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Best Law Firm Accounting Software & Bookkeeping Service Reviews

invoicing and bookkeeping software for law firm

Comprehensive legal billing software will offer features to record billable time instantly, autocomplete timesheets, edit and draft invoices, and provide an online payment portal for your clients. Additionally, a legal billing platform should offer integrations with accounting software to reduce potential accounting errors from redundant, manual data entry. QuickBooks is a great solution for attorneys and small law firms looking for only core accounting functions like accounts payable, accounts receivable, billing and time tracking, and reporting. However, QuickBooks is not a legal industry-specific solution, so larger firms with a large caseload could find it lacking in some areas.

invoicing and bookkeeping software for law firm

CosmoLex offers all-inclusive pricing for all its innovative features, including client relationship management tools, accounts receivable, and project management features. Because information is stored on the cloud instead of on a laptop, local server, or filing cabinet, it’s safe from theft or natural disasters. And because legal business can be performed from the courtroom, the car, or the couch, it’s easier to get things done when it works for you. Track and pay all office bills and vendor credits and stay on top of your comprehensive financial picture with the best legal accounting software. You can even set recurring bills, such as rent or utilities, and let CosmoLex enter them for you automatically. There are some practice management software programs out there like Clio, Cosmolex, Timesolv, PCLaw.

How Do You Perform a Three-Way Trust Account Reconciliation?

Unfortunately, reports that give you what you need can be cumbersome to create manually. When it comes to financial records at your practice, accuracy should come above all else. Our mission is to break law firm bookkeeping apart what CRM is and means.Here we discuss anything that helps create more meaningful lasting work relationships. Although there’s no free plan, you can access all Xero features for free for 30 days.

  • Project management features include Kanban boards for organization and document storage organized by matter.
  • When you’re trying to decide which legal accounting software is right for your firm, you need to evaluate a number of different features and how they apply to your business.
  • However, beyond making the payment and reconciliation process easier, the ability to easily create customized invoices and flexible payment schedules can also lower the chances of non-payment.
  • LeanLaw has developed an automated and transparent tool to manage tracking, reporting and paying compensation to respective attorneys in the law firm.
  • We see a lot of manual work where folks are having to accommodate the lack of connection between applications – usually with how time tracking and billing ties into accounting.

FreshBooks provides the accounting support you need and takes care of the data entry and migration from QuickBooks Online, Word, or any other accounting systems or bookkeeping software. It’s essential that your firm’s bookkeeping of financial transactions and accounts be meticulous and accurate. 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. The integration is real-time and two-way, which means the two apps synchronize in a matter of seconds. Learn the proven method for keeping your financials clear and on track.

What are the most common types of billing methods in a law firm?

QuickBooks Online, for instance, works with Clio’s practice management software to sync contacts, invoices, financial information, trust transactions and disbursements. When you use these tools together through their Clio integration, this eliminates repeat data entry—saving you time and effort. In this roundup post, we suggested that FreshBooks is the best law practice management software overall, as it’s a suitable solution for solo accountants, lawyers, and small and medium-sized business owners. There is a good deal of invoicing features, on top of expense tracking, online payments, sales tax, time tracking, and profitability tracking.

invoicing and bookkeeping software for law firm

Xero features an easy-to-use software service because it is entirely web hosted. You can access your accounting information from any device and all browsers (Google, Firefox, Windows, etc.). Whether you specialize in a particular field of law or handle  different types of cases, you bring your experience, skill, and legal knowledge to every case. Wave is easy to use and fully customizable, so no need to add accounting expertise to your credentials to streamline your processes, save time, and keep more of your money. With case management features, you get secure, unlimited document storage and sharing, legal calendaring with integrations to Google and Microsoft Outlook, and workflows to automate your repeated tasks.

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