The legal accounting function is the backbone of understanding the financial activities and health of a law firm.
The accounting requirements used to understand the financials of a law firm are unique and take into consideration activities such as expense tracking, time billing, client costs, retainers, tax compliance and trust reconciliation.
Inadequate legal accounting practices can lead to excessive amounts of time spent on accounting tasks, as well as the potential for increased billing errors.
It is imperative that law firms keep their office transactions distinct from their client trust funds and therefore systems need to be set up in such a way that it is impossible for these two fund sources to be confused. This security should be inherent in the structure of the program as well as through the user permissions that prevent staff from accessing sensitive functionality.
This whitepaper outlines:
- Practice Management Software with built-in accounting functionality
- Automation and streamlining of accounting processes
- Customisable and dynamic reporting
- Ease of billing
This whitepaper outlines the accounting requirements used to understand the financials of a law firm, with specific reference to how PracticeEvolve’s comprehensive accounting functionality can help automate and streamline processes and perform complex accounting transactions.
About PracticeEvolve’s Accounting Functionality
Combining document management and accounting software, PracticeEvolve offers a holistic legal practice management solution to mid-tier law firms internationally. By removing the frustration of not having key information available on demand through self-customised, dynamic reporting, we empower our users to manage an efficient and profitable legal practice across all business facets.
Reguest a no-obligation demo to find out how PracticeEvolve’s legal accounting functionality can help you automate and streamline your accounting processes and perform complex accounting transactions, saving you hours on admin so you can focus on what matters most – your clients.
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A game-changer for the modern law firm.
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