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You can use it to capture bills and receipts, categorize and reconcile your bank account transactions, and get detailed reports on the health of your business. Law firms have always faced an uphill battle when it comes to managing their finances. Unsurprisingly, having to deal with a combination of all these factors can eat away at precious time that would better be spent on clients. As a lawyer, it’s your responsibility to protect client data, including data that may be stored or processed in your legal accounting software.
- Also, since QuickBooks will have access to all your financial records, it can also help you forecast your cash flow for up to 90 days so that you can easily plan ahead.
- Legal accounting softwares, like
PC Law, also offers full trust accounting add-ons that make trust accounting easy and straightforward. - Erika is a regular contributor to TimeSolv and a variety of other publications.
- This cloud-based technology helps you efficiently track time and create seamless invoices.
- CosmoLex offers all-inclusive pricing for all its innovative features, including client relationship management tools, accounts receivable, and project management features.
This feature is further supported by a real-time reporting feature where you get to run unlimited reports on your expenses and profits. Besides a plethora of helpful guides, year-end tips, and a community forum, there’s also a Sage University for added support for first-time accounting software users. With Freshbooks, you can onboard your accountant (if you have one) to review your financial reports. Small businesses also praise the software as it’s very easy to use thanks to the clean interface, so even non-accountants will be able to get going in no time at all.
Accounting software
Make sure that any solution you consider has multiple layers of security and encryption to keep transaction history and other account information safe. Manually preparing invoices and following up on payments is time-consuming, inefficient, and sometimes detrimental to healthy client relationships. Features like automated accounts receivable management and invoicing take the stress out of billing. Not only do these features help you get paid faster but can drastically improve the client experience as well. Additionally, if your legal accounting software is cloud-based, this information will be accessible from anywhere, at any time. PC Law and ESILaw both do trust accounting including reconciliations, while Clio does not.
Cloud-based solutions allow attorneys more flexibility by giving them the ability to access complex, business-critical accounting features from anywhere. All that combined with clients who increasingly expect to consult and pay attorneys remotely results in manual, on-premises accounting solutions simply struggling to keep up. Relying on memory is never a good way to keep track of your billable hours. Leading legal accounting software include convenient time tracking features to keep track of your firm’s workload and progress. It also ensures that billable hours are logged correctly against the client’s retainer for simplified invoicing.
Save time on payroll
We have a team of legal accounting experts
ready to help you with your bookkeeping, onboarding, or trust reconciliation projects. Trustbooks has completely changed my view on trust accounting for my firm. It takes into account all of the trust accounting requirements of the State Bar and helps make sure you comply with them. Trustbooks has simplified the trust accounting for my firm and I no longer dread doing reconciliations or an audit from the State Bar.
Expense management is super simple, but one of our favorite features is the audit trail. From deleted entries to new additions and edited numbers, you can track every small change. law firm bookkeeping This way, if an employee tries to manipulate the numbers, you’ll find out right away. Plus, collecting payments from your clients is a breeze with Zoho Accounting, too.