For Accounts management, the elements identified cover the following:
- CILEx Accounts Rules – handling of client money
- General Bookkeeping
- Finances
The competencies comprise knowledge, skills and experience elements, and each is made up of a set of Learning Outcomes.
Even if you decide that your firm is not going to hold client money, you will need to demonstrate an understanding of it, so we can be sure that your firm has the processes in place to identify it correctly.
Part of your supporting evidence will be the cashflow (and any other financial information) that you provide, so making sure that these are correct is vital. They give you the opportunity to demonstrate the knowledge you have to us. Similarly, the policies that you put in place will also show your understanding of financial management and book keeping. As with Practice Management you have the same options on how to meet the competencies.
What if you don’t have a financial background?
As this is running a business, having a core knowledge and understanding of finances is clearly key to making your firm a success. Therefore, gaining a core knowledge and understanding can be a very worthwhile investment for the security of your firm.
Currently there is a modular course available from the Institute of Legal Finance and Management specifically for Accounts Management. This may assist you in filling any gaps in your knowledge.
