Sage Intacct: Law Firm Bookkeeping
Your law firm faces unique challenges that you will need to address when handling your law firm bookkeeping. One great example would be client trust fund accounting. Law firms like yours obtain retainers from clients before starting on a case. The retainer funds are the property of the client until your law firm earns it. Unfortunately, it can be complicated for you to keep track of these funds, especially if your law firm has several clients. Sage Intacct makes this process easier by helping you handle customer billing, revenue recognition, and project costing. It also provides reports made to help you with your law firm accounting and law firm tax planning activities.
Automate Complex Revenue and Billing Processes
As a law firm owner, you need to navigate through specialized contracts and recurring billing of services. Sage Intacct is a cloud financial solution uniquely designed to handle law firm bookkeeping and law firm tax planning. Some of the tools it offers include:
Seamless data flow
Smart revenue recognition
With these tools, you can easily streamline your revenue cycle throughout the organization. Our experienced law firm accountants here at Fusion CPA can help you improve the efficiency of your billing cycle. Our topnotch law firm bookkeepers, on the other hand, can assist you in creating better and cleaner records of your revenues.
Advance Your Law Firm Accounting
The more successful your law firm is, the greater the challenges you face. Sage Intacct is designed to make your law firm’s growth easier by adding advanced functionalities designed to automate critical functions in your law firm’s financial operations. Sage Intacct is the American Institute of Certified Public Accountants’ choice for cloud financial management software. Law firm CPAs from AICPA prefer the sophistication and automation of the platform, making the trickier areas of law firm finance, such as law firm tax planning, easier.
An example of this is Sage Intacct’s revenue recognition feature. With this feature, the platform simplifies revenue management by configuring expense authorization based on your revenue recognition terms. You can also create templates and set schedules using Sage Intacct to help you automatically recognize revenue in harmony with local tax standards. Sage Intacct makes it easier for you to amortize expenses, even as your contracts fluctuate. As changes in contracts with your clients go into effect, Sage Intacct provides you the visibility to see how these changes will affect your finances. This feature means that you can:
Cut order to build processing time
Reduce deferred AR balance
Increase operational cash
Decrease cash forecast variances
Sage Intacct allows you to enjoy its out-of-the-box revenue recognition functionality. With this feature, you will not need any IT resources to set this up. This software also handles unique law firm revenue management requirements without needing advanced configuration or scripting.
By automating your productivity, Sage Intacct allows your law firm to:
Simplify revenue management using automation in revenue expense allocation
Eliminate doubts about fluctuating requirements in contracts thanks to dual treatment and reporting
Configure expense amortization based on a variety of revenue recognition terms
Get a broader understanding of as well as more in-depth insights into your revenue with real-time reporting based on contracts and operational SaaS metrics
Here at Fusion CPA, we offer law firm CFO advisory services to businesses like yours. We can help you learn how to use Sage Intacct in a way that will give you the most benefit. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.