
QuickBooks software helps in tracking the income and expenses of the firm. It is simple to track money-related reports and Cash flow is important to predict the financial health of the business. Creating and tracking invoices and following billable hours can be hectic for lawyers and law firms. So in today’s blog, we will learn how to utilize QuickBooks for lawyers and law firms and the importance of this tool for Law Firms and Attorneys.
QB application is widely used in the USA by small businesspersons. QuickBooks is a useful software for lawyers and law firms in many ways to increase their business’ productivity and they can also access their business remotely.
What are the benefits of using QuickBooks for lawyers and law firms?
Lawyers and legal firms are busy with their law-related matters and there is no time for accounting. So the QuickBooks Online Advanced version has provided them with various advantages. These are as follows:
Benefits For Law Firms of using QuickBooks:
By using QuickBooks Online Advanced, law firms can easily complete and modify their task. This tool helps to grow law firms in the following ways:
1. Easily Track the Firm’s Performance
QB Advanced allows you to track your firm’s performance by monitoring business. This robust tool enhances cost-effectiveness in the following ways:
- By accessing your Performance Center dashboard, you can easily find out which cases or clients are generating revenue.
- By getting the insights, you can easily prioritize or customize a presentation report.
- You can share Business data seamlessly between Excel and QuickBooks Online Advanced. This migration of data is more accurate.
- Financial health can be checked by setting and monitoring cash flow from key performance indicators (KPIs). This will help to make business decisions.
2. Achieve Productive Growth
Legal firms can ramp up their productivity more efficiently by streamlining workflow. It is done in the following ways:
- Reminders can be set up for clients, so they can pay invoices on time.
- It is easy to track billable hours by case, employee, and client.
- According to your preferences, you can create approvals and automated reminders.
3. Regulate What Others Can See & Do
QB Online Advanced plan allows users to control their data.
- Cases can be protected by restricting access to colleagues by assigning them to their specific roles.
- Access to the client’s sensitive information can be easily managed.
- Easily can assign users roles by redirecting tasks to the right person.
Benefits For Lawyers of using QuickBooks:
QuickBooks time feature is a good option for lawyers to clock in and out. It manages multiple clients and tracks exact billable hours.
- Mobile Application: It is a one-stop for all solutions like clients, jobs, projects, and tasks that can be tracked using its mobile app.
- Audit Protection: This feature gives a paperless and accurate audit log which is DCAA (Defense Contract Audit Agency) Compliant.
- Create Invoices: It records and reports every penny that is earned by the firm. It easily creates invoices and tracks billable time.
- Job Costing: From the web dashboard, a single click on reports will give you accurate time data.
- Track Jobs and Clients: Billable and non-billable hours can be tracked for clients by using its dashboard.
- Integration Without Interruption: Invoice and payroll can easily sync with QuickBooks Time.
How Lawyers Can Track Invoice & Time with QuickBooks Time?
By using this QB Time tool, lawyers can track billable hours. They can effortlessly track time for clients. Steps for tracking time are given below and these steps are the same for iPhones, Android, and computer users.
- First of all, try the free version of QuickBooks time trial by signing up for a month. There is no requirement for a credit card fee.
- Now go to “Features Add-ons, Manage Add-ons” then install “Invoicing”.
- Select “Billable” create jobs and then set the hourly rate.
- Click on the “Time Clock” on the mobile app or web dashboard.
- Now select a task or a job.
- Track time against your client by selecting the “Clock In” option.
- Now click on “Invoices” and then choose client and date (range).
- Click on “Preview Invoice” then go to “Finalize Invoice” and then “Generate PDF”.
- You either print or send the invoice by clicking on “View Invoice”.
How QuickBooks Can be Used by Law Firms & Lawyers?
There are some apps and their integration will simplify your legal work. These are as follows:
- Gravity Legal
- Clio
- LeanLaw etc.
Conclusion
Legal practice can be easily done with the help of QuickBooks tool. Streamlining workflow and accounting data will give insight into your firm’s financial health. It is very crucial for the growth of your company. I hope after reading this blog, you get to know how to use QuickBooks for lawyers and law firms and how it can integrate accounting apps into QuickBooks to manage their expenses, client management, and prepare reports.
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