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Considering using QuickBooksTM for your Law Practice?

Every Law Practice using QuickBooks for accounting learns two things right off the bat:

  • Keeping necessary data in sync between legal billing system and QuickBooks is a tedious, never-ending project.
  • General-purpose QuickBooks is not built to handle a number of legal-specific accounting requirements, making for cumbersome workarounds every time you use it.

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[icon name=”fa-wrench” size=”1″ color=”#29b0e0″ background_color=”” circled_background=”” class=”table-icon”]  Separate Billing & Accounting System

  • You need to enter data twice, once into your billing program and again into QuickBooks, OR
  • You need to constantly fiddle with imports/exports that never seem to reconcile 100%.
  • Multiple software subscription fees & required training add up to a real cost of both money & time.
  • With billing & accounting data scattered, you have no reliable way to get a grasp on the productivity or profitability of team members, clients, or the firm itself.

[icon name=”fa-gavel” size=”1″ color=”#29b0e0″ background_color=”” circled_background=””]  Trust Accounting

  • QuickBooks allows Client Trust Funds be incorrectly posted to any account — even to rent or payroll!
  • No built-in protection against overdrafts or commingling.
  • 3-way reconciliation reports are not built-in. They need to be assembled manually from multiple reports, making reconciliations time consuming & error prone.

[icon name=”fa-area-chart” size=”1″ color=”#29b0e0″ background_color=”” circled_background=””]  Client Cost Tracking

  • Accurate matter cost accounting is challenging. It’s up to you to manually ensure the correct posting of all items ALL the time.
  • Tracking of cost recovery between direct and indirect cost reimbursements is also a tedious manual process.
  • Inflated Revenue is common due to the difficulty in differentiating between income & cost recovery

[icon name=”fa-bank” size=”1″ color=”#29b0e0″ background_color=”” circled_background=””]  Client Payment Accounting

  • Partial payments against invoices are applied proportionately – rather than first to costs and then to fees. This again requires constant manual fixes & cleanup..
  • Applying payments from a trust account to an invoice requires multiple steps.
  • Online Payments – When QuickBooks does not know which invoices are paid… the money trail is lost. Reconciliation becomes a daily headache.

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