To save you time, here is a review of the top 7 law firm accounting software designed specifically for lawyers. law firm bookkeeping Hopefully, you will find the best software program that is the right fit for your legal services.

But you don’t want to set up separate accounts for legal pads, pens, printer ink, etc. You can add as many accounts to your chart of accounts as you need to prepare accurate and informative financial statements, but don’t let your chart of accounts get too unwieldy. We recommend you hire a legal bookkeeper and accountant to help keep you and your firm on track.

Best Legal Accounting Software for Small & Large Law Firms

Work more efficiently, receive quicker payments, and know exactly where your money is going with faster invoicing, more temporary costs, and expense visibility. There are numerous integrations available with FreshBooks, a small business accounting program. Legal services can be provided with more transparency when lawyers use them. Accounts receivables, also known as A/R, are amounts owed to you by clients. Staying on top of receivables is essential to the financial health of your business. Having too many accounts creates headaches later on, as it takes more time to review the books and increases your chances of making mistakes. With the knowledge you’ve gained, you’re well on your way to better financial health.

• Client management is easy with automated online payment options—your individual and business accounts can pay their preferred way.
• This guide will provide an overview of law firm bookkeeping, some best practices to follow, mistakes to watch out for, and tools to make the whole process easier.
• Snap receipt photos, forward email receipts to your account, and import bank statements with billable expenses.
• Your law firm needs a bookkeeper who is versed in the legalities of, and experienced in managing, IOLTA accounts.
• Let’s talk about ways we can optimize your accounting and transform your finances.

PCLaw is powerful but complicated legal accounting software, so you might want to enlist the help of a professional bookkeeper or accountant who is familiar with the program. Zoho Books comes with all the features small law firms need from an accounting software, like creating recurring invoices, expense tracking, online payments, advanced reporting, timesheet, and more. Here we’ll explain the best legal accounting software for law firms and discuss top features, pricing plans, and pros and cons.

Best Law Firm Accounting Software in 2022

The built-in accounting suite is where CosmoLex really stands out. 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.

Key accounting reports are not available outside of the accounting department. Fortunately, with a combination of technology, best practices, and the right help, it’s possible to stay on top of your bookkeeping with little effort.

Thinking you can do everything without professional help

Using Zoho, you can send customized invoices and connect to payment gateways so your customers can pay for your products and services online. You can also link important transactions to one or more bank accounts for fast and easy reconciliation and categorize them automatically.

Typically, there are 5 core categories consisting of assets, liabilities, owner’s equity, revenue, and expenses. Helping to ensure you are on the right path towards your financial goals can only be done when you have a complete understanding of where you’re spending money.