Buyers Guide: Best Legal Accounting Software 2023 Legal Billing Made Easy
It includes lightweight practice management (clients, cases and calendars), coupled with robust time tracking, billing and accounting. Another advantage of using law firm accounting software is improved time tracking that captures detailed billing records along with all hours worked by each staff member on particular projects. Law firm accounting software helps firms track receivables from clients quickly and accurately. Firms are able to issue efficient invoices that include all details necessary for accurate payment processing in order to ensure timely payments from the client. By creating customized invoices for each case or client, lawyers can automatically organize all payments and expenses. The software also allows for the creation of comprehensive accounting reports that help track revenues and expenditures.
NerdWallet’s picks for the best legal accounting software
If your firm holds client money, such as retainers or settlement funds, that money must stay in a separate trust account, typically an IOLTA. Rick is a highly accomplished finance and accounting professional with over a decade of experience. Specializing in delivering exceptional value to businesses, Rick navigates the complexities of the financial realm easily. His expertise spans various industries, consistently providing accurate insights and recommendations to support informed decision-making.
Set-and-forget billing
- Some have found that LexWorkplace may not be the best fit for solo law firms.
- They enjoy the ability to search, find, organize, manage, and share files with the assistance of matter-centric organization, document AI, OCR, various integrations, and strong security measures.
- It automatically tracks expenses, syncs with your bank for easy reconciliations, and organizes tax records without the last-minute scramble (and that’s just the tip of the iceberg).
- Keep track of miles traveled visiting clients or heading to the courthouse, making it easier to tally for taxes or billing purposes or add to your expense reports.
- ZarMoney offers legal professionals a complete accounting solution with features like trust account management, customizable invoicing, and real-time insights into financial operations.
- Accounting is an essential function of any business, and law firms are no exception.
They’re already using the mobile app … They are really enjoying being able to enter their time and see how much they’re billing for the month. Bill hourly, by retainer, or per project, and send client-friendly reports that back up your value. Elite’s Invoice Management solution makes fragmented workflows a thing of the past.
- Zoho Books offers project tracking and basic automations for under $20/month if you choose annual billing.
- If you are looking for the best accounting software for law firms with fantastic reviews from the customers and are highly affordable, you are in the right place.
- Deepen your knowledge with our latest free articles, industry reports, practice area guides, and upcoming or on-demand webinars and CLEs.
- Time Matters is unique in its mix of LPM and DMS capabilities, a well as being one of the most customizable practice management products on the market.
- Patriot’s accounting software is inexpensive and simple for non-accountants to use, yet it includes great features for accountants.
- Accurate contact management means the billing and invoicing systems always have up-to-date information, thereby reducing errors and saving time.
LexWorkplace:
It also makes sure that money withdrawal is made after earning and helps prevent overdrawing from the account. Without accounting software, your staff will keep on saving receipts and writing payments. This manual system is potentially problematic because receipts go on missing, data can disappear, and memory is unreliable. Mainly, if you have many clients, then you can’t rely on unreliable methods of time tracking. For this, all you need is software that will track your staff’s time and let you law firm bookkeeping know how much time they are spending on a particular project. Furthermore, it will also help in increase the productivity of your staff as you can track whether they are doing work or just sitting.
How Dawn Pritchard Built a Profitable Firm from…
PCLaw is well-suited for small and mid-sized firms that prefer desktop stability, require strong trust and billing integration, and desire matter-level case management without relying solely on the cloud. It works best when firms have internal IT support or use hosting services to support remote access. Legal accounting tools ensure that advanced client costs are properly recorded, categorized, and linked to each matter from day one.
Accounting Software vs. Practice Management Software (The Differences and the Overlap)
You’ll have more time to practice law, delight your clients and grow the business. Law firm accounting software can be standalone or built into an existing tool. In our 2025 Legal Industry Report, we learned that most law firms use legal-specific accounting software that’s integrated into their practice management platform. There are so many that it can be daunting and outright confusing (especially given the mix and overlap of some law firm accounting software and law practice management software).
- ProLaw is a comprehensive law practice management solution designed to streamline law firm operations by integrating case management, billing, and accounting into one powerful system.
- Its focus on accuracy in client billing, efficient cash flow management, and seamless communication ensures law firms can focus on delivering excellent client service while maintaining financial health.
- Stay organized with law practice management software that allows you to keep track of everything from billable hours to time tracking.
- Smokeball helps you focus on your most valuable matters and bill what you’re worth.
- This is not to say one method is better than the other; it just makes defining and understanding the classes of law firm accounting software important.
QuickBooks is one of the most widely used accounting tools for small businesses, and law firms are no exception. With options like QuickBooks Online, QuickBooks Desktop, and QuickBooks Desktop Pro, firms can choose a plan that fits their needs. Let’s break down the best accounting software options for small law firms and how they can help. MyCase features automated expense management tools, robust legal accounting, and three-way reconciliation features. PracticePanther uses a manual expense management system, leading to a more time-intensive reconciliation process.
