By Aparna Mishra | 2/16/2016 | Industry Software Solutions

Legal Billing Software

Focus on your clients and practice by choosing a legal billing software that takes care of all your billing requirements.  Lower costs and increase revenue and profits through the features offered by the software thus making your practice a successful entity.  

Some of the most common features offered by this software includes the time and expense tracking feature.  You can track billable hours and enter them either manually or you can make use of automatic timer, a built-in feature of the software. The software also provides you a reminder at the end of each day about all the unbilled tasks of the day. This lets you capture all your billable hours and help increase the billable time.

The software also allows you to generate detailed reports on unbilled work.   And these reports are accessible by everyone throughout the firm as the software offers a centralized system. There are other types of reports too that you can generate with legal billing software including, understanding billing, client collections or general financial reports about your firm’s financial standing. You can also track the performance of clients and lawyers with the help of productivity and profitability reports.  The software offers you standard report templates to choose from.

Offering easy to use features, deliver professional looking bills to your clients. The software reduces your invoicing time considerably and you can review, edit as well as email batches of invoices from a single screen. You can use standard bill formats offered by the software or you can create new ones. Further,  you can also customize your bills according to the needs of the clients such as flat fee, task based, LEDES (Legal Electronic Data Exchange Standard) compliant, retainer or split billing. Once you bill the clients, the software update accounts receivable and client ledger automatically.

While on accounts receivable the software helps you identify clients with outstanding payments with past due statements and realization reports.  With this information you are able to prioritize your collections. Also, online billing helps you receive your payments faster by sending emails to clients with ‘pay now’ links that are embedded in the bill as well as email. By clicking on this link the client gets to choose the payment method and make a payment. You receive the payment and the client receives the receipt.

Further, along with accounts receivable, you can also manage your accounts payable easily with legal billing software. Stay on top of your cash flow by making timely payments to your vendors. You have the option of writing and printing checks from either your trust or general bank accounts for expenses. The software also offers reconciliation tools to keep your account in balance.

Managing trust accounts is one of the essential features of the legal billing software.  It provides you easy to use tools that allows your firm in disbursements and generate receipts for clients.  The built-in rules of the software prevents you from overdrawing on your client trust accounts. Automatic transfer of client trust funds means you have accurate and up-to-date records of all the transactions.

While some cloud based legal billing software allows integration with third party accounting packages there are some software that offers you all the features you require and hence do not need this integration. Some software providers allows you to share information on a network without investing in expensive server. Multiple users can work on the system at the same time be it adding new billable hours or run reports or print statements.

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