A robust practice management software does much more than simply take care of your firm’s administrative tasks. In fact, the best solutions function as law firm accounting and financial management software. A streamlined and well-functioning financial management system begins and ends with the organization of your law firm’s revenue sources – that is, of its interactions with clients. Certain features offered by your firm’s software are indispensable when it comes to optimizing finances. Read on to determine what they are.
A Law Firm Accounting and Financial Management Software MUST Have Customizable Billing Options
The time of expecting a varied client base to adapt to one inflexible pay structure is where it belongs: the past. Nowadays, clients expect flexibility from their attorneys, and law firms are better off by providing it. By accommodating your billing structure to the type of case, client, and exigencies at hand, your firm will be poised for more diverse revenue sources. Your law firm accounting and financial management software cannot stand in the way of that. Make sure your solution is able to optimize an array of billing options, from flat rate to time-based and contingency.
Credit Card Processing Functionality
An excellent and flexible billing process is nothing if it can’t be finalized. In short, your firm needs to be paid, and your clients need to know beyond a shadow of a doubt that they are paying you in the most ethical and safe means possible. For this reason, it is strongly recommended that your law firm accounting and financial management software be integrated with LawPay. Not only is LawPay IOLTA compliant, but it is also endorsed by 48 state bar associations as the preferred credit card processor for attorneys. An integration with LawPay is a no-brainer for any law firm accounting and financial management software worth its salt.
When it comes to truly optimizing internal firm-wide accounting, QuickBooks is undoubtedly the best. Lean away from practice management solutions that promise built-in alternatives to QuickBooks; it is highly unlikely, at best, that the results will even be comparable. Instead, look for a law firm accounting and financial management software that offers a high-functioning QuickBooks integration, allowing you to entrust your firm’s finances to the platform that does it best – without having to circumvent your practice management software to do so.
A successful law firm accounting and financial management software is many things: efficient, robust, and customizable, to say the least. Certain specific qualities cannot be compromised as you search for a solution that does it all. Keep an eye out for the aforementioned features and integrations in your practice management software, and your firm will be set up for a successful system of financial management.