Trust accounting must be done correctly in order for law firms to stay compliant. Legal accounting software that syncs your firm’s financial activity helps take care of bookkeeping tasks automatically—creating more accurate records with less work for you. Clio Accounting, for example, connects to your bank account feeds and talks directly with Clio Manage and Clio’s Xero integration lets you automatically connect client invoices and expenses. Sync your legal accounting software to apps that organize clients, billing, and documents in one place. No additional software is necessary to access the powerful accounting and bookkeeping tools that you would expect to find in high-quality programs.
Law Firm Accounting Software
Key features include highly customizable case management workflows, detailed reporting, and document automation. Get free help from our project management software advisors to find your match. Integration facilitates data synchronization, reduces manual data entry, and enhances workflow efficiency across various law firm operations. It helps in tracking client funds separately, preventing commingling of funds, and automating reconciliation processes, thereby reducing errors and safeguarding client monies. Real-time updates and collaborative features enable seamless communication and efficient management of financial tasks, reducing the time spent on administrative duties. However, they lack the core/traditional accounting software fundamentals (like a Chart of Accounts, P&L, Balance Sheet).
Use financial data to make better business decisions
Accounting software for law firms is vital for busy and growing offices. As you would imagine, there are numerous market options, each with particular and sometimes peculiar characteristics and features. Below, you’ll find a short breakdown of some of the more popular options for accounting software for law firms. This trend is significant for improving operational efficiency and flexibility. Selecting law firm accounting software involves evaluating functionality and meeting specific use cases that matter most to legal professionals.
Filevine is a case management software specially designed for law firms, particularly those specializing in litigation. Its capabilities extend to document management, communication tracking, and deadline management, ensuring all litigation-related tasks are meticulously organized. You can think of PCLaw as a strong accounting foundation, with lightweight law practice management features built on top.
Key legal accounting software features
- Any connections between you, your bank accounts, and Wave are protected by 256-bit SSL encryption.
- Key features include cash management, real-time financial dashboards, and revenue recognition management.
- Integrations include platforms such as Salesforce, Avatax, and Nexonia, ensuring a seamless work flow across various business functions.
Integrations include popular tools such as Microsoft 365, Xero, and QuickBooks, making data synchronization across platforms efficient. CosmoLex is cloud-based, which means you run the software from a web browser. ProLaw is desktop/server-based, so it can be run on-premise or within a Private Cloud. ProLaw also offers ProLaw Workspace, an optional web interface to the ProLaw system.
Additionally, Xero’s Clio Manage integration lets your firm automatically connect your client invoices and expenses from your practice management software to your accounting software—streamlining the process. MyCase’s cloud-based legal accounting software is an add-on feature and can be added to any MyCase case management plan for only $39 per month, per accounting user. Thomson Reuters eBillingHub is a comprehensive billing solution designed specifically for law firms. It provides a streamlined process for preparing, submitting, tracking, and managing electronic bills. Due to its underlying profit reputation for accuracy and reliability, it’s especially fitting for law firms seeking the assurance of a trusted brand. TimeSolv is a web-based tool providing excellent time tracking and invoicing features.
A Private Cloud will host your desktop-based legal software, documents and data in the cloud. Get the reliability, security and mobility of the cloud without sacrificing your software. Accounting software is an essential part of any law firm’s legal tech toolbox.
