Opinions and Legal Insights

Furlough Scheme – Support on Cashiering from the Cashroom


A useful service if you want to relieve pressure on your cashiering team temporarily during the crisis.



The Cashroom

have been working on how best to support solicitors in ways that align with the Government’s Furlough initiative.  They have pulled together the options outlined below, which might help you improve cashflow, stay operational and keep staff happy depending on how your practice has been impacted.

  • If your cashier is sick, they can help by providing support simply until your cashier is well enough to return. 

  • If your work has tailed off and therefore your cashiering requirement is lower than normal, they can provide the resource you actually need, enabling you to furlough the cashier. 

  • If your cashier has young children and working from home is almost impossible, you can furlough the cashier and the Cashroom can support you until working practices return to normal.

For more information and a no obligation confidential discussion, call or email Alex Holt on 07817 420466  or

Alex.Holt@thecashroom.co.uk

.

Background

On Friday the government announced that employees can put workers “on the bench” pending a return to work. The government will pay 80% of their basic salary up to £2,500 per month. Employers can “top this up” to 100%. All businesses are eligible for this scheme.

 

This means that if work tails off you can retain those members of staff who you might otherwise make redundant, and the government will pay 80% of their salary (up to £2,500).

 

From a law firm’s perspective, that’s great news, provided that they can still function efficiently, compliantly and risk free. As firms face the possibility of reducing client activity, it may be that your finance function requirement diminishes hugely, leaving you with a cashier twiddling their thumbs for much of their time.

 

The government Furlough scheme gives you the chance to place that person on Furlough, with the government paying 80% of their salary. You would of course still need a finance and cashiering function that could enable your business to operate during the next few uncertain months.

 

Firms should also consider this option where their cashiers have young children who will now be at home with them, making work horribly stressful. They may very much want to take the Furlough option, and we can then provide the cashiering support until normal working can resume.

 

The Cashroom

operate remotely and support nearly 200 law firms’ finance functions.   They can provide a service charged on a flexible basis, with fees based on actual activity carried out. Once things start picking back up again you will be able to bring your cashier back off the bench with a painless handover back inhouse.

 

In the intermim, you can benefit from:

  • A cost saving

  • Happier employees

  • Compliance

  • Efficient processes and market leading expertise

  • Flexible resource

  • An inhouse cashier who is ready and able to return once things pick up, and who hasn’t lost morale by being laid off.