Thanks to modern accounting technology integration, boutique law firms, solo practitioners, and legal offices that anticipate expansion no longer have to experience the anxiety of failing at law firm accounting. When you have solutions such as Zola Suite and LawPay, you have the following choices:
- Assign a partner, associate, or paralegal to handle the accounting matters of the practice.
- Hire a bookkeeper. Since both Zola Suite and LawPay are cloud-based applications, this can be a remote employee who will rarely need to come into the office. Another option would be to completely outsource the law firm bookkeeping process.
- Let a law firm CPA take care of it. At Fusion CPA, some of our legal practice clients prefer that we handle their accounting and law firm tax planning directly.
- Bring in law firm CFO advisory to help decide how to manage the implementation.
Law firms that do not take advantage of the Zola Suite and LawPay integration should reconsider their accounting technology assets. A great starting point is that there are no additional costs to worry about because Zola Suite will take care of the LawPay monthly subscription fees. Skipping the process of becoming a merchant is a highly enticing option. Instead of having to worry about credit card terminals, depositing checks, or hunting down bank wire transfers, LawPay clients can rest assured that payments will be in their accounts in just a few days.
Basic LawPay Features
In essence, LawPay lets you accept, manage, and integrate payments. Lawpays interaction with Zola Suite is completely seamless; for example, payment histories can be glimpsed from the Zola Suite customer relationship management module, and this is highly ideal in terms of setting priorities. Let's say a paralegal takes a random call from someone who wishes to speak with a senior partner: if the payment history shows a steady stream of transactions settling dozens of billable hours,this is a call that the senior partner can label high priority.
Online Payment Integrations
LawPay can be easily integrated to your website without having to resort to a web developers. A private and secure payment link is provided by the vendor, and it can be added to your law firm's home page without extensive coding. Once clients enter the custom payment portal, they will see that they have various choices to complete their transactions: credit and debit cards, eChecks, mobile payments, and bank transfers. Clients can be strategically invoiced in order to maximize cash flow; if a client cannot come up with the full retainer now, you may suggest scheduling three installment payments with reminders sent by LawPay to her smartphone.
The best part about LawPay is that it tightly integrates with Zola Suite's billing and accounting modules. However, if you're new to the Zolasuite platform, we at Fusion CPA are here to help. Our CPAs can review your real-time dashboards of upcoming payment activity to estimate cash flow projections, generate financial forecasts, and figure out law firm tax planning. We also provide business advisory, back-office accounting, technology solutions, and business advisory services. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
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