What are your firm’s New Year resolutions? Have you considered these?

If your New Year resolutions have already failed and you’ve missed several gym sessions in favour of a croissant and mocha-latte at your desk, there is still time to do something for the greater good of your firm. Here are some ideas you could consider.
Law firms: client account housekeeping
If your new year starts on 1 April or 1 May, don’t forget to do some basic client account housekeeping over the next few months and clear down old balances by returning monies to clients. As Reporting Accountants we regularly see law firms with a huge number of often small – but sometimes very large – balances still in the client account long after the underlying transaction has been completed. Sometimes it might be the only reportable breach a firm has and in many cases it could be avoided if a more concerted effort is made to return old funds. For many firms there is just about enough time to do a sweeping-up exercise and hopefully avoid another reportable breach.

Employee ownership
More and more architects, surveyors and other project-based practices seem to be thinking about – or actually making the move to – an employee ownership model. It’s often the larger practices which make the headlines but smaller ones are following suit, attracted by tax incentives and a culture focusing on collaborative long-term success.

Buzzacott are members of the Employee Ownership Association to better service our clients making the change. The demand from our client base is broadly two-fold: millennial entrepreneurs who want to do good for the staff that work for them, and Professional Practice firms, like architects, where the service provided is all about their people. Let us know if you need further advice on what this change looks like in practice.

Get in contact
If you have any questions about his article or would like advice tailored to your situation, please contact:

Claire Watkins
Partner, Professional Practices Group
E | Watkinsc@buzzacott.co.uk
T | +44 (0)20 7556 1482

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