Are you struggling to figure out if your law firm could improve its cash flow? Have you struggled to determine where potential cash flow issues may even be coming from?
Would you like to find a way to increase efficiency among your attorneys and staff without losing quality work in the process?
One of the easiest and most effective ways of doing both of these things is by having the best legal billing software that is not only created for businesses like yours but is also able to produce the custom features that are unique to a law firm.
Key Takeaways
- Cash flow and inefficient billing practices are two of the biggest challenges for a law firm’s long-term success.
- The wrong legal billing software can not only add to cash flow and inefficiency problems but actually perpetuate them.
- Investing time and some resources into finding the legal billing software that is best for your firm will make a huge difference in your firm’s financial bottom line, as well as the satisfaction of your attorneys, your staff and your clients.
Cash flow issues can plague even the most successful law firms. Challenges with having adequate cash on hand can come from anything from clients who don’t pay their bills on time to expenses that are unplanned and eat into a monthly set budget.
Without the right legal billing software, these cash flow problems will arise time and again.
Inefficient billing practices can also be a nightmare for many practices. Whether it’s a law firm that is bogged down with too many manual processes that steal valuable staff time or whether it’s a problem with outdated or overly complex software, inefficient billing practices can lead to delays in sending out invoices, errors in invoices and eventually delays in payments.
Without the right legal billing software, these inefficiencies will result in frustration among your attorneys and staff and will eventually lead to frustration and mistrust among your clients.
So what’s the solution?
In today’s highly competitive legal industry, law firms need to find more ways to cut down on any inefficiencies while also maximizing their cash flow. One of the best ways that they can do both is by making sure that they have the best legal billing software for their firm.
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From billing errors and late payments to inaccurate trust accounting and time tracking, there are a whole host of ways in which the wrong legal billing software will actually serve as a detriment to a law practice rather than help move them forward.
Not only that, but with the right e billing legal software, these issues can be alleviated and even other areas of the billing process can be improved.
One excellent solution to these problems is to combine the increasingly popular QuickBooks Online accounting platform with LeanLaw, the highly regarded legal billing software system that is created specifically for a law firm’s unique needs.
What is QuickBooks Online?
QuickBooks Online is a cloud-based accounting software system that was developed by Intuit. It is designed to help small and medium-sized businesses manage their finances, including invoicing, electronic billing, payroll, and even inventory management.
One of the biggest advantages for businesses that choose to use QuickBooks Online is that this software can be accessed from anywhere that a person has an internet connection.
It also offers features such as real-time bank account syncing, financial reporting, and expense tracking.
QuickBooks Online is also able to integrate with other software programs and applications, which then allows its users to streamline all their accounting processes.
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Which, in the end, will save a company countless hours of time while increasing productivity.
What is LeanLaw?
Like QuickBooks Online, LeanLaw is also a cloud-based accounting software system, but it’s designed specifically to work with the unique billing and accounting needs of lawyers and law firms.
LeanLaw provides its users with an intuitive and easy-to-use platform that allows attorneys and their staff to do everything needed to run a successful firm.
With LeanLaw, a firm can track time, customize invoices, send electronic bills, and generate reports that will help determine where inefficiencies and cash flow problems may exist.
LeanLaw is a legal billing software application that was developed by legal professionals so there is no question that it’s able to provide what it claims.
The software offers a range of customizable features, with the main goal being to help a law firm increase its efficiency, decrease staff time and make sure that all billable hours are captured and accurate.
LeanLaw is a great legal billing solution to pair with another accounting software platform like QuickBooks Online, making both valuable tools for any law firm that is looking to streamline its management software, improve cash flow and optimize attorney and staff time.
How Do QuickBooks Online and LeanLaw Work Together?
It’s not hard to see how seamlessly these two excellent billing and accounting tools can work together once you understand a bit about how they operate.
QuickBooks Online is arguably one of the most popular accounting software systems being used by businesses around the world today.
In fact, a recent article in Business DIT confirms this, stating that with almost 80 percent of the market share, there are more than 26 million businesses around the world that are using the Quickbooks accounting system with more than 5 million using QuickBooks Online.
Not only is QuickBooks Online accessible from anywhere that there is an internet connection, but it also can help a business with everything from creating invoices and expense tracking to bank reconciliations and financial reporting.
Let’s look at some of the top reasons QuickBooks Online is such a popular accounting software:
1. Ease of use – Quickbooks Online is user-friendly and relatively easy to learn. This is important because you want to be able to focus on running your law firm, not learning how to use complex software like many of the all-in-one legal practice management software vendors will try to sell you.
2. Flexibility – Quickbooks Online can be used by firms of all sizes and specialties. Whether you have a small office or a large enterprise, Quickbooks Online can be scaled to meet your practice’s needs.
3. Time-saving features – Quickbooks Online automates many of the tedious and time-consuming administrative and billing tasks that come with managing a law firm, giving your attorneys and staff more time to focus on other aspects of growing a practice.
4. Comprehensive reporting – Quickbooks Online provides users with access to valuable insights and data that can help inform business decisions.
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Eliminate errors in trust fund accounting by removing the need for duplicate data entry or reviewing bank statements. LeanLaw is always in sync with QuickBooks Online and bank accounts, automatically.
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5. Cost-Effective – Unlike many of the large and complex all-in-one practice management software systems, Quickbooks Online is an affordable solution for firms and can become part of your tech stack of software needs.
6. Security – Quickbooks Online takes data security seriously and employs various measures to protect users’ data from being compromised, an inherently important part of any law firm’s success and reputation.
7. Support – Quickbooks Online offers excellent customer support, so getting answers to your questions is never going to be a problem.
While QuickBooks Online is a powerful cloud-based accounting system for small to mid-sized businesses of all types, LeanLaw takes all of this QuickBooks Online cloud-based technology and adds some additional features that end up making it perfect for a law firm to use for all its unique accounting needs.
Let’s look at how this is done:
- Seamless integration: LeanLaw integrates with QuickBooks Online to provide a seamless experience for law firms looking to streamline their billing and accounting processes without having to invest in additional software that they simply don’t need and won’t use.
- Real-time syncing: All data that’s entered in LeanLaw’s legal billing software is automatically synced with QuickBooks Online in real-time, ensuring that your financial records are always up-to-date and everyone in your office will have the same information at the same time.
- Time tracking: LeanLaw’s time tracking feature allows you to accurately track billable hours and expenses, which can be seamlessly synced with QuickBooks Online for invoicing and billing. LeanLaw has legal-specific timekeeping and time tracking software that integrates easily with QuickBooks Online. This type of software means that a firm can manage their billable hours, time entries, and invoice data in a way they wouldn’t be able to with QuickBooks Online alone.
- Customizable invoices: With LeanLaw’s legal billing software and QuickBooks Online, you can create customized invoices that reflect your law firm’s branding and include detailed billing information that can be sent to your clients electronically.
- Trust accounting: LeanLaw’s trust accounting feature will always ensure compliance with state bar regulations. It also allows for three-way reconciliation and for easy management of client trust accounts, which can all be synced with QuickBooks Online
- Reporting: LeanLaw’s reporting features provide detailed insights into your law firm’s financial performance. Whether you want to track productivity across various legal departments, track billing rates, or track time, LeanLaw will allow you to generate reports which can be synced with QuickBooks Online for easy analysis and management.
LeanLaw and QuickBooks Online: The Legal Billing Software Solution to Maximize Your Firm’s Needs
Finding the right solution to your law firm’s billing and accounting needs is no longer difficult.
LeanLaw is the legal billing software for law firms built on QuickBooks Online that makes running a profitable law firm straightforward for everyone involved.
From simple electronic invoicing to straightforward trust accounting, LeanLaw has developed a legal billing software platform that any law firm can adopt as its own.
Ready to try it for yourself? Request a free demo today! It’s easy to see how quickly your firm will be able to integrate LeanLaw into your accounting needs.
