These dashboards show important financial data like bank balances, reconciliation information, outstanding invoices, budgets, and more. There’s no surprise that Xero made it on our list of best legal accounting software. This popular solution has been around since the mid-2000s and boasts over 2 million users. In this section, we’ll take a quick look at how the top 10 legal accounting software solutions compare against each other in terms of pricing. It has to come with superior accounting features, handle client trust accounts, and maintain detailed records to properly bill clients. Get in touch with Anna DiBella at ProFix today if you’re wondering which legal accounting software is right for you.
- Because lawyers have an ethical duty to ensure client confidentiality, CosmoLex helps law firms stay in compliance by encrypting information and securely housing documents and data.
- Legal accounting solutions that support digital payment integration can even help eliminate uncomfortable conversations by automating follow ups and other parts of the A/R process.
- It’s super easy for data entry errors to happen, but when they do, it costs time and money.
- Make sure that any solution you consider has multiple layers of security and encryption to keep transaction history and other account information safe.
Oftentimes, traditional accounting software like Quickbooks by itself doesn’t cut it. For tips on data security for law firms and how to vet potential providers of cloud-based services for security, read our law firm security guide. In addition to being necessary to comply with ethics rules around legal accounting, accurate financial records drive law firm growth, as you need accurate data to make smart business decisions for your law firm. Most modern online accounting platforms offer intuitive dashboards, so you can monitor your firm’s business at a glance.
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This will save hours of data entry time as well as eliminate the possibility of errors. With a 100% five-star review rating on the QuickBooks Online App Store, LeanLaw is quickly becoming a favorite among accountants and bookkeepers who work with law firms, as well as law firms themselves. In fact, there is no “sync” between the two software programs — the integration is so deep, it happens automatically. This means your law firm’s accounting is always up to date and accurate. No more wondering if your reports were produced before or after a data sync.
4-hour course, we outline our start to finish process for trust accounting in Clio, plus provide tips and best practices for working efficiently and staying organized. If you aren’t doing a 5-way trust bank reconciliation, you are not compliant. Keep in mind that PC Law does not have any integrations to assist with financial reporting or expense management either, which could leave your firm operating less efficiently then you want. Accounting is a world of numbers, and, for law practices, it helps efficiently manage the money flowing in and out of business.
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It also includes safeguards that prevent lawyers from drawing down funds before they’ve been earned or inadvertently overdrawing the account due to flawed accounting records. CosmoLex is packed with so many legal practice management features that most law firms may not need any other software solutions. But if you rely on other tools for your regular workflow, it can be helpful to integrate them with a comprehensive law firm accounting software to maximize efficiency. Another major concern around online payments is staying in compliance with the rules surrounding trust accounting and IOLTA accounts for law firms. CosmoLex has specific safeguards in place to prevent breaches in legal compliance when working with trust accounts.
CosmoLex is designed for attorneys and law firms, but it has major benefits for clients, too. When you use CosmoLex to manage your business accounts, you improve the client experience from your first touchpoint law firm bookkeeping to your last. CosmoLex’s automation and client management tools help firms streamline client intake, making the process fast and seamless with features like secure document sharing and e-signature.
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You can create an invoice for unbilled hours with a few clicks, and LEDES billing is available. The software doesn’t include accounting features, but it easily integrates with QuickBooks. If you are a Xero user, you will also find a number of application integrations to help you manage your law firm’s accounting.
To save you time, here is a review of the top 7 law firm accounting software designed specifically for lawyers. Hopefully, you will find the best software program that is the right fit for your legal services. You can track your billable hours using multiple timers to switch between cases. Use the app for iOS or Android to track time and access case information when you’re out of the office.