The Best Law Firm Accounting Software

accounting software for law firms

All types of law firms depend on timely, accurate billing and financial reporting, but legal accounting isn’t as cut and dried as client invoicing and payroll. The right accounting software can help your firm stabilize your law firm accounting with more accurate, detailed account management, but those aren’t the only advantages of automation.

What to Expect From Your Software

In addition to general ledger accounting, law offices rely on reporting and tracking that’s broken down by matter and three-way reconciliation of client trust accounts, ledgers, and bank statements. Lawyers must also differentiate and track billable hours, flat fee services, and other fee management chores. Then, there’s the office management side of running a law firm.

On top of that, everything must be accurate, timely, and able to meet compliance. 

When you automate processes with software, your office can benefit from having:

  • A deeper understanding of the overall performance 
  • More efficient, accurate, and timely performance for complex calculations like multiple retainers and billables
  • Insight into unprofitable areas of the practice
  • Comprehensive cash flow management
  • More time for client outreach and services

The Best Law Firm Accounting Software

These law firm accounting software platforms are tried and trusted by our accountants

What to Look for in Accounting Software for Law Firms

There are a lot of different accounting platforms available, and it seems like new ones are emerging every day. But, what features and functions are essential?

Look for software with cost-effective accounting automation, that integrates well with other business management systems, is easy to use, and is scalable. 

The most crucial baseline features you’ll need are:

Contact and client management – Most law firms cannot rely on one high-dollar client to keep them afloat. They need to manage multiple clients, cases, and business matters. They also need to be able to grow their client base without sacrificing the quality of client service. 

Built-in legal CRM is essential to nurturing client relationships and providing high-quality legal services. 

Time Tracking – Time tracking is the backbone of your revenue generation, not to mention avoiding billing disputes with clients. Legal accounting systems that can track and separate hourly, flat-fee, split contingency, and retainer services can ensure that client accounts are accurate and transparent. The ability to pull scheduling and other essential data from applications like spreadsheets and calendars is a plus.

Client billing and invoicing – Not only should your platform record and parse a range of payment arrangements and invoice accordingly, but it should also enable:

  • Customization
  • Electronic invoicing and payment reminders
  • Secure payment remittance

Project scheduling – Your platform should be able to manage multiple accounts and clients as well as recording and coordinate things like:

  • Deadlines and events
  • Documentation and notes
  • Action items
  • Scheduling
  • Invoicing and payroll
  • Issuing alerts and reminders

Client portals – Save time and frustration, not to mention avoiding missed calls and miscommunications, by allowing clients to interact with your firm on their time. Client portals allow clients to submit essential documents electronically, make or track payments, and receive timely case updates.

Are you Ready to Spend More Time Making Money and Less Time Collecting?

Automation can make life easier for you and your clients when your profession depends on efficient time and financial management. Choosing lawyer or attorney accounting software that can tackle the daily minutia of running a law firm frees your time to provide a better service for your clients. 

However, you needn’t become an accounting or tech expert to take advantage of the available platforms. Dedicated account management specialists are waiting for you at Fusion CPA. Contact us to learn how we can put the power of account automation to work for your firm 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.

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