Last Updated on February 16, 2021 by Editorial Staff
QuickBooks accounting software is the best accounting software for law firms, and it plays a vital role for all lawyers to manage their practices effortlessly. Here is the blog regarding ‘QuickBooks for Lawyers’ for all lawyers, those who are wandering for the best software for law firms to make their work easy, well, this blog is also for them those who already accepted QuickBooks for the law firms.
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It is one of the popular software and equipped with a wide range of accounting features and available in different-different plans for mobile, desktop and tablets with secure bank integration. If you want to manage you all clients in one place then you can download and install it in your system or devices.
Benefits to Use QuickBooks for Lawyers or Law Firms
This accounting software for attorneys provides several types of benefits of using QuickBooks. Below we have mentioned some important benefits to understand how does QuickBooks helps lawyers and law firms.
- Legal billing
- Report creation
- Law firm accounting
- Import transaction
- Generate financial statement
- Set up your customers and vendors
- Set up rate and adjustment of billing
- Track your firm’s money
- Manage general retailers
- Manage (IOLTAs) interest on lawyer trust and trust accounts
- Track your receivables
- Generate invoice and statement for your clients
- Easy to track individual clients balance
QuickBooks can be a smart choice for lawyers, their staff and legal firms. By using this software lawyers will find this a very valuable resource. Because it will help you make accounting more efficient and easy. QuickBooks for lawyers provide law firms with free direct deposit and your employees can get their money within the shortest time.
What Lawyers Can Do with QuickBooks
Lawyers can do a lot of things with QuickBooks, here in the below we have mentioned some points, by which you can understand that what lawyers can do with QuickBooks.
Automate Accounting Task Easily:
It allows you to automate the accounting tasks to eliminate whenever you connect the QuickBooks with your bank. Not only that, but also you can record payments from clients, tag expenses to specific cases, and etc..
It makes it easy to manage bills for you. You can easily create custom rates for partners, assistants, and associates. Set hourly billing rates instantly for each legal service. You can do the exact match during the addition of billable hours to invoices.
Run Reports at Every Moment:
Now its time to get the exact report where you stand with instant reports. You can get the report for every dollar for each client because QuickBooks tracks every dollar for each case. Send schedule reports to your clients.
Sync with Third-party App/Software:
There have advanced key-benefits for you, by which you can use a third-party or can be integrated with third-party apps like ‘Clio’, ‘Time Tracker + Legal’, and ‘LeanLaw’.
It is an amazing app for all lawyers and attorneys because of its feature. You can manage cases, automate documents, get paid faster, run reports, can generate bills, automate documents, attract potential clients, and etc. This will make you easy to do everything with QuickBooks.
Time Tracker + Legal:
It offers robust timekeeping with some legal features (ABA codes, invoicing, conflict checker, and etc). Not only that, but also you can approve the timesheets, can sync with QuickBooks to perform the billing and payroll.
LeanLaw is a legal billing software for mid-sized law firms, and it also a top-rated legal app for QuickBooks Online. You can get the advantage like timekeeping, billing, managing expenses, fixed fee billing, reporting, onboarding, ledes billing, and etc.
How to Set Up of Chart of Accounts for QuickBooks Law Firm
To set up chart of accounts for QuickBooks law firms you have to follow the below steps:
- At first, you need to create a bank account ‘Client Trust Fund Checking’. By creating this separate bank account, you can track all the deposits and payments from the trust fund of your clients.
- Now you should check with your banker to confirm that the account has an automatic overdraft or need ATM access.
- After that, rename your accounts payable – operating and this payable account use for payment and billing of your Law firms day to day operation.
- In the next step, set up another payable account. This account called ‘Account Payable’ use to track bills and payments related to your client.
- Now set up another liability. This liability called ‘ client trust liability use to track all deposits from your clients and other costs.
Besides this, you can also connect to various apps that work awesomely for law firms and attorneys. You can also assign different billing rates for partners, associates, paralegals, and more. It is easy to schedule invoices to be generated and emailed at certain dates or intervals.
So this was the blog, we hope you like it, and able to get some information for the topic ‘QuickBooks For Lawyer’. We can say that, if you are a lawyer or in law firm then, this little blog will helpful for you to use the QuickBooks software perfectly. further if you have any kind of doubts regarding this topic then, you can solve your problem by getting our ProAdvisor support through the toll-free number +1-877-355-0435 .