But without the right tools in place, the process can be overwhelming to manage. All-in-one business management and financial solution designed for small businesses, self-employed and freelancers. Bonsai also provides hundreds of free prebuilt templates for contracts, agreements, proposals, invoices, intake forms and more to make your work more efficient. From keeping up-to-date on earnings to tracking expenses, find out what’s making money for your law practice and where you can cut costs. Plus you can make it easy for clients to pay online via bank transfers, credit cards, or Apple Pay—and help eliminate late payments by including automated reminders and recurring invoices. And businesses of all shapes and sizes need to perform general bookkeeping functions and track their finances.

• Time Tracker + Legal offers robust timekeeping and legal features like invoicing, ABA Codes, and Conflict Checker.
• CosmoLex is a cloud-based accounting software for law firms, which means it’s easy to access our features remotely.
• With debit card and ACH payments, funds are withdrawn immediately from the client’s bank account, but these methods still provide the added convenience of immediate online payments.
• The centralization and sharing of data improve team collaboration.
• Easily keep track of your client’s funds with matter trust accounts and payments that are automatically applied to a bill balance upon posting.

It offers various service options, including a free plan that still includes numerous features necessary for a firm’s general accounting needs. With Wave, firms can link their bank’s accounts to see income and expenses quickly on their easy-to-use dashboard. The program also allows you to import bank statements, so they can be organized and categorized. The program does not offer any tax preparation functions, but it does allow for some reporting to make tax filing easier.

How to Choose the Right Billing Software for Your Law Firm

QuickBooks Online Advanced includes unlimited Tracked Classes and Locations. QuickBooks Plus includes up to 40 combined tracked classes and tracked locations. Tracked Classes and Locations are not available in Simple Start and Essentials. You can create unique user IDs for your team and assign access levels for each. All changes are tracked, so you always know who created, modified, or deleted transactions. Track invoice status, send payment reminders, and match payments to invoices, automatically. Attorneys, paralegals, and support staff can record time on their mobile phones.

Law firm accounting software ensures your firm stays productive and profitable by tracking billable hours in real-time as well as allowing attorneys to manually enter hours. Without time tracking functionality, your attorneys could lose track of how long they spent on tasks or forget to charge clients for time spent. Billing is directly related to the time your attorneys spend working.

Quickbooks Online: top attorney accounting software for small and medium-sized firms

PCLaw is a great all-in-one legal accounting software solution that can handle bookkeeping and accounting for law firms large or small. It even uses Legal Electronic law firm bookkeeping Data Exchange codes to simplify billing. For example, lawyers need solutions that can handle client trust accounts and the interest on trust accounts.

Law firms can create professional-looking invoices and email them to clients in one click, helping clients get their bills paid by their due date. They can even use the accounting software to send automatic late payment reminders to past-due clients to help clients stay on track with payments throughout their matter. All accounting software support, training, and onboarding are provided by our local in-house team.