Published on February 13, 2014
How to choose the right legal accounting software for your firm So you never lose touch with your money
In today’s competitive environment profitability is paramount ‘’The ‘Golden Age’ of easily achievable double digit organic growth is over’’... Tony Williams and Richard Tromans of Jomati ’’Pressure on profitability has become not just a temporary area of concern for law firm management, but is now one of the top priorities.’’ Consultants LLP
But do you monitor it accurately?
Delayed (or incorrect) bill production and credit control could compromise the health of your cash flow … and consequently the profitability of your practice.
For profitability to be managed efficiently the right systems must be put in place
Legal accounting software is one of these systems and arguably, one of the most important ones that a law firm should use.
It’s the ‘’window’’ towards your firm’s financial health.
The implications of this choice will last for a number of years, so make sure that you select the legal accounting software that corresponds to your firm’s needs.
But how do you select the right product?
Here are a few guidelines
Can the software be integrated into a case management system? The answer to this question should be ‘’Yes’’ All the financial information recorded in your accounts software will be automatically matched against the right cases and matters in your case management software.
This integration will result in: - less admin work - less errors - a faster billing process
Can you get all the information you need? Your accounting system should provide you with all the reports you require in order to be able to: - track the performance of fee earners and - the profitability of the practice in real-time. The financial reports should be easy to extract and share with other interested parties.
Is the legal accounts software compliant with current legislation? The product should comply with: - The SRA accounts rules and code of Conduct - The Legal Services Commission (LSC) requirements - LEXCEL
Can it join up your Fee Earning and Accounts departments? It should. The integration between your legal accounts and case management software should give way to a tighter collaboration between the two functions of your firm.
The systems should enable you to establish a transparent way of working and encourage staff to collaborate. Involve the fee earners in the financial side of the legal work they are carrying out day to day.
Heard on the street ‘’The transformation from a separatist, silolike approach to that are business processes well integrated aligned across functions and requires deep changes in both human behaviour and, frequently, platforms.’’ in the firm’s IT Managing Partner ‘’Optimising processes- from silo to end-to-end integration’’
The money equation Increased collaboration between accountants and fee earners A quicker billing process Healthier cash flow and profits
Looking for a product that ticks all the boxes?
Learn more about Financial Director- our legal accounting software • Full integration with market-leading case management software from DPS Allows fee earners to send payment requests, cheques, e-chits and invoices electronically. • Granular security model • Ad Hoc Reporting of all the management information you need • Lightning fast and user-friendly
Don’t let technology hold you back Use it to fulfill your firm’s potential Let us help…. www.dpssoftware.co.uk
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