The best Legal Accounting Software for Canadian Law Firms

invoicing and bookkeeping software for law firm

Its Scheduler lets you schedule consultations and review cases for conflicts of interest. You can automatically share intake forms and get documents signed online. MyCase is less robust than competitors and a better fit for small firms without complex accounting and reporting needs. Learn more about what billable hours are, how to track them, and what kinds of time you can and can’t charge.

invoicing and bookkeeping software for law firm

This, in turn, will make you more profitable and free your time to do the work you love to do, rather than spend hours overseeing and managing your firm’s administrative functions. If you choose to use PCLaw for your law firm accounting software, you will want to partner with an accountant or bookkeeper who is well-versed in the system. PCLaw’s certified partner program can help with this, or you can choose to have a member of your team become a PCLaw Power User. In addition to billing, Clio also handles client intake, scheduling, document management, client relationship management and many other functions your growing law firm needs. Multiple pricing options give you the ability to scale as your firm grows, meaning you won’t pay for features until you actually need them.

Why Should Law Firms Use Accounting Software?

There are a ton of legal accounting software offerings available, but not all of them are created equal. Using online legal accounting software will ensure important financial data is processed and tracked correctly, so it’s easier to keep accurate financial records for your firm’s bookkeeping and accounting. Cloud-based law firm accounting software will help you stay compliant with applicable ethics rules. CosmoLex is packed with so many legal practice management features that most law firms may not need any other software solutions. But if you rely on other tools for your regular workflow, it can be helpful to integrate them with a comprehensive law firm accounting software to maximize efficiency.

New transactions are collected periodically and automatically matched with book transactions, and users are then asked to review them. Bank account feeds are included free of charge with each CosmoLex subscription. Customers will be assigned a dedicated Practice Management Advisor and access to our Help Center, LiveChat, and LEAP University for ongoing support and training.

Which legal accounting software is best for your law firm?

Legal accounting software keeps client information safe and secure, and follows all data security laws. Our trust accounting software is installed locally on your computer and backed up by cloud-based storage. CosmoLex is designed for attorneys and law firms, but it has major benefits for clients, too. When you use CosmoLex to manage your business accounts, you improve the client experience from your first touchpoint to your last. CosmoLex’s automation and client management tools help firms streamline client intake, making the process fast and seamless with features like secure document sharing and e-signature.

Ensuring that costs are accurately billed to the client may seem easy, but it can actually be quite complex depending on how you handle billing in general. Costs must be tied to the correct matter, and client payments must be separated from fee reimbursements. Before you purchase the first one that shows up in a google search, you should be aware of what you need it to do, and what the different software offerings out there can provide. Whatever software you choose should be user-friendly enough to meet the needs of those using it the most at your firm. If your firm’s users tend to need more technical support when learning a new tool, look for options that are easy to navigate and offer personalized customer support. Accounting software with a robust client relationship management system (CRM) saves time and streamlines your firm’s invoicing and billing workflows.

Business Line of Credit: Compare the Best Options

Typically, it includes billing features unique to law practices, such as trust accounting, LEDES billing and retainer payments. Many legal billing platforms also include case management so that you can organize matter documents and information in one place along with client billing. PCLaw is a popular, long-standing practice management, billing and accounting solution for small and midsize law firms. It includes lightweight practice management (clients, cases and calendars), coupled with robust time tracking, billing and accounting (including robust financial reporting). While PCLaw is thought of as law practice management software, accounting is deeply embedded into the product.

Instantly record time made on calls to clients from your cell phone or smartwatch. All time entries sync to the corresponding electronic matter, which can be viewed at any time and adjusted, if necessary before an invoice is sent. Accurately record your billable hours and charge for your time with https://goodmenproject.com/business-ethics-2/navigating-law-firm-bookkeeping-exploring-industry-specific-insights/ instant time recording on desktop and mobile. Simple, modern and accessible client experiences with LeanLaw’s legal management platform. I have a client who uses LeanLaw and loves the ease with which time keeping gets pushed to billing/creating invoices that then gets pushed to QuickBooks Online.

Why accounting software for lawyers is important

This could be putting your firm at a significant disadvantage as inadequate law firm accounting software can lead to excessive billing process errors and inaccurate time tracking. Eliminate double handling of data and get a complete picture of your firm’s financial performance when you connect Smokeball with QuickBooks Online or Xero. Smokeball law firm bookkeeping trust accounting software tracks all your firm’s time and expenses, while your integrated legal accounting software completes the picture with full general ledger accounting. If you’re looking for software that can competently handle both bookkeeping and accounting, you’ll need to pay close attention to the features that it includes.

invoicing and bookkeeping software for law firm

Create recurring invoices and customize templates to represent your brand consistently. This means that the product allows your firm not only to track where a file came from but also to allocate a percentage of the origination to individual users. Payroll includes automatically calculating employee taxes, printing checks, and paying by direct deposit. CosmoLex is cloud-based, which means you run the software from a web browser. ProLaw is desktop/server-based, so it can be run on-premise or within a Private Cloud.

Integrated Cloud-Based Accounting & Billing

Tabs3 has been around a long time, and has a reputation for being a robust accounting platform, backed by excellent user support. Smokeball’s time entries capture all the work you do in Microsoft Word and Office, boosting your timekeeping accuracy. Plus, our integrations power automatic document creation and translate automated email saving and management. ZoHo helps you solve accounting challenges with the use of finance apps that take care of tasks like invoicing, expenses, subscriptions, etc. Generate professional and elegant invoices in minutes, directly from your case, to make client billing quick and easy.

  • Another perk of the software is that it seamlessly integrates with Quickbooks Online if you’re already using this software for your accounting and bookkeeping needs.
  • Legal accounting software is especially useful with legal trust accounting to ensure you stay compliant with industry regulations.
  • And, believe it or not, most lawyers didn’t go to school to learn about bookkeeping and accounting, they went to learn about the law.
  • No more wondering if your reports were produced before or after a data sync.
  • In this section, we’ll take a quick look at how the top 10 legal accounting software solutions compare against each other in terms of pricing.
  • Unlike other accounting software that is only capable of handling general accounting tasks, such as QuickBooks, CosmoLex is equipped to handle all of your firm’s trust accounting needs, and it makes it look easy.