Every day might be a grind when clients are waiting on results and it may not be uncommon for you to toggle between agendas during the day. This presents unique challenges when it comes to precise timekeeping. Zola Suite can help take care of this with its best-in-class timekeeping tools that can be built into your workflow. This platform has smart, automated tracking features that can help measure billable hours. It also offers features to help you tweak how you capture and bill time using the following functions:
Options for creating multiple tracking timers
Automation of timers on case-related emails and call notes
Designation of specific calendar events as billable time
Conversion of tasks and log entries into time entries
Remote tracking via iOS or Android devices
Conversion from desktop timers to mobile devices for same-session billing
Options for templates with time-entry descriptions
Zola Suite offers features to apply rate cards for specific clients automatically. Additionally, full-cycle matter-management tools may allow you to record expenses for each matter, enter UTBMS codes for LEDES invoices, and apply soft charges to client accounts. All billable hours and other matter-related data can be converted to elegant invoices that feature custom rows, columns, fonts, and colors. Invoices also feature details like line-item and invoice-level discounts.
Streamlining The Corporate Law Firm Tax Planning Process
One of the most important features built into the platform might be the full-scale management for retainers and trust accounts. Here's the recommended workflow for retainers and trust accounts:
Receive notifications when retainers fall below designated balances
View and print ledgers
View and print trust-account summaries with sub-ledgers
Generate and view three-way reconciliation reports for trust accounts
Zola Suite also offers personalized portals for accepting and managing payments. Clients can pay retainer fees with credit cards directly using LawPay and Zola Payments. Clients can also pay invoice costs directly using Zola's Caseway™ Client Portal.
Zola Suite also offers safety features for outbound payments. That includes the ability to write checks for vendors and print checks on standard three-part check sheets. Withdrawing from trust accounts should also be more effortless and secure with Zola Suite. A safeguard may prevent you from overdrawing a matter's ledger balance.
Reporting and Analytics
With Zola Suite, if your law firm’s bookkeeping is done correctly, all documentation and insights needed for pristine corporate law tax planning should have report-ready status. That includes reporting for sales tax, AR aging, AP aging, client payments, statement of account, referrals, productivity, fee allocation, and billable hours. Our corporate law firm CFO advisory team here at Fusion CPA recommends working with an expert to help ensure you have all of these factors in order.
See Zola Suite In Action: Legal Practice Management Software Implementation
The key to better planning and improved IRS compliance might be your organization. We could talk about Zola Suite all day. However, it may be worth your time to see how all of the features look in action with guidance from a corporate law firm CPA. The corporate law financial advisers here at Fusion CPA offer Zola Suite implementation to help optimize the way you track, bill, pay and report at your legal office. The perk of partnering with us is that we are motivated by going beyond compliant accounting services to offer you the technology angle and the CPA perspective. 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.