Legal Billing Software to Enhance Revenue Flows
Cash flow governs profitability. This applies as much to lawyers as it does to any businessman or professional. However, lawyers have a different billing and account system, governed by state and federal laws. They need specific legal billing software that incorporates their needs and handles not only billing but also managing back office accounting and trust fund accounts that can stand up to any future audit or scrutiny. Legal time and billing software built around a lawyer’s needs saves him time, ensures compliances and enhances revenue flows.
Lawyers use four broadly classifiable billing and accounting methods. These are: hourly billing, fixed fee billing, retainer based hourly billing and contingency billing. Separate itemized account of costs involved in each case along with the actual lawyer’s billable hours have to be maintained in respect of each client and each case of the client separately should there be multiple cases from the same client. Competent, affordable yet feature rich attorney time billing software includes these facilities.
A lawyer has to maintain matter based record keeping. In a lawyer’s case he has to be very precise and specific in billing and accounting for each case, in respect of his billable hours and his expenses even though all the cases relate to only one client. The law office billing software handles this quite competently, freeing an attorney of all worries about accounting.
The right attorney time and billing software ensures compliance state regulations freeing the attorney to concentrate on his cases instead of having to check whether all his billing and accounting procedures are in conformance. Meticulous records are archived for future retrieval in case of audits or checks.
Any attorney considering legal billing software will certainly want it to handle client retainers separately where they deposit advances in trust accounts. The right billing software takes care of this effortlessly and seamlessly, blending it with the rest of the software and functions.
The beauty of this law office billing software is that it has been designed in coordination with legal professionals, is user friendly with a short learning curve and has an intuitive interface, designed to work for the maximum benefit of the lawyer. The legal time and billing software reduces burden on the attorney, generates bills automatically and keeps perfect track, enhancing revenue flows.
Ivon Lerdorf - About Author:
A comprehensive guide for law firms to understand, evaluate and select proper attorney billing software, legal time and billing software, legal billing and accounting software, law firm billing software, legal billing software, law office billing software.
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