Accounting for law firms is distinct. In addition to performing fundamental accounting duties, law firms are also required to track and bill time spent on client work, maintain and reconcile Interest on Lawyers Trust Accounts (IOLTA), and provide clear invoices. Because of this, it often makes sense for small law companies to select accounting software that is especially suited for the legal industry.
Best Inexpensive Legal Practise Accounting Software: Leanlaw
LeanLaw is quickly turning into a favorite among both legal firms and the accountants and bookkeepers that work with them, with a perfect 5-star rating on the QuickBooks Online App Store. In order to integrate with QuickBooks, LeanLaw was specifically designed.
In reality, there is no “sync” at all because the two software packages are so tightly integrated. This indicates that the accounting for your law firm is always correct and current. No longer do you have to guess whether your reports were created before or after a data sync.
LeanLaw is mostly a billing application. It has a flexible time-tracking function that lets you use any device to manually enter your time or set a timer. You won’t need to “find time” to bill your customers anymore because you can make your invoices from that point on in as little as four clicks.
However, LeanLaw’s ability to automatically update and reconcile your trust accounts is its strongest feature. If you’ve ever had to deal with an unbalanced IOLTA, you know how difficult it can be to find the error and fix it. LeanLaw permanently resolves this issue.
LeanLaw is one of the most reasonably priced choices on our list, with monthly pricing of $35 per user or $28 per user when paid annually.
Clio: Best Scalable Accounting Software For Legal Firms
For law offices of all sizes, Clio is a complete practice management software alternative. More than 50 bar associations in the United States highly endorse it, and legal societies around the world also adore it.
Billing is only one of the numerous tasks Clio can handle for your expanding legal business, along with client intake, scheduling, document management, client relationship management, and many others. You can scale as your business expands thanks to a variety of pricing choices, so you only pay for the things you actually use.
Xero and QuickBooks Online are just a couple of the external accounting programs that Clio interacts with. Additionally, it offers a feature called Accounting Export that enables users to export time records to different accounting software packages.
The cost of Clio depends on the characteristics you require. The cost of Clio Manage, the most widely used Clio product, ranges from $39 to $99 per user per month when paid annually; the majority of law firms choose the $59 per user per month option. Other choices are Clio Suite, which starts at $89 per user per month, and Clio Grow, which costs $49 per user per month when purchased annually.
The Best Accounting Software For Legal Firms Is PCLaw.
PCLaw by LexisNexus is the only option for those seeking an all-in-one solution for their legal business, which includes a general ledger package. This robust program handles everything, or at least almost everything. Payroll processing is the one element PCLaw is missing, despite their partnership with ADP to handle payroll. Through this alliance, PCLaw is able to offer a full accounting and management solution for law firms without the use of external software integrations.
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