QuickBooks is a powerful accounting software program that can help law firms wrangle their billing issues, but because QuickBooks out-the-box isn’t an accounting solution specifically tailored to law firms, many lawyers believe that QuickBooks isn’t a good solution for their legal billing software needs. Fortunately, case management software like Smokeball uses QuickBooks integrations so that law firms get access to a full accounting system without needing to juggle multiple programs separately. Let’s take a look at how QuickBooks for attorney billing offers easily accessible accounting solutions for law firms.
If you’re using QuickBooks as a standalone application, the functionality for lawyers is pretty low without modifications. It doesn’t address the specific needs of law firms so it would be very cumbersome to use without customization. Fortunately, by integrating QuickBooks into your legal practice management software such as Smokeball, QuickBooks is transformed into “QuickBooks Legal” allowing law firm billing departments to easily use the program. Here are just a few benefits of using QuickBooks integration with Smokeball:
- Track your firm’s money. You can easily track retainers and the invoices due for each client in QuickBooks for attorneys.
- Set your law firm rates. For each client, you can set specific rates and make other adjustments to your billing as QuickBooks for attorney billing offers maximum flexibility. Using Smokeball integrations for QuickBooks legal, you can set flat fee, slip, and contingency without the hassle.
- Import transactions. Also, QuickBooks for lawyers allows you to import transactions from your bank statement or other financial institutions.
QuickBooks legal allows you to generate financial statements and share them with partners. Get information about your law firm’s cash flow, profit and loss, and more. Combined with Smokeball law firm insights reporting, you can have a complete picture of your firm’s financial health.
Create A Chart of Accounts
Creating a chart of accounts for law firm QuickBooks is easy when it’s integrated into Smokeball. It’s easy to create your chart of accounts and make sure it’s in compliance with your state’s Interest on Lawyers Trust Accounts (IOLTA). The standalone QuickBooks program doesn’t have a simple way of creating a chart of Accounts. Let’s take a closer look at why a chart of accounts with IOLTA is important:
- It will help law firms avoid inadvertently overdrawing a client’s account.
- Smokeball’s QuickBooks legal offers double or triple authentication.
- QuickBooks for lawyers makes it easy to track individual client balances and the total balance for a back account.
Security and Access
Smokeball with QuickBooks for attorney integration keeps your data secure while still giving you full access to client and case information from anywhere. Since your data is stored in the cloud, you won’t lose data if your computer drive becomes corrupted and you can review data even from your mobile phone.
The standalone out-the-box version of QuickBooks doesn’t do a good job of tracking time for lawyers. This is why Smokeball’s automatic lawyer time tracking software combined with QuickBooks for law firms is a better solution. Using QuickBooks for lawyers you can easily track the time of each associate according to which matter they worked on. You can also easily measure the productivity of each associate and analyze changes over time.
When law firms are using QuickBooks as a standalone application there’s no automated way to track their workflow. Fortunately, QuickBooks legal makes it easy to track your associates tasks using Smokeball — see who did what and when. You can also assign tasks to members and add due dates. This makes billing and workflow management a seamless and integrated operation.
QuickBooks legal is a good choice for your legal billing software needs because it will grow with your law firm. QuickBooks for lawyers, when integrated with Smokeball, will remain easy to use no matter how small or large your law firm becomes. This scalable accounting solution for lawyers will allow you to keep the same system as you grow and avoid the expense of purchasing a new program and retraining your staff on it.
When law firms using accounting systems that are not fully integrated into their case management software, they waste valuable time on correcting errors, double entry of data, and discovering and integrating system workarounds for software programs that weren’t made specifically for law firms. By using QuickBooks legal through Smokeball, law firms can shave hours off the time they spend on legal billing issues and avoid errors.
Sometimes when associates are forced to use accounting programs that don’t provide the full functionality they need, they will avoid engaging with the program. They may enter data late or forget. Or, they may make a lot of errors because they’re forced to enter data twice. By using a fully integrated QuickBooks for law firms with collaborative legal calendaring software, you’re more likely to get your associates to take advantage of the system because it serves their needs.
Constant Financial Monitoring
One of the great things about QuickBooks for lawyers is that it allows continuous monitoring of a law firm’s financial status. You can see if revenue has increased or decreased, and you can see how each associate is contributing to the financial goals of the firm at any time. This continuous monitoring of your law firm’s financial status allows you to make course corrections when necessary and make predictions about where you will land financially based on current data.
Simplified Tax compliance
Since QuickBooks legal stores all of your financial matters in one place, it’s easy to find receipts and data for your taxes. Using manual systems or multiple systems can make tax season unnecessarily stressful because you’re wasting time gathering data from multiple places. When you’re using QuickBooks for lawyers as a Smokeball integration, you can easily grab the reports and receipts your need to remain in tax compliance.
Accounting mistakes and chaos is expensive. When you make mistakes on client invoices, they get angry and sometimes stop doing business with you. When you’re searching for hours trying to find your billing information or receipts or the sheet of paper where you wrote your hours spent on a matter, this is a loss of money and productivity for the law firm. An organized and fully functional accounting system for lawyers could save a law firm thousands of dollars a year.
Find out more about QuickBooks as a Smokeball integration, schedule a free demo and see why Smokeball is the #1 choice for small law firms looking to grow!