Using LegaL Accounts Software Has Many Benefits

Today, more than ever, the profitability of a law firm needs to have a tight rein in order to ensure that fees do not go unaccounted for and are allocated to the correct case at the right time. This is why legal accounts software is one of the most important systems that any law firm should use. It provides a window into any firm’s financial status and in addition to performing basic accounting tasks enables you to assess the performance of individual fee earners and your firm overall. 

There are many legal accounts software out in the world from which to choose, and you need to get it right because it will have an impact on the performance of your accounts department. This will have an effect for a number of years, so there are some things that you need to consider. Not the least of these is whether or not the software can be integrated into a case management system because if these two areas can work in harness it will result in a reduced workload. If the data can be replicated across the two systems, you only have to enter it once which reduces repetitive typing and the possibility of errors.

Software is available which allows fee earners to access the accounts but does not compromise the security of information held in the system, since admin can control what the user can or cannot do. Fee earners can send electronic requests for payments, cheques, e-chits, and invoices directly from their case management system. In some systems, the legal accounts software can show statistics for the matter, including fees billed, disbursements, and work in progress for the current month, the previous month, and the year to date.  

Furthermore, having access to am accurate description of each client’s contribution to the firms’ overall profitability will allow partners to see which clients are contributing the most, and which take up a lot of time but don’t provide much in the way of profit. It will also highlight clients who are profitable and could well be a source of further work. 

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