time and billing

Time and Billing

 

 

Time and billing management is a necessary task for all attorneys, regardless of practice specialty and firm size. Time & Billing software organizes time management, budgeting and client billing.*

Some Features and Functions of Time & Billing Software:

Time Tracking

Tracks billable time; some programs may create reports for individual billing attorneys; Stopwatch feature accurately times tasks; Billable time can be recorded on an hourly, contingent, transactional, or user defined fee individually or firm-wide.

Bill Preparation /Accounts Receivable

Generates client invoices from firm’s billable time records; Immediate access to client’s overall balance; Some programs allow for a customizable bill design, easy conversions to PDF format, and secure delivery of bills via email.

General Ledger/Accounts Payable

Manages all aspects of the firm’s business; Records payments to vendors from invoices; Helps prepare mandatory IRS Form 1099 filings; Some programs have a check writing feature for both Operating and Trust Bank accounts.

Trust Accounting

Manages and reports on clients’ deposits for services not yet rendered.

Works with Other Programs

Many time & billing programs are compatible with and can exchange data with email programs (Microsoft Outlook), financial accounting programs (QuickBooks) and many smartphones.

*http://www.americanbar.org/groups/departments_offices/legal_technology_resources/resources/charts_fyis/timeandbilling.html