Guest Writer, Lillian Oliveri, founder of Kale Accountancy and ILFM Member.
Lillian is AAT qualified with over 25 years of experience in Accountancy and, more specifically, Legal Accounting.
Sole Practitioner and Freelance Legal Account Life
Based in South London, working as the sole practitioner of her firm Kale Accountancy Ltd, Lillian sheds some light on her typical day...
"I was always interested in numbers and loved Maths in High School. When I spoke with my mom about what I loved doing in School, she suggested either an Accountant or Architect as my next favourite subject was technical drawing. So, I took an accounting class in High School and then went on to do AAT whilst working."
Coffee and Legal Cashiering
Working at a law firm as a freelancer, I wake up at around 6 am, intending to get out the door by 7 am. I am not much of a morning person, but I always feel better once I get to my office early, around 8:15 am. At this time in the morning, my cappuccino is a lifesaver (even though I have tried to give up coffee many times!)
As the law firm has outsourced its legal cashiering function, my job is to check that client funds and any bills are recorded on the system, ensure all information is up to date and follow up on any outstanding issues.
My first task (with coffee in hand) is to check and reply to any emails, especially those from the Quill Legal cashier and the Auditors during the SRA audit visits.
Note: all Quill Legal Cashiers are qualified and trained by the ILFM
If it is payroll time, I will consult with the payroll company to ensure reports are accurate and available on time so I can process any salary payments via BACS. Plus, upload the relevant information to the pension company.
During the morning, I will check if any supplier invoices are due for payment and set up the batch information online for review and authorisation by the business owner/practice manager.
After my lunchtime trip to Pret, I then focus on the compliance side of SAR, which includes liaising with fee earners on matters such as residual client balances and old cheques that have not cleared the bank. Plus, I review the Matter Balances Report to see if it is missing any Client-to-Office transfers that must be recorded.
During the day, I catch up with the practice manager/business owner and a couple of directors. We will discuss the auditor’s feedback, and procedures to put in place and follow up with fee earners on unpaid bills or outstanding transactions on the legal accounting software.
Note: See the ILFM’s article on Suspense Accounts.
The ILFM has helped me so much in keeping abreast of changes happening, and the key focuses or issues that the SRA is facing with Law firms.
My day at this law firm typically ends around 4:30 pm, to dash for the train home, to continue working before and after my Keto meal (which, of course, is never really 100% Keto, but I like to think it is!).
That is just a typical day in the life of my role in legal cashiering and accounting, but we all know working in professional services that compliance, regulations and client money protection thoughts are never far from the back of our minds.
Lillian Oliveri – AAT Accountant/Senior Legal Cashier
Check out her recent Podcast – A Conversation with a Black Businesswoman
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