Since 2011 Solicitors been required to have a designated person responsible for Finance in the form of a COFA (Compliance Officer of Finance & Administration). This can be a heavy burden on a firm especially if a key person is being taken away from their day to day legal role to review financial controls and identify breaches.
At JJ+H we offer services such as internal control reviews and identification of potential breaches to highlight risk areas within the business.
We can also offer to complete the COFA services on a day to day basis, reporting back to the COFA with any findings, to free up the COFA to focus on their main task of running a legal practice.
With increased finance compliance for Solicitors this aspect of your business should be a top priority. We offer a finance health check to ensure your compliance processes are fit for purpose. To ensure compliance under the SRA Accounts Rules we will conduct a review of current controls and processes in the form of a health check questionnaire. This will look at all the areas of the business that could be at risk and show where there are gaps in finance processes. If required we can also assist with implementation of the fixes to mitigate against these risks.
At JJ+H we can review your current finance processes and offer expert advice to enable you to get back to your core role. At JJ+H we also offer cover for finance staff whilst they are away from the business. This will keep your finance department up and running, reducing the risk of any breaches in controls/processes. This service can be for a day or long term to ensure the firm’s finance department can continue to support the firm.
We have over 4 years’ experience in Legal accounting (as designated COFA) and 20 years in general accounting (ACCA qualified since 2010).