Best Law Firm Accounting Software for 2022 Features + Pricing

bookkeeping software for small law firm

TimeSolv is both a bookkeeping and billing solution that integrates with standard programs such as QuickBooks, Xero, Microsoft 365, and Dropbox. It’s cloud-based software, but it backs up data securely with 256-bit SSL encryption (in non-techie speak, that means it’s very secure). It works for law firms of all sizes and even provides some project management features, like timekeeping.

bookkeeping software for small law firm

Next in our roundup of the best software for lawyers, we’ll cover legal document management software. Next in our roundup of the best law firm software, we’ll cover legal accounting software. These represent our view of the top cloud storage platforms within the broader scope of law firm software. To see even more options, check out our list of all of all cloud storage solutions for law firms. LexWorkplace is secure cloud storage with sophisticated tools needed by law firms. LexWorkplace allows you to store and manage documents, email and notes by client and matter. After productivity, the next law firm software a new firm tends to implement is time tracking and billing software.

Features of Legal Accounting Software

The company encourages you to schedule a live demo with a sales rep to find custom pricing for AbacusLaw or Amicus Attorney, and users report pricing starting at $69 per month. “We are finally running our back office and front office in a single software that is intuitive and easy to learn.”

While boasting many of the same features as it’s counterparts, Clio Payments is particularly useful for firms using Clio Manage or Clio Grow for practice management, CRM and intake software. ProLaw is a combination Practice Management, Document Management and Accounting solution for law firms. While its document management functionality isn’t quite as robust as some of the stand-alone DMS solutions, its all-in-one nature makes it a strong platform.

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They offer a full accounting suite that will do pretty much anything you would ever want or need out of an accounting system. Having all of your practice management and accounting needs combined in one place makes it very convenient and helps your business run more efficiently. In summary, in this one platform, lawyers can centralize case information, access documents, access contacts, simplify workflow, manage appointments, manage tasks, track time, and handle all the billing. Improve your law firm’s cash flow by providing a clear, real-time picture of the firm’s financial data.

What is the best accounting software for law firms?

  • Accurants.
  • AccountingSuite.
  • BQE CORE Suite.
  • QuickBooks Desktop Enterprise.
  • Quickbooks Online.
  • Dynamics 365.
  • Xero.
  • Wave Accounting. Online accounting software that provides features including invoicing, billing, payment tracking, payroll management, finance management, credit card processing, and receipt scanning.

Most law firms should start by using the cash basis accounting method. The IRS won’t require you to use the specific rules necessary to implement the accrual method until you’re making $10 million a year. The cash basis accounting method is easier and more straightforward, which will free up your time to work on building your practice. Ethical and legal rules for accepting online payments, such as credit and debit cards and peer-to-peer payments, vary by state and location. Whether you should take payments via payment apps such as PayPal or Venmo depends on whether clients are paying for earned fees or retainers. You’re required by law to place retainer fees in a trust account, which these apps don’t do. The LEAP billing toolsmake accounting easy with the ability to manage both client and trust accounts as well as capture all disbursements.

QuickBooks for Lawyers

The free version is free forever and has plenty of invoicing and accounting functions. Other tools include billing and creating professional invoices, including bulk invoices if you’re handling multiple clients. With the matter management features, you’ll be able to manage items and events related to matters, including expense cards, trust transactions, and time cards.

bookkeeping software for small law firm

Automate, create, organize, and manage your documents across all devices. Get access to the most extensive and up-to-date range of automated court and legal forms available in LEAP at no extra cost. Where everyone else offers bulky, bloated, and overpriced products, Trustbooks is sleek, efficient, and reasonably priced. QuickBooks Online Advanced supports the upload of 1000 transaction lines for invoices at one time. 37% faster based off of internal tests comparing QuickBooks Online regular invoice workflow with QuickBooks Online Advanced multiple invoice workflow. Join over 8,000 law offices globally and find the QuickBooks plan that works for you. Through her business, The Legal Writing Studio, she helps legal professionals deliver effective written messages.

LeanLaw’s functionality helps everyone in the firm — legal professionals and accounting — at every stage in the process do more and do better. Collaborate seamlessly to get paid faster, automate reports and grow your law firm. See invoices paid 70% faster with LeanLaw’s streamlined accounting workflows. When customers no longer have an active, paid subscription, they will not be eligible to receive benefits. Support hours exclude occasional downtime due to system and server maintenance, company events, observed U.S. holidays and events beyond our control. Terms, conditions, pricing, service, support options, and support team members are subject to change without notice.

  • OneDrive, part of Office 365, provides simple cloud storage and is built right into Windows, making it an easy and obvious go-to for simple storage needs.
  • That requires significantly more expertise and forces you to keep track of accounts receivable and payable.
  • Cash accounting is also beneficial because you can look at your bank balance at any time to understand the amount of money available.
  • Support hours exclude occasional downtime due to system and server maintenance, company events, observed U.S. holidays and events beyond our control.
  • Features like smart insights and reports help you retain your most profitable clients, get paid on time, and see how you’re doing compared to competitors.
  • Simply enter your expenses and FreshBooks accounting software will digitally store and automatically organize them for you.

While it has many of the standard fare for legal case management, it also boasts a built-in email client for better managing the relationship between matters and communication, and a slick, minimalist design. ProLaw comes in a number of packages and editions, some of which include ProLaw’s fully-featured accounting software. With ProLaw, your law firm can manage its clients, matters, billing, documents and accounting on a single package. In our extensive experience working with hundreds of law firms, here is our list of the best law firm accounting software . Next, we recommend that your firm makes an inventory of the specific capabilities and features that you require in your law firm accounting software. For this, you should confer with both your legal team and your accountant.

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Save time with built-in calculations, filing fees, and charges billed back to the clients. With filing fees and standard case expenses regularly updated, you can quickly law firm bookkeeping and accurately generate calculations without the need to reference external sources. Learn why QuickBooks and Excel are not the best solutions for your trust account.

bookkeeping software for small law firm

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