Accounts Manual Drafting & Maintenance
Bespoke Accounts Manuals aligned to the SRA Accounts Rules and the way your firm operates.
RACO provides bespoke Accounts Manual drafting services for law firms, helping firms document compliance with the SRA Accounts Rules, protect client and office money, and create a practical framework for managing financial procedures. An effective Accounts Manual provides clear guidance to staff, documents key processes and helps ensure financial controls remain consistent across the firm.
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Accounts Manual Services for Law Firms
An Accounts Manual is an essential document that records a firm’s approach to compliance with the SRA Accounts Rules and provides guidance to staff on the procedures adopted by the firm, how to avoid breaches and what steps should be taken should issues arise.
This is a complex regulatory document that must accurately reflect how the firm operates in practice to ensure it effectively controls and protects both client and office money. It must also remain up to date and aligned to the firm’s day-to-day operations, systems and processes.
Drafting and maintaining an Accounts Manual can be a time-consuming exercise. However, the process also provides an important opportunity to review financial procedures, assess whether improvements are required and ensure the firm’s systems remain fit for purpose.
RACO’s Accounts Manual Drafting & Maintenance Service provides a structured and practical solution for creating, implementing and maintaining a bespoke Accounts Manual tailored to your firm.
Why an Accounts Manual Matters
A well-structured Accounts Manual helps firms:
- Document compliance with the SRA Accounts Rules
- Provide guidance to staff responsible for financial procedures
- Protect client and office money through documented controls
- Record how the firm manages financial systems and processes
- Promote consistency across departments and teams
- Help prevent breaches and provide guidance on responding to issues when they arise
- Support compliance with Lexcel, CQS and SQM requirements where applicable
The manual should never become a document that sits on a shelf. To remain effective, it must continue to reflect how the firm actually operates and evolve alongside changes in the business.
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What is included?
Our service follows a structured process designed to ensure the completed manual accurately reflects your firm’s procedures and working practices.
Engagement
Agreement to proceed with the service and confirmation of the scope of work.
Consultation
Detailed discussions with the COFA and accounts team to understand the systems, controls and financial procedures adopted by the firm.
Registers
Building and implementation of the appropriate registers required to support compliance with the SRA Accounts Rules.
Drafting
Preparation of a bespoke Accounts Manual and procedures based on the information gathered during consultation, incorporating both the firm’s existing processes and recognised best practice.
Implementation
Finalisation of the manual and issue of the completed document for implementation throughout the firm.
Training
Training staff involved in the relevant processes to ensure they understand the firm’s procedures and how they should be applied in practice.
Review
Optional ongoing reviews and updates to ensure the manual remains current and reflective of both regulatory developments and operational changes within the firm.
Audit (Optional)
Optional site attendance, staff interviews and reporting to assess whether procedures are being followed consistently and identify any improvements or updates required.
Areas Covered Within the Accounts Manual
The Accounts Manual includes detailed procedures covering:
- Firm Structure and Organigram
- Key Departments and Overview of Services
- SRA Accounts Rules
- Codes of Conduct and their impact on firm procedures
- Key Roles and Responsibilities
- Accounts System Overview
- Case Management System Overview
- General Procedures
- File Opening and File Allocation
- Anti-Money Laundering Procedures
- Time Recording and Billing
- Monies on Account
- Restrictive Funds
- Disbursements
- Processing Invoices
- Requesting Payments
- Cash Management
- Paying in Client Monies
- Office Transfers
- Completion Statements
- Purchase Requests
- Write-Offs
- Reconciliations
- Client Account Management
- Credit Control and Aged Debt
- Closing and Archiving Files
- Auditing
- Management Information
- Staff Training Requirements
The completed manual provides a central reference document that supports consistency, staff training, compliance and the firm’s overall approach to financial management.
Optional Additional Services
Additional support services are available where firms require further assistance.
Ongoing Maintenance
Annual reviews and updates to ensure the Accounts Manual remains current and aligned to regulatory and operational changes.
Training Day
Additional staff training to support implementation and understanding of the firm’s procedures.
Audit & Reporting
Site attendance, staff interviews and reporting to assess whether procedures are being adopted and identify any updates or changes required.
Performance Management Programme
Implementation of a bespoke performance management programme that reflects the requirements of the firm.
Employee Handbook Drafting
Drafting of an up-to-date Employee Handbook documenting how employees are managed within the firm.
Employee Handbook Drafting
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For more information and costings
Why firms choose RACO
Bespoke to Your Firm
Experienced Law Firm Compliance Specialists
Practical Implementation Support
Ongoing Maintenance Available
Supporting Consistency Across the Firm
Contact Our Team
To ask any questions about the Regulation and Compliance Office and how we can support your Law Firm, please call us on 0203 985 8550, complete the online enquiry form below, or email us info@regulationandcomplianceoffice.co.uk