Outsourced FD Services

The Armstrong Watson Legal Sector Team will work with you to review and lead your finance and accounting function, particularly its output and how that output is used by your key decision makers and fee earners to improve their performance. As part of our FD service offering we provide the following services:

Preparation of annual budgets
Preparation of annual cash flow forecasts
Review and preparation of monthly management information to translate all figures and data in a way which makes sense to the stakeholders
Establish a dashboard of monthly KPIs (Key Performance Indicators)
Monthly preparation of dashboard and provision to management to include commercial analysis and proactive suggestions for improvements in KPIs
Monthly review and update of budgets and forecasts and monitoring of cash needs and draw downs
Review of quarterly VAT returns before submission
Development of weekly scorecard information for fee earners
Preparation and circulation of weekly scorecard information for fee earners
Provision of direct feedback and coaching to fee earners on their own performance
Provision of information to the bank on a monthly/quarterly/six monthly/annual basis as required
Meeting with the bank every quarter/six months/year as required
Preparation of year end accounts
Generally engaged for queries and proactive support
Design and implementation of remuneration and reward programme for fee earners and staff linked to KPIs

The process

Assisted review of your accounting function and the output produced and how it is used in your firm’s strategy. This service is bespoke to your firm and your specific requirements.

We work with you to make recommendations on every facet of your accounting function including

the information used by the key decision makers in the business and how it can be linked to your firm’s strategy.
the information provided to fee earners and how this can be used to positively influence culture and performance.

Contact our Legal Sector Partner, Andy Poole, on 07828 857830 or andy.poole@armstrongwatson.co.uk to discuss how we can help you.

What is it?

Provision of financial director services and high level strategic support on an ongoing basis to fit your firms bespoke needs.

Who is it for?

All law firms of all structures and sizes in all locations.

What are the benefits for your firm?

Cost saving on your current in-house provision
Have clarity in the strategy of the firm and how that strategy can be supported
Take appropriate action on an informed basis
Development of bespoke solutions to fit the needs of your firm’s needs

What do I have to do?

Your internal cashier function should not change, and will still be required for the day to day posting.

What are the deliverables?

The outputs are as noted above. We can agree targets with you to measure our success.

What is the cost?

£1,300 plus VAT and disbursements for an initial assessment meeting via video conference, to be credited against future fees should you decide to appoint us. All fees are agreed based upon a bespoke schedule of the pricing options produced following the assessment meeting.

How long will it take?

We can build a solution that fits your business needs and budgets.

What our clients say

We engaged the Armstrong Watson legal sector team to provide outsourced FD services and to assist us through a period of transition following the departure of our previous in-house FD. Their knowledge of the issues and bespoke recommendations have helped to refocus our management thought process and implementation of our strategy. Armstrong Watson has refreshed the output of our accounting function and that has allowed our management team to focus attention where necessary. We use their user friendly KPI focused management information and this allows for a joined up approach with our strategy and informed management decisions. All in all, we are delighted with our decision to outsource our FD function and wish that we had done it long before.

Peter Stafford, Managing Director & Head of Business Services, Cartmell Shepherd

During the early stages of the Covid-19 pandemic it became apparent that the bookkeeping and management accounts were potentially going to be problematic logistically. Sharon was proactive in providing possible solutions in advance of our scheduled quarterly timetable and was available at several opportunities to test our preferred option of working remotely. Microsoft Teams proved to be invaluable in ensuring we could adapt to a rapidly changing working environment with relatively short notice. Armstrong Watson were instrumental in bringing about this change and ensuring, not only the work getting done on a timely basis but also, staff safety being prioritised.

Karen Walsh, Director, Paramount Legal Costs Limited