After the work has been completed and billed, the final step for every law firm it to determine whether it has generated a profit. Profit is the money left in the bank after all of the expenses for operating the law practice have been deducted from the payments received from the firm’s clients. For the best long-term results law firms should use an accounting program which is designed specifically for use by a law firm business. Under no circumstance should the firm use an accounting program which is solely “convenient” for the firm’s accountant and is not law firm specific. Generic accounting software doesn’t easily maintain trust account records the way legal-specific programs do.
Provide graphical summaries of the financial performance of the firm including income and expenses, billable hours, work-in-process, accounts receivable and operating and trust bank balances.
Operating and Trust Bank Account Real-time Data
Permit staff and partners to obtain real-time confirmation of operating account balances in each of the law firm’s operating accounts. Allow firm expense checks to be printed on different, customizable check forms.
Other Useful Features:
- Manage the general ledger, accounts payable and accounts receivable functions with the same intuitive screens
- Provide financial analysis reports which give insight into the firm’s business and profitability
- View and analyze financial information for clients or matters in seconds
- Generate financial statements for the firm’s accountant
- Integrate with 3rd party cost-recovery and payroll services
- Perform bank reconciliations using verification from the firm’s bank electronic file download
- Analyze financial information by attorney or practice area for profit center financial reporting