A robust law 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 legal 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 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. 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 by the most ethical and safe means possible. For this reason, it is strongly recommended that your law firm’s accounting and financial management software have a built-in payment solution. PracticePanther offers a fully native payment processor, PantherPayments, that allows firms to compliantly and efficiently accept online payments.
Outlook on Law Firm Accounting
A successful law firm accounting and financial management software are 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 legal practice management software, and your firm will be set up for a successful system of financial management.
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