QuickBooks for Attorneys? There Is Not Such a Thing!
I’m a freelance bookkeeper and accounting software consultant and I was recently asked to setup a bookkeeping system for a small law firm. After deep analysis, I decided that using QuickBooks was not the way to go. When it comes to law firm accounting, there are very specific challenges that have to be addressed, which are:
– Tracking advanced costs correctly when they are paid out of the operating account and then billing for those advanced costs to your client.
– Tracking and billing for time, using as much detail as it is required by your firm.
– Tracking and billing for soft costs that are not directly billable to the client.
– Tracking and reporting the trust accounting to meet the requirements of the state.
There are manuals created by QuickBooks consultants which address these challenges and offer ways around them… for a fee. There are the QuickBooks consultants themselves that are available and willing to show you how to do it if you don’t find the manuals very clear. That too, of course, for a fee. What they offer is do-it-yourself solutions that involve multi-step, time-consuming procedures in QuickBooks that have to be performed by you or your bookkeeper in a regular basis. Do you have the time and patience for that?
What about legal software solutions? I did my research and I found this: If they offer satisfactory practice management features, they lack essential accounting features. If they happen to offer both, they do it in two different applications that have to be bought separately and then integrated to make one module work with the other. Why would you pay for two solutions if you can find a single solution that offer you all that you need to manage your practice?
I was lucky enough to find the right solution for my client’s law practice. It is affordable, user-friendly, and it contains practice management, billing and accounting features, all in one single application. It also integrates with Microsoft Office and Outlook, which is something my client finds extremely convenient. In addition, you get a 60 days money-back guarantee after your purchase. My client has not regretted his decision. Neither have I. I’m recommending it to every legal professional who comes my way. And I only recommend solutions that I have tried myself and with which I am satisfied.
If you are struggling trying to find the right management and accounting tool to manage your practice, I would be happy to share my knowledge and experience with you. One software solution cannot be everything to every business. It is always a good practice to shop around for a bit and see what the market has to offer in terms of efficiency, cost-effectiveness and compatibility with other applications. Give it a try.