Financial management

Financial management guidance:

This Precedent is for an annual budget, presented in a spreadsheet. It is intended for use by law firms. The annual budget predicts what income will flow into the firm...

Precedents

A balance sheet is simply a snapshot of the financial health of the firm at any given time, ie what the business is worth. It achieves this by showing: • the value of the...

Precedents

A cashflow forecast is not the same as an income and expenditure budget, although it looks very similar. An income and expenditure budget predicts net profit (income less...

Precedents

This Practice Note provides guidance on managing financial risk. It reflects the SRA Standards and Regulations 2019 and additional financial management requirements that...

Practice Note

A: General information Date of annual review Person(s) conducting annual review B: Review and findings Are your financial management policy and processes up to date and...

Precedents

1 Introduction 1.1 Sound financial management is critical to the success of any business. 1.2 Implementing financial management processes helps us plan for financial...

Precedents

Good behaviour or practice ☐ You do not make payments to partners irrespective of cash in the bank ☐ You reserve some of your net profits each year (ie you do not draw...

Precedents

This practice note covers the regulatory requirements that must be observed to minimise any events that could affect your firm’s financial stability. This is sometimes...

Practice Note

This practice note covers the regulatory requirements that must be observed to minimise any events that could affect your firm’s financial stability. This is sometimes...

Practice Note

This Practice Note provides information about preparing and implementing common tools to minimise financial risk and improve financial stability. Why have financial risk...

Practice Note

The monthly budget predicts what income will flow into the firm and what financial expenditure will flow out each month, resulting in a net profit prediction. Breaking...

Precedents

Under section 3 of the Small Business, Enterprise and Employment Act 2015 (SBEEA 2015), certain large companies and limited liability partnerships (LLPs) are required to...

Practice Note

This Practice Note sets out the requirements of the SRA Accounts Rules 2019 (the 2019 Rules), in force from 25 November 2019, together with supporting guidance published...

Practice Note