No doubt, QuickBooks hosting is recognized as one of the best platforms related to accounting business. With so many advantages of regularly- or periodically updated software to high-level security maintenance, hosted QuickBooks have always come to the rescue of CPAs, accountants, and bookkeepers. Similarly, law firms are also growing with the assistance of QuickBooks.
If you are curious to know how QuickBooks hosting and practice management software are helping law firms to score high in their field, read till the last.
Role of QuickBooks in Law Firms
If you take a look at the varieties of QuickBooks services, there is a special option for law firms – business accounting. QuickBooks is used more of an accounting software compared to a simple billing control and monitoring tool.
QuickBooks is not just a random or an extra tool that law firms use. As per a report, 8000+ law firms, especially the lawyers, prefer using QuickBooks as a secured ‘cloud-based’ solution. This is because law firms are always on a constant lookout for a complete solution from where they can get:
Simplified and well-organized reports
Legal billings (this includes both tracking retainers and timekeeping paid)
Law firm accounting (this includes the creation of invoices and sending those out on a mass send out level)
Where QuickBooks hosting services work great for law firms of any size, it also appeals to startup firms that are quizzical regarding which accounting software to use in their initial endeavor.
QB Features Law Firms Can Enjoy
There are several features that law firms can use and enjoy with QuickBooks. Some of the prominent ones involve:
Tracking Firm Related Expenses
You can import all of your important transactions from PayPal, credit cards, bank accounts, and different online payment vendors. Added to that, your QuickBooks hosting provider also ensures that your transactions are automatically organized into specific categories. Suppose you are on the move and you want to keep a record of any business receipt, you can simply click a picture of it and directly upload it into QuickBooks.
Complete Invoicing Attributes
Law firms with QuickBooks on the cloud have the freedom to handle their invoices from scratch to completion. The process becomes easier as clients after receiving their invoices can pay the firms online.
Individual reports for Individual clients
This is no doubt a great feature for law firms, especially when you have to provide updates to clients on important cases (priority-based). You can easily segregate the reports based on:
Sending to Different firms
Delivery directly to clients
Your law firm (keeping track)
Moreover, you can schedule in advance the reports you want to send to your clients.
With QuickBooks for law firms, you can directly deposit salaries to your employees' accounts free of cost. Added to this, the employees can get their salaries within 24 hours. Aside from this, you can easily file and pay your payroll taxes with QuickBooks.
Manage Billing Rates (Hourly) with Time Tracking
QuickBooks creates a mid-path between support staff and lawyers to be a part of billable activities. You can set an hourly billing rate with QuickBooks for law firms for your every billable activity. This helps you to handle the separate bills related to paralegals, senior partners, and junior associates, thereby fast-forwarding payroll making and invoice creation easier.
You can use the memorized transaction feature to keep track and automatically create certain transactions. It is an extremely beneficial feature, especially for those transactions that you need to pay frequently or monthly. Since law firm accounting works on precise and detailed statistics, this function eliminates the chances of potential mistakes.
Loan Tracker and Amortization
With the help of QuickBooks, you can determine the debts and cost of assets over a specific period. You can directly track the transactions or checks used for paying loans. In the case of tangible assets, you can keep track of how long it can take for the assets to get depleted. All in all, it supports tax firms and makes tax time easier.
Most law firms would agree that QuickBooks is an incredibly useful invoicing, accounting, payroll managing, and time tracking tool. It does not matter if your law firm size is of any size, QuickBooks allows you to practice and grow financially with a minimal learning curve.