123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Legal >> View Article

How Software Makes Legal Accounting Seamless

Profile Picture
By Author: Mayank Kapur
Total Articles: 278
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

If you're depositing retainers and other fiduciary funds into an escrow account, our last post provided some helpful rules of thumb for flawless trust fund accounting - in accordance with your state requirements.
While you weigh the advantages of an integrated Attorney billing and trust accounting software , consider this. As a bookkeeping concept, trust accounting is fundamentally different from other types of accounting. It's way more detailed. It must be capable of:
Supporting monthly bank reconciliations.

Producing three-way - not just two-way - reconciliation statements.

Furnishing details about general ledger balances, i.e. whether funds have cleared the bank.

Preventing common trust accounting mistakes, such as ledger card overdrafts, co-mingling with other ledger cards, duplicate check numbers, etc.

Printing checks, deposit slips etc.
Easy Time Bill closes the loop. Our legal billing software ...
... /b> provides the following information at a glance:
Unbilled Balances: The legal billing software totals recorded but unbilled time and expenses.

Unpaid Balances: The billing software totals billed but unpaid time and expenses.

Operating Retainer Balance: The billing software displays each client's current retainer balance—as it sits in your firm's operating account.

Trust Retainer Balance: The billing software displays each client's current retainer balance—as it sits in your firm's trust account, or escrow account.
Viewing these four balances for each matter at a glance increases your accuracy—and puts you in control of your responsibilities, your accounts, and your cash flow. Specifically:
If the Unbilled Balance exceeds your comfort zone, you can invoice immediately—rather than waiting
until a scheduled billing date.

If the Unpaid Balances are rising, you can start sending payment reminder letters—along with overdue invoices.

If your invoices are unpaid, Retainer Balances are available, and your client engagement letter allows
you to do so, you can apply the balances to your unpaid invoices immediately.
When you have both software systems, your accounting suddenly works like magic.
Easy, right? That's why it's called Easy Soft.

Author Bio

Easy Soft specializes in helping law firms automate their processes, streamlining repetitive tasks and work flow with law practice management software. Practice management software such as law office billing systems and legal time tracking software.

Total Views: 201Word Count: 354See All articles From Author

Add Comment

Legal Articles

1. Bail Lawyer In Cyber Crime Case In Delhi – Advocate Deepak: Your Trusted Legal Partner
Author: Advocate Deepak

2. Chicago Personal Injury Lawyers
Author: Paul M. Marriett

3. The Bruner Law Firm
Author: Vince Bruner

4. Bail Lawyer In Cyber Crime Cases In Noida: Advocate Deepak
Author: Advocate Deepak

5. The Journey Of Lady Advocates In Chennai's Male-dominated Field
Author: Sonu Kumar

6. Best Cyber Crime Lawyer In Ghaziabad – Advocate Deepak
Author: Advocate Deepak

7. Revealed: Secret Strategies To Dominate Government Sales On Gem!
Author: Bidz Professional

8. What To Look For In An Experienced Ri Divorce Lawyer
Author: John Grasso

9. Everything You Need To Know Before Investing In Saudi Arabia
Author: jodonjo

10. Spousal Alimony In California: What It Is And How It's Decided
Author: Thomas D. Nares

11. Balancing Investor Protection And Industry Growth: Sebi Lawyers' Take On Investment Advisers’ Reforms
Author: Dev kumar

12. "transparent Processes: Building Public Trust Through Stringent Pcc Attestation Measures"
Author: shareeba

13. How To Open An Llc As A Saudi
Author: jodonjo

14. Navigating The Road To Recovery After A Minneapolis Truck Accident: Why A Local Attorney Is Key
Author: sussmanlaw

15. Uk Spouse Visa Explained: How To Join Your Partner In The Uk
Author: The SmartMove2UK

Login To Account
Login Email:
Password:
Sign Up Newsletter
Email Address: