An Insight From Ascentant Accountants – The Leading Specialists on Law Firm Accounting

By 20th November 2017Executive Insight
Ascentant

One of the most significant benefits of becoming a niche specialist cloud accountant is that you can improve your practice processes and become an expert in your field,  allowing you to service suitable businesses on a nationwide scale with ease.

One of the best firms doing this that have a pure focus on Law firm accounting is Ascentant. A Derby based practice but with offices around the U.K.

When he wasn’t busy helping Law firms manage their accounts we managed to ask Kevin Drew a few questions…

Q1: Tell us a little about yourself and your business.

A: Ascentant are Accountants and Business Consultants based in Derby with satellite offices in Nottingham and London. We specialise in providing advice and support to Legal Practices including compliance with the Solicitors Accounts Rules, Client Accounting and SRA Compliance.

I founded Ascentant in 2015, having spent 15 years working in Legal Cashiering and Law Firm Accounting in London. Having relocated to the Midlands, I began providing freelance Accountancy support to local non legal businesses, before launching Ascentant and providing Outsourced legal cashiering services. Ascentant has since grown to provide support to a number of start up and boutique law firms in addition to providing support to a national legal brand. Furthermore we provide general support to local non legal businesses covering Bookkeeping, Payroll, VAT, Accountancy, IT and HR.

Q2: Which Cloud Accountancy Packages do you use and why?

A: We work with a variety of Cloud Accountancy Packages including Xero, Quickbooks, Clearbooks, Kashflow, Quickfile and ReckonOne, depending on whether or not our client already has a system in place.

If selecting a package for new clients, we recommend Xero at every opportunity due to the system integrity, functionality and the integrations with third party apps.

In terms of supporting Law Firms and complying with the Solicitors Accounts Rules, cloud packages are still being developed, but we recommend and work with LEAP Legal which integrates with Xero.

Q3: Why and when did you decide to become a Cloud Accounting specialist?

A: Having relocated to the Midlands and beginning to provide freelance services, Cloud Accounting provided the most flexibility for mobile working between locations, sharing documents and electronic approval and authorisation. Similarly Cloud products had a comparatively low initial set up or upfront cost – This was a winning formula and something that we embraced, now working exclusively with Cloud rather than server solutions.

Q4: What key benefits do you consider that Cloud Accounting offers your clients?

A: Cloud Accounting offers clients visibility of their financial position in real time and the ability to produce meaningful reports to help manage their business and make decisions. As a result, businesses are able to be hands on in managing themselves, check cashflow projections, make purchases or make other integral management decisions which they do not have visibility of on a traditional system.

The instant access to data in real time reduces time spent by Accountants in answering queries or forwarding basic reports and additionally Cloud solutions are often priced on an affordable monthly subscription rather than investing upfront.

Q5: What sector specialisms do you have?

A: We specialise in the legal sector, providing Outsourced Legal Cashiering support to start up and niche Law Firms and Alternative Business Structures, regulated by the Solicitors Regulation Authority.

Q6: What specialist services do you offer your clients?

A: We provide Outsourced Legal Cashiering services, Anti Money Laundering Compliance and SRA Handbook Consultancy in addition to general Bookkeeping, Accountancy and Tax support.

“Working with Kevin and our relationship with Ascentant has been both a significant asset and a driver for the business. It has been great having Kevin in our office and sitting in on our leadership meetings. Kevin is a through and through professional and everyone in the team loves having him around.”
David Hall – Founder of Orderly Inventory

“Kevin did a sterling job for us at Davenport Lyons, his work was exemplary. I would recommend Kevin to anyone looking for a switched on, intelligent and sociable person who knows legal accounts work inside out”
Rob Hall – Ryder Reid Legal

If you are a Legal Practice and want to learn more about Outsourced Legal Cashiering, visit http://ascentant.us.com/considerations-outsourcing-legal-cashiering/

For further information, visit our website www.ascentant.co.uk, email us at info@ascentant.co.uk or call us on 01332 897356.