Content
In addition, the way that the software handles matter management, time tracking, trust accounting, and billing needs to work with your law firm’s current processes and workflows. CosmoLex is a cloud-based accounting software for law firms, which means it’s easy to access our features remotely. In this day and age, it’s imperative to choose software designed to be accessed from anywhere, so you can get work done at all times without sacrificing efficiency. There’s a reason CosmoLex is considered the best law firm accounting software—we simplify administrative tasks, so you can focus on the work you do best.
The complexities of new software can leave you and your law firm stressed. Learn how to address your team’s needs and select the best financial software for your mid-size law firm. Dedicated legal billing software can alleviate a lot of headaches and allow you to capture more billable hours. Cloud-based solutions let you log hours and manage cases from anywhere, keeping up with the way you work. Even solo practitioners and small firms have to track and allocate hours to clients, account for retainers and manage a variety of rates and billing options.
TrustBooks
During representation, clients access a secure client portal where they can message their attorney, send and view important documents, and access their billing reports. CosmoLex also enables clients with the option to pay invoices via credit card or online, improving law firm accessibility and boosting client convenience. Law firms can create professional-looking invoices and email them to clients in one click, helping clients get their bills paid by their due date. They can even use the accounting software to send automatic late payment reminders to past-due clients to help clients stay on track with payments throughout their matter. Start accepting credit cards hassle-free by signing up for a CosmoLexPay account.
When a business expense gets lost in your personal account and you don’t claim it on your tax return, that’s a tax deduction you’re missing out on. And if your CPA has to spend time separating your personal expenses from your business expenses, you’ll end up paying them more in accounting fees. Make sure you’re clear on all of the law firm accounting obligations law firm bookkeeping related to managing and growing your business. LeanLaw makes it easy to streamline and modernize your mid-size law firm. Plus, LeanLaw’s network of Accounting Pros is always there to advise when you need help. Using legal billing software helps to eliminate some or all potential human errors by automating several processes that are normally done manually.
Key legal accounting software features
This is not to say one method is better than the other; rather it makes defining and understanding the classes of law firm accounting software important. Clio Manage — Clio’s most popular solution — runs between $39 and $99 per user per month when paid annually, with most law firms choosing the $59 per user per month option. https://goodmenproject.com/business-ethics-2/navigating-law-firm-bookkeeping-exploring-industry-specific-insights/ Other options include Clio Grow, which is priced at $49 per user per month when paid annually, and Clio Suite, which starts at $89 per user per month. There’s no surprise that Xero made it on our list of best legal accounting software. This popular solution has been around since the mid-2000s and boasts over 2 million users.
Legal accountants look at the bigger picture, using the data your bookkeeper provides to determine how your firm can improve its financial health. Now you cross off law bookkeeping out of your to-do list and feel stress-free about the financial aspect. As a result, you take comfort in allowing yourself to offload financial tasks and turn your attention exclusively to business development and legal cases. When an invoice is paid, you must first allocate the payment to the incurred cost.
PCLaw and Time Matters Are No Longer Being Supported: Now What?
This is where accounting software that integrates with your legal practice management software can prove especially useful. No matter how big or small your law firm is, accurate, timely payroll is essential—but it can be time-consuming to complete manually. It’s super easy for data entry errors to happen, but when they do, it costs time and money. Client trust accounts can be pooled (more than one client’s money in an account) or separate (usually for larger sums of money or if requested by the client).
