Accounting generally consists of bookkeeping and billing in law firms. Accounting forms an integral part of any legal practice management software. Such software helps manage and record funds flowing in and out of a law firm or a solo practice. Good accounting procedures and software can ensure that the time sheets of attorneys and employees of the firm as well as their expenses are accounted for and billed. Expenses are generally billed to the client, if they are client related expenses, and to the law firm, if they are non-client related expenses.
Accounting software should be able to deliver reports in accordance with customary accounting practices. For international law firms, accounting software should be equipped to provide reports in accordance with the national accounting format of every nation the law firm has offices in. Where the accounting software is written only for a particular nation, it should have an option to export such accounting data to a program which can convert the accounting books to the appropriate accounting format using different accounting software.
Accounting software vendors provide programs to systematically record financial transactions arising from client activity, office overhead expenses and marketing fees. The following vendors provide legal accounting software:
Lexis Nexis Accounting software
Easy Trust Accounting Software
AbacusLaw Accounting and billing software
The Profit Point Group Law Office accounting software consultants
