Law 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 software.

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
A 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.

The case and matter module needs to allow you to centrally manage client information, communications from e-mails, phone calls, notes, etc. 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.

Image to illustrate law firm accounting software The time management feature schedules and tracks time for all the firms' members. 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.