Being in the field of law requires extra attention for every single aspect of business. But who can concentrate on clients when you still have to track the time you spend on cases, calculate rates, prepare/send/collect invoices, and so on? Wouldn’t it be better to have a solution that automates most or all of the above? Consider yourself lucky, because such a solution does exist: it is called online accounting software.
These cost-friendly solutions, available anytime from anywhere, are capable of handling multiple things at once without the need to download anything to your computer. You can create estimates/quotes that you can turn into invoices and easily manage your clients and even track the time based on their respective cases. If you think the solution is not enough in itself, you can always rely on the integration with third-party apps.
Online accounting solutions come with a bunch of features that you’ll never need in your law practice, but there are some that are indispensable for legal practitioners. Let’s take a look at the features that are an absolute must:
With online inventory management you can keep track of all types of services your law firm provides and determine their respective price tags as well. This feature is also the key to easily create new quotes and even invoices: you just have to pick a service from the inventory and add it to your quote/invoice.
Legal services have no consistent pricing, therefore clients always want to know approximately how much they have to pay if they retain your services. Your accounting software can help you in that too: pick a client, choose your service and your quote/estimate is ready to be sent. What’s even better is that if your client accepts your terms, you can easily turn quotes and estimates into full-fledged invoices.
With accounting software you can easily track all your expenses and attach them to the final invoice. Had to pay extra for a legal document? You can have the accounting solution process the receipt for you to be turned into a claim in the form of an invoice.
Not all accounting solutions have this feature, but if you have such a solution, or your software allows integration with a third-party time tracking app, consider yourself very lucky. The time tracker allows you to invoice billable and unbillable work times to your customers based on the delivered work time.
You can have a real-time view of your business on the dashboard of the online accounting solution with just one glance. You’ll stay informed when you are paid, what is due for you, how much money you have on your bank account and so on.
One of the above features is missing from your online accounting solution? Or you have a tool you don’t want to ditch just because you purchased new software? Or you just want to make your accounting solution even better than it currently is? Through integration with third-party apps, all of the above can be solved. Most accounting companies support and offer an API, so you only have to import data from your existing software to your accounting solution once in a lifetime; this means you can manage multiple software from a single dashboard, saving you not only time, but money as well.
You can integrate PayPal to your accounting solution which can substitute your bank account (the feed of which is constantly displayed on your dashboard), while also giving you the option to get paid faster and in a much efficient way. You can also use WorkflowMax which is not just a time tracking device and CRM, but it can also create quotes, invoices and reports too. You can manage your inventory in TradeGecko, and use the powerhouse that is Google by using Google Apps for file storage, business report exports and even real-time video meetings.
When you select an online accounting solution, it must contain all features you deem necessary or it has to be capable of integrating solutions you use. Here are two fine examples of accounting solutions for law consultants: Xero and FreshBooks.
Xero is a progressive and innovative online accounting solution that enables you to manage your accounts more effectively and make your accounting hassle-free. Some of its features include invoicing and quotes, bank reconciliation, inventory, mobile capability, third-party apps, purchase orders and payroll. The mobile version of the software, Xero Touch, makes it possible to access all your accounting data instantly from wherever you may be. Xero integrates and works well with many other third-party applications (such as advanced solutions for CRM, point-of-sale, e-commerce and more). You have a choice of three pricing plans – Starter, Standard and Premium – all of which have slightly different features and a reduced price for the first six months. Xero also provides a 30-day free trial. Customers enjoy efficient and reliable support from Xero online teams. Xero’s US headquarters is in San Francisco, but this publicly listed company’s products are used in over 180 countries. The company has garnered impressive experience in the area of cloud computing and accounting and has continued to innovate and create new products for the market.
FreshBooks was founded in 2003 in Canada as an invoicing, billing and time tracking software, but over the past years it became a full-fledged online accounting solution ideal for sole proprietors and smaller businesses. With this neat cloud-based software, which underwent a thorough overhaul in 2016, you can easily and quickly create and customize invoices (whether using the desktop account or the Android/iPhone apps), record expenses, plan and realize projects, and track your time. You can integrate a decent amount of third party applications and services, and check reports FreshBooks automatically creates for you. You also have the option to enable fast online payments, set up recurring invoices, and even customize your account. Regardless of your chosen plan, almost all features remain available during and after the 30-day trial period. Furthermore, you also get unlimited customer support with your subscription, which can be as low as $15 per month. So if you need an accounting solution that includes all major functions and you work with a small number of clients and employees/contractors, then FreshBooks is your choice.
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