QuickBooks is the #1 rated small business financial software1. It is used by law firms to maintain good accounting practices and effective financial management. QuickBooks organizes accounting and financial information in one central location, making it easy for law firms to properly record and report on each dollar coming into and going out of the firm. Keep track of trust accounts, retainers, billable time, income and expenses, and more with QuickBooks. Save time by setting up invoices for legal fees, customizing invoices for client reimbursable expenses, recording payments to third parties, reimbursing the law firm on behalf of the client, and more. QuickBooks organizes your accounting and operations data in one central location so that it's accessible anytime and from anywhere. Try QuickBooks today.
QuickBooks accounting software helps law firms organize, track, and accurately report their financial transactions
Law firms have specific accounting and record-keeping requirements to properly track their operations and manage their books. QuickBooks software is used by law firms to track basic accounting and financial transactions, such as income and expenses, and for recording and managing more complex transactions specific to law practices, such as tracking monies held in retainers. QuickBooks organizes your firm's financial information in one central location so that it can be accessed and managed anytime and from anywhere.
Law practices track, record, and invoice for legal services rendered, which are often based on varying hourly rates. In QuickBooks you can record the hours worked and then pass the time through to client invoices. QuickBooks automatically makes the corresponding entries in the general ledger for you, saving you time and reducing errors. You can also set QuickBooks to automatically generate invoices and send them directly to your clients. Easily customize the existing invoice templates so that your invoices better represent your law firm.
The proper handling of client monies held in trust is perhaps the most complicated record-keeping task for a law firm. With QuickBooks, you can handle both client trust activity and the firm's accounting in one central location. If you use an IOLTA (Interest on Lawyer's Trust Accounts) to keep client monies in trust, you can set up a few QuickBooks accounts to track the transactions. Once you have setup trust accounting properly in QuickBooks, tracking the details becomes easy. Give QuickBooks a try and see why law firms use it for their legal accounting software.