SRA-compliant bank reconciliation training 

Ensure compliance with SRA regulations. Our bank reconciliation training gives law firms the tools they need to protect client funds and maintain accurate records of incoming transactions. 

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Helping law firms stay compliant with client money handling regulations

Solicitors and legal firms regulated by the Solicitors Regulation Authority (SRA) must adhere to strict financial regulations. This involves regular three-way bank reconciliations of client bank accounts, ledgers, and cash books at least once every five weeks. Lawsyst offers bank reconciliation software training for legal professionals bound to the requirements of the SRA, giving you the tools you need to keep up with these exacting demands. 

In our live sessions, we will explore how to use our software to reconcile client transactions accurately and efficiently, with guidance on keeping client money separate from firm accounts, the appropriate allocation of funds, and what to do in the result of a discrepancy. Those attending the session will also gain an understanding of how to manage legal aid payments and the steps required when reporting fraud to the SRA.  

 

Bank reconciliation for law firms made easy 

Lawsyst allows legal practices to increase accuracy and compliance within their bank reconciliation processes. Via connected bank feeds, client transactions can be easily imported into our legal accounting software, providing greater financial transparency and streamlining SRA reconciliation requirements.  

With our bank reconciliation software, you can ensure that client funds remain protected at all times, minimising the risk of human error, increasing your firm’s fraud detection capabilities, and giving you the power to handle incoming payments safely and efficiently. Discover more by booking a place on our training session today.

 

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Benefits of our bank reconciliation training for law firms

  

Remain compliant

Lawsyst’s in-depth training will ensure that your firm's accounting processes remain compliant with SRA regulations at all times. Our cloud-based software streamlines regular bank reconciliation activities, helping you manage your commitment to financial transparency and use client funds correctly. 

 

Increase efficiency

By automating your reconciliation processes, Lawsyst saves valuable time and resources. Once you are fully trained in how to use our software, you will no longer need to rely on your legal staff to reconcile transactions manually, and free them up to focus instead on delivering exceptional client outcomes.  

 

Identify discrepancies and reduce fraud

After you have become familiar with our law firm reconciliation software, you will have the ability to identify and correct discrepancies more easily, and conduct investigations into potentially fraudulent activity in order to maintain compliance.  

 

Gain a clear picture of your firm's financials 

Law firms use our reconciliation software to help maintain a clear and accurate picture of their financial position. This increased transparency simplifies internal audits and external reviews, providing essential clarity for COFAs and independent regulators on your firm’s money handling activities.

  

 

Frequently Asked Questions
What is Lawsyst’s SRA-compliant bank reconciliation training?

Lawsyst provides specialised training for lawyers and legal accountants to ensure SRA-compliant bank reconciliations, covering proper handling of client funds and financial compliance.

Who is this training designed for?

Our training is suitable for lawyers, practice managers, COFAs (Compliance Officers for Finance and Administration), bookkeepers, and legal accountants who handle client funds.

Why is SRA compliance important for bank reconciliations?

The SRA Accounts Rules require law firms to conduct regular three-way bank reconciliations to protect client money, prevent errors, and maintain financial transparency.

What key topics are covered in the training?

The training includes: three-way reconciliation (client ledger, cash book, and bank statements), handling client and office account transactions, identifying and resolving discrepancies, compliance with SRA Accounts Rules, and audit preparation and reporting obligations.

How often should bank reconciliations be conducted?

The SRA mandates reconciliations at least every five weeks, but depending on the size of your firm, it is recommended to perform them monthly or weekly for better financial control.

What happens if discrepancies are found during reconciliation?

Our training covers how to identify, investigate, and correct reconciliation errors promptly, as required by the SRA.

Does the training help with SRA audits and accountant reports?

Yes, our bank reconciliation software training explains how to maintain proper financial records, prepare for SRA audits, and comply with annual accountant reporting requirements.

What are the risks of non-compliance with SRA bank reconciliation rules?

Non-compliance can lead to fines, regulatory investigations, loss of practicing certificates, or even SRA intervention into your firm’s finances.

How is the training delivered?

Lawsyst offers online bank reconciliation training, delivering a live demonstration tailored to the needs of your firm.

Do I need prior accounting knowledge for this training?

Accounting knowledge is helpful but not an absolute requirement. Our training is designed for lawyers and legal professionals with all levels of financial experience.

Does Lawsyst provide ongoing support after the training?

Yes, Lawsyst subscribers will receive access to round-the-clock technical support to ensure continuous compliance with SRA financial regulations.

If there’s anything we haven’t covered here or you have any specific questions about your account, just let us know and we’ll be happy to answer them. If you’re not a customer yet but curious about our plans, contact us