bookkeeping software for small law firm

As a solo practitioner or small law firm owner, you have more important things to do with your time then manage your books. My team and I take care of your books for you, so you can get back to doing what you really love, practicing law. As a solo practitioner or small law firm owner, you have more important things to do with your time than manage your books. Quickbooks is the leading accounting software for small businesses and gives you the ability to manage all of your finances with ease. Modern economic circumstances have meant clients are less willing (or sometimes able) to part with their money.

Without time tracking functionality, your attorneys could lose track of how long they spent on tasks or forget to charge clients for time spent. Billing is directly related to the time your attorneys spend working. If clients aren’t being billed properly for your attorney’s time, the firm will lose money. That being said, accounting software for lawyers can accurately keep billing for different matters straight, but it needs to be backed up by a clear billing process.

A Complete Law Office in the Cloud

QuickBooks is not law-firm-specific, so while a great application, it may lack some of the legal-specific functions your firm requires. When it comes to choosing the right system for your law firm, you really need to consider best accounting software for attorneys. You also need a system that can fit the needs of your firm while being flexible enough to change and grow as you and your team evolves.

No additional software is necessary to access the powerful accounting and bookkeeping tools that you would expect to find in high-quality programs. Whatever it is you need to do, you are likely able to do it with CosmoLex. As you learn more about the process, you will likely find that you already understand law firm accounting and financial management. But no matter how much knowledge you hold, this guide will help you attain a high level of fluency in both practices.

Key pointers for your practice

This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all software companies or all available software companies offers. The software offers great billing features that support hourly, flat fee, and hybrid billing, as well as LEDES billing. Does your law firm already have a cloud strategy, but have one premise-based application still running on onsite servers? ZoHo helps you solve accounting challenges with the use of finance apps that take care of tasks like invoicing, expenses, subscriptions, etc.

  • Legal accounting softwares, like
    PC Law, also offers full trust accounting add-ons that make trust accounting easy and straightforward.
  • These dashboards show important financial data like bank balances, reconciliation information, outstanding invoices, budgets, and more.
  • One of the principal benefits of using the cash accounting method is its simplicity.
  • Link your bank accounts for up-to-date transaction information with little or no manual data entry.
  • Juris comes in two packages, Juris Core (it’s more entry-level product) and Juris Suite, it’s more comprehensive edition.
  • Unfortunately, employee theft can be a problem for law firms in general, with mishandling of client trust accounts being one of the many ways an unlawful employee can sap funds from a practice.

If your firm’s users tend to need more technical support when learning a new tool, look for options that are easy to navigate and offer personalized customer support. Accounting software with a robust client relationship management system (CRM) saves time and streamlines your firm’s invoicing and billing workflows. After all, you didn’t study the law to work on cash flow statements and financial projections.

What is legal billing software?

Manual reconciliation and data transfer are not solutions for modern accounting systems. Modernizing your accounting processes is an important step to meeting today’s client expectations and future-proofing your business as things change. While there is a lot of accounting software for attorneys on the market, there are only a few that are purpose-built with lawyers’ specific needs in mind. For a comprehensive solution with billing, payments, accounting and case management, look no further. Optimizing a law firm’s finances can mean a lot of different things to different people.

  • Amicus Attorney and AbacusLaw are downloadable software you can use on local servers or through a private cloud for easy access and sharing that’s still secure.
  • Use the app for iOS or Android to track time and access case information when you’re out of the office.
  • On premise solutions are a thing of the past Attorneys today need a mobile app in addition to a web-based solution.
  • If you’ve ever dealt with an out-of-balance IOLTA, you know what a nightmare it can be to locate and resolve the discrepancy.
  • Consider what functionality would be most useful, and make them deal-breakers when selecting an option.
  • Below, you’ll find a short breakdown of some of the more popular options for accounting software for law firms.

While having a basic understanding of accounting is essential for every business owner, legal accounting software can do much of the heavy lifting. Legal accounting software is especially useful with legal trust accounting to ensure you stay compliant with industry regulations. We reviewed many legal accounting software options loved by law firms, and came up with a list of the 10 best apps you should know. Tabs3 is part of the Tabs3 / PracticeMaster suite of law firm software. Tabs3 provides essential “back-office” functionality including time, billing and accounting; PracticeMaster provides powerful “front-office” capabilities including client and matter management.


However, with online legal accounting software, it’s easy to quickly produce reports that give you the insights you need—whether you need reports on sales, expenses, taxes, or other metrics. Some even have report customization options to get a clear view of what you care about most. As the 2021 Legal Trends Report found, the majority (66%) of consumers expect to pay for legal services online. This data shows that clients find software that securely accepts online credit card payments is more convenient. Online payment solutions like Clio Payments also streamlines your collections and accounting workflows. Don’t be alarmed — general ledger packages abound on the market, and they carry names you already know.

bookkeeping software for small law firm

These transactions are recorded on equal sides, known as debits and credits. Debits and credits combine to form a balance sheet comprising assets, liabilities, and equity. While each account is managed in accordance with the law of the state, they have common rules guiding them. The company encourages you to Running Law Firm Bookkeeping: Consider the Industry Specifics in the Detailed Guide schedule a live demo with a sales rep to find custom pricing for AbacusLaw or Amicus Attorney, and users report pricing starting at $69 per month. Amicus Attorney and AbacusLaw are downloadable software you can use on local servers or through a private cloud for easy access and sharing that’s still secure.