Client money compliance rarely fails because people “don’t care”. It slips when the work is fragmented, the reporting is late, or the controls exist on paper but not in the day-to-day. That’s exactly where COFA support services earn their keep.
At AM Strategic, we work alongside COFAs and leadership teams to keep the finance function tidy, evidence-backed, and inspection-ready. The aim is simple: fewer surprises, faster reconciliations, and a calmer compliance rhythm.
What a COFA is really responsible for
The Solicitors Regulation Authority expects a COFA to take reasonable steps to make sure the firm, managers, and employees comply with the SRA Accounts Rules. The COFA must also ensure serious breaches are reported promptly.
That responsibility sits on top of busy fee-earning environments, staff turnover, and multiple systems. So the challenge is not knowing the rules exist. It’s proving that controls actually operate.
Where COFAs typically get stretched
In many firms, compliance pressure builds in predictable places:
- Three-way reconciliations take too long, or sit with one person
- Residual balances drift and become a year-end scramble
- Posting discipline drops during busy periods
- Matter-level visibility is unclear, especially across multiple ledgers or tools
- Breach logs exist, but aren’t consistently updated or reviewed
Separately, the SRA also expects firms to keep accurate accounting records relating to client money handling. Good intentions do not replace good records.
What our COFA support services cover
1) A monthly compliance operating rhythm
We build a repeatable monthly cycle that fits your firm. That usually includes:
- A clear timetable for reconciliations and reviews
- Defined owners for each step, with deputy cover
- A simple checklist that produces evidence, not admin
As a result, compliance stops being a heroic effort and becomes routine.
2) Three-way reconciliations you can evidence
We help you run (and improve) the process so it is consistent, timely, and well documented. Your reconciliations should be easy to follow and easy to retrieve.
Importantly, this is not just “getting it done”. It’s ensuring the narrative and support are strong if questions arise.
3) Breach logging and reporting support
COFAs must record breaches and report where necessary, and the SRA expects the firm to have arrangements that allow the COFA to discharge their duties.
We help you keep a practical breach framework that covers:
- What counts as a breach in your firm’s context
- How to record, categorise, and fix issues quickly
- How to escalate and document decisions properly
4) Systems optimisation (Clio, Xero, and connected tools)
When matter-level accounting is messy, compliance becomes harder than it needs to be. Some platforms are explicitly designed to support matter-level requirements and controls, which can reduce manual work and errors.
We focus on configurations, workflows, and reporting so you can trust what the system says.
5) Readiness for accountants’ reports and inspections
COFAs often end up coordinating the accountant’s report process. The SRA provides guidance on planning and completing these reports and the related reporting expectations.
We prepare schedules, tighten support, and reduce last-minute rework. Consequently, partners get clarity sooner and sign-off becomes less painful.
Why COFA support services reduce risk (and partner stress)
A COFA role is not only about compliance knowledge. It is about repeatable controls, clear evidence, and fast corrective action.
When COFA support services are working well, firms usually notice:
- Fewer late nights around month-end
- Faster identification of posting issues
- Clearer ownership across cashiering and finance
- Better confidence in client account positions
- A stronger story if the regulator asks questions
When to bring in support
Some firms wait until something goes wrong. We prefer earlier intervention.
Consider support if:
- Reconciliations regularly slip past deadlines
- The COFA is too dependent on one individual or one spreadsheet
- You are onboarding a new cashiering team member
- You are moving systems, or your current setup is creaking
- You want a documented, auditable compliance framework
The next step
If you want COFA support services that strengthen controls without slowing the firm down, we should talk. We’ll help you build a finance function that is accurate, compliant, and resilient—so you can focus on clients, not constant firefighting.
What do COFA support services actually include?They typically cover reconciliations, record-keeping processes, breach logs, reporting support, and systems/workflow improvements.
Will outsourcing COFA support replace our COFA?No. The COFA remains accountable. We support the COFA with process, evidence, and capacity.
How often should three-way reconciliations be done?Many firms operate a monthly rhythm, but frequency depends on volume and risk. The key is consistency and evidence.
What’s the biggest benefit of COFA support services?Reduced compliance risk and less partner time lost to finance clean-up, because the controls run consistently.
Protect Your Practice (and Yourself) with the Ultimate COFA Survival Guide
Download our comprehensive COFA’s Compliance Survival Guide to get a clear blueprint of your core monthly obligations, independent audit protocols, and early warning signs of accounting risk.
Related Posts
Client money compliance rarely fails because people “don’t care”. It slips when the work is fragmented, the reporting is late, or the controls exist on paper but not in the day-to-day. That’s exactly where COFA support services earn their keep.
At AM Strategic, we work alongside COFAs and leadership teams to keep the finance function tidy, evidence-backed, and inspection-ready. The aim is simple: fewer surprises, faster reconciliations, and a calmer compliance rhythm.
What a COFA is really responsible for
The Solicitors Regulation Authority expects a COFA to take reasonable steps to make sure the firm, managers, and employees comply with the SRA Accounts Rules. The COFA must also ensure serious breaches are reported promptly.
That responsibility sits on top of busy fee-earning environments, staff turnover, and multiple systems. So the challenge is not knowing the rules exist. It’s proving that controls actually operate.
Where COFAs typically get stretched
In many firms, compliance pressure builds in predictable places:
Separately, the SRA also expects firms to keep accurate accounting records relating to client money handling. Good intentions do not replace good records.
What our COFA support services cover
1) A monthly compliance operating rhythm
We build a repeatable monthly cycle that fits your firm. That usually includes:
As a result, compliance stops being a heroic effort and becomes routine.
2) Three-way reconciliations you can evidence
We help you run (and improve) the process so it is consistent, timely, and well documented. Your reconciliations should be easy to follow and easy to retrieve.
Importantly, this is not just “getting it done”. It’s ensuring the narrative and support are strong if questions arise.
3) Breach logging and reporting support
COFAs must record breaches and report where necessary, and the SRA expects the firm to have arrangements that allow the COFA to discharge their duties.
We help you keep a practical breach framework that covers:
4) Systems optimisation (Clio, Xero, and connected tools)
When matter-level accounting is messy, compliance becomes harder than it needs to be. Some platforms are explicitly designed to support matter-level requirements and controls, which can reduce manual work and errors.
We focus on configurations, workflows, and reporting so you can trust what the system says.
5) Readiness for accountants’ reports and inspections
COFAs often end up coordinating the accountant’s report process. The SRA provides guidance on planning and completing these reports and the related reporting expectations.
We prepare schedules, tighten support, and reduce last-minute rework. Consequently, partners get clarity sooner and sign-off becomes less painful.
Why COFA support services reduce risk (and partner stress)
A COFA role is not only about compliance knowledge. It is about repeatable controls, clear evidence, and fast corrective action.
When COFA support services are working well, firms usually notice:
When to bring in support
Some firms wait until something goes wrong. We prefer earlier intervention.
Consider support if:
The next step
If you want COFA support services that strengthen controls without slowing the firm down, we should talk. We’ll help you build a finance function that is accurate, compliant, and resilient—so you can focus on clients, not constant firefighting.
They typically cover reconciliations, record-keeping processes, breach logs, reporting support, and systems/workflow improvements.
No. The COFA remains accountable. We support the COFA with process, evidence, and capacity.
Many firms operate a monthly rhythm, but frequency depends on volume and risk. The key is consistency and evidence.
Yes. We support configuration, workflows, and reporting so matter-level accounting is reliable and reconciliations are smoother.
Reduced compliance risk and less partner time lost to finance clean-up, because the controls run consistently.
Protect Your Practice (and Yourself) with the Ultimate COFA Survival Guide
Download our comprehensive COFA’s Compliance Survival Guide to get a clear blueprint of your core monthly obligations, independent audit protocols, and early warning signs of accounting risk.
Related Posts
✴︎
Internal Cashiering vs Independent COFA Oversight | AM Strategic
✴︎
How to Maintain an SRA-Compliant Breach Register | AM Strategic