If your firm is expanding rapidly, it’s important your internal financial processes can keep up.
We offer financial health checks and practice management reviews, and can manage the implementation of our recommendations. We can also take on the upgrade of your accounts or practice management system, or help introduce a new one.
A financial health check and practice management review covers:
- banking and treasury management
- the LLP and its statutory obligations
- work practices and current capabilities within the finance team
- the adequacy of existing software
We were one of the first accountancy firms to take on limited liability status, and started trading as a limited liability partnership (LLP) from 1 April 2004.
Since then, we’ve helped many law and accountancy firms – and other practices in professional services and healthcare – to convert to LLP status.
As an LLP, you combine the benefits of limited liability with the flexibility of organising your internal structure as a traditional partnership. You have the same tax rules as a partnership, you can secure bank borrowings on debtors, and you can create a more corporate structure with its own assets and subsidiary companies.
There’s a lot to consider when setting up an LLP – such as engagement terms, profit sharing and exit strategies. We can help you through the process, making it as smooth as possible for everyone involved, including partners, employees, bankers, clients, landlords and suppliers.
Partner development reviews (PDR)
The partners in your firm are key to your overall business performance.
The PDR process can help direct and motivate them, by ensuring they each have a defined role, and that they’re using their strongest skills for the benefit of the whole organisation. We’ve been delighted with the results of the process in our own firm, and we now help implement it with other practices.
Our PDR information pack contains all you need to set up the process: partner role specifications, core skills and tasks, and how to apply and measure the process in practice – including easy-to-use on-screen 360 degree feedback. And, of course, we’re here to advise you on any aspects of your PDR.