Firm Accounting Software
Law firm accounting software needs to do more than just accounting;
it needs to manage the information and activities of the firm. Your
firm needs to take full advantage of all the latest forms of
communication, and be able to link these communications to your
The accounting software for a law firm should include:
- A contact database
- Case and matter information management
- Individual time management
- Time tracking
- Billing and accounts receivable
- Credit card processing
- Accounts payable and banking
- Financial reporting
contact database is critical to a law firm. The law firm accounting
software should allow
for this database of information to be accessed for mailings also.
case and matter module needs to allow you to centrally manage client
information, communications from e-mails, phone calls, notes,
A large time saving feature is the ability of the software to integrate
documents from other sources. This module should also produce client
and court papers and keep track of revisions.
management feature schedules and tracks time for all the firms'
A real time calendar with alerts helps manage court appearances,
deadlines and meetings.
Time tracking should be allowed by the
use of a time sheet and with on-line options such as Outlook or your
Blackberry. No need to be in the office late, you can update all your
information on the go.
Accounts receivable and billing should be
easy to use and accurate. You need to be able to design your billings
for your specific firms needs. Credit card processing should be
incorporated into the software.
The normal accounts payable and
financial statement reporting will be available. The firm needs to set
up the financial statements to manage the business. The statements
should tell a story of where the revenue is coming from, which sources
are performing well or subpar. Also, the statements need to inform the
reader so he can determine if the costs are in line with the
plan or not.