Managing Your Small Law Firm Finances Just Got Easier With Firm Central Accounting
As a practicing attorney, managing your firm’s finances may not be your strongest skill – or favorite thing to do. After all, you went to law school to learn to practice law, not to do accounting. But as an attorney running a business, you know that effectively managing your finances is critical – not only to the success of your firm, but to be compliant with regulations. Although critical, managing your firm’s finances is time consuming and often quite challenging.
Now, however, Thomson Reuters Firm Central legal practice management software is minimizing that challenge. With a full set of accounting functionality that is completely integrated with its world-class cloud-based matter management system, managing your firm’s accounting will be accurate, compliant, and easier than ever. Best of all, this new accounting software is designed for the needs of small law firms and priced easily within reach.
Now, thanks to Firm Central, you can:
- Streamline your law firm operations.While other accounting systems are business agnostic, Firm Central’s accounting software is designed for the unique needs of small law firms specifically when it comes to tracking and managing trust accounts. Firm Central’s new accounting solution will automatically make and track account adjustments as you invoice and receive payments, and do so in compliance with your jurisdiction.
- Improve efficiency, eliminate double entry, and reduce errors. With Firm Central, you don’t have to reconcile accounts between applications. You, your bookkeeper, assistant and/or CPA can handle all your transactions within Firm Central - from recording invoices to running reports to managing accounts payable. And you can rest assured knowing every detail is always current because Firm Central’s accounting automation is all in real-time. For instance, let’s say a client makes a payment. Their balance will be instantly updated to reflect the payment, and Firm Central will record any expenses or fees that need to be recouped, and move funds from your trust account to the operating fund, thereby eliminating extra steps.
The Culmination of Joint Efforts
Thomson Reuters didn’t develop accounting in a vacuum. Instead, the Firm Central product team gathered insights from hundreds of professionals like small law firm attorneys, CPAs, bookkeepers, and office managers from across the nation.
“Because of this effort, we’ve fulfilled our goal of creating an end-to-end practice management solution for small law firms,” says David Paterson, Firm Central product manager. “We sought to provide a holistic solution in one application, with one point of contact, at one company. Firm Central does that with the utmost efficiency and professionalism.”
This includes features that allow you to:
- Create invoices that provide links which allow clients to easily submit payment electronically. When the client makes an electronic payment, the firm is instantly notified and accounts are updated.
- Go completely paperless simply by dragging and dropping scanned bills into the application.
- Focus on practicing law knowing that, in the background, Firm Central is capturing transactions and ensuring books are accurate and compliant.
- Ease some of the roadblocks associated with changing applications by importing chart of accounts, outstanding invoice balances and client and contact information. Then let Firm Central start working from there.
- Run reports. Integrated accounting keeps all the details of your books updated in real time, so you can review any aspect of your financials instantly on Firm Central’s reporting dashboard. At a glance it can provide:
- Year-to-date revenue, work in progress, billings, and collections
- Aging accounts receivable – what invoices are overdue and by how long
- Top clients by revenue and the clients with the most outstanding bills
- Revenue by practice area year to date
With Firm Central, you don’t have to spend late nights analyzing spreadsheets and invoices to monitor your firm’s financial health.
Instead, get some rest, and then sign up for a free accounting demo with one of our Practice Management Consultants.
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