bookkeeping for law firm

Create and print checks directly from MyCase to cover your firm’s expenses or pay out remaining trust balances. With integrations into the leading banking platforms, Cashroom can significantly reduce the risk of human error and save time when initiating payments law firm bookkeeping and checking for incoming funds. Yes, QuickBooks lets you customize invoices to reflect your practice’s logo, information, and billing rates. You can also schedule invoices to automatically generate and go out to clients on specific dates or at set intervals.

The legal accounting software can even send automatic late payment reminders to past-due clients to help clients stay on track with payments throughout their matter. Each of these features frees up time for your firm and legal teams in ways that another accounting system like QuickBooks can’t. Once law firms start using our system, our in-house support team is always available to provide training or onboarding or simply answer specific questions about our products and services.

Hire a CPA

Both plans allow you to get a more granular view of your practice and track billable hours by client, case, and employee. We’ll let you know which cases or clients have outstanding balances, which cases are racking up expenses, and more. You can always access reports from your phone when you’re on-the-go.

Every financial transaction involves at least two accounts, including debit and credit. Every entry to an account requires a corresponding and opposite entry to a different account. Additionally, the total debits recorded must equal the total credits recorded. Total assets are also required to equal total liabilities plus equity (net worth or capital) of a law firm). Bookkeepers maintain and record all financial transactions in the original books of entry and balance the financial accounts for your firms. They summarize and organize all the company’s financial transactions chronologically in a systematic manner.

Case management: under control

CosmoLex will do all your law firm’s trust bookkeeping—automatically, in the background, and in real-time. PracticePanther is a leading cloud-based law practice management software solution that serves tens of thousands of legal professionals in 170 countries. Trust accounting software makes the process of tracking, reporting, and transferring funds easier for law firms. When audit season rolls around, having detailed tracking and reporting of trust accounts is essential.

And with proper legal accounting and bookkeeping, it couldn’t be easier to get a big-picture overview at a glance. A chart of accounts (COA) is a list of all the financial accounts in the general ledger of your law firm. A fundamental concept in accounting and bookkeeping, double-entry accounting states that all financial transactions have equal and opposite effects in two different accounts.