Looking to digitize your legal accounting processes to speed up, streamline, and facilitate bookkeeping and accounting for your practice? You’ve landed on the right page. This brief blog will highlight the key features of legal tech, and help get you started.
What is Legal Accounting Software?
In short, legal accounting consists of two main parts; bookkeeping and accounting. Legal Bookkeeping is the process of recording all transactions, and balancing accounts. After that, accountants analyze and summarize this financial data to capture expenses, prepare financial statements, and provide financial forecasting.
Legal Accounting Software is a solution that helps law firms and legal teams streamline their entire billing and invoicing process, extract valuable insights, and remain compliant with region-specific laws that protect client information.
10 Key Features of Legal Accounting Software:
So, what does Legal Accounting Software actually do? Below is a breakdown of the key features you’ll need to effectively manage your financials, stay compliant, and grow your business – without harming your reputation.
Easily sync and keep track of all your firm’s financial activity in a central software workspace. Additionally, App4Legal Core integrates seamlessly with other 3rd party accounting applications, such as Xero and FreshBooks. This saves time and effort, while creating more accurate financial records.
- Time Tracking:
Accurately and transparently tracking time spent on matters and cases is a game changer. For instance, App4Legal Core gives users the ability to count and log billable hours, automatically generating customizable invoices.
- Trust Accounting:
First, create secure trust accounts and operating accounts. Second, generate invoices that comply with configured regulations. Third, extract all required reports, and easily compare records in order to reconcile accounts.
- Legal Billing:
Generate and track customized invoices easily and quickly. Moreover, App4Legal Core users are able to sync their email with invoices to facilitate and streamline the collection process.
- Online Payment:
Legal Accounting Software allows your clients the ability to securely pay for the legal services online, for their convenience, and so you can get paid faster.
- Document Management:
Additionally, you should choose a solution that supports document management. This could range from simple storage and archiving to complete lifecycle management, draft templates, and easy access and integration with other cloud document management solutions.
Choose a solution that helps you keep track of scheduled appointments, upcoming deadlines, court dates, or contract renewals. This is important to synchronize work across teams. Moreover, it allows for automated reminders that are sent to you and clients to make sure nothing falls through the cracks.
- Financial Reporting:
In order to properly assess your firm’s progress and performance, you’ll need legal accounting software that helps you produce valuable reports in seconds. Therefore, App4Legal Core allows you to customize your reports, and design dashboards to reflect custom metrics in real time.
- Client Management:
Furthermore, if the legal accounting software you choose has an embedded CRM or client management system, this will save your time and effort, as well as streamline your entire billing and invoicing process.
Finally, App4Legal Core offers advanced automation features that allow users to completely customize their workflows and processes, configure rules and guidelines for specific clients or practice areas, automate tasks and reminders, and even integrate off-the-shelf with any existing software you are using.