services and our Accountancy and Credit Control staff can provide the extra support you need to get your firm’s account team through a busy period, work through a backlog and cover for absent staff .
We are also confident that using our experienced personnel delivers significant cost savings for firms, in comparison to a direct hire – making it easier for you to stick to your budget and balance the books!
How can we help you?
To find out how we can help you improve your cashflow, contact our Client Manager, Suzie Young, at: suzie@globalbpo.co.uk.
