Maintain Accurate Records with Attorney Billing Software
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Posted On :
Nov-09-2011
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Article Word Count :
521
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An attorney’s billing, accounting and book-keeping procedures are different, complicated, extended and time consuming.
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An attorney’s billing, accounting and book-keeping procedures are different, complicated, extended and time consuming. Moreover, attorney billing practices are governed by laws. An attorney with a bare minimum of staff would find it easy to maintain records, accounts and bill clients with the use of a law office billing software.
Developers of the law firm billing software have thoughtfully considered all aspects connected with a lawyer or a law firm’s billing methods, accounting practices and record keeping in a comprehensively designed lawyer billing software. It is possible to maintain accurate records with the legal time and billing software. This is a great relief for all practitioners of the law since random audits are conducted and if there is a discrepancy in the trust accounts, it may render a lawyer liable to disciplinary action and even disbarment.
The importance and benefits of accuracy in trust account transactions is well known to lawyers. However, with a lot of work load, a number of clients and a number of cases per client, it is obvious there is a possibility of an error if accounting is done manually. For all trust account transactions where the advance deposit is maintained in a separate account and monies withdrawn according to hours billed, the law office billing software automatically adjusts each account, bills the client and also generates reports for greater transparency in dealings. An audit will never show up a discrepancy with the software handling each transaction with perfect accuracy.
Other than trust accounts where lawyers have to be extra careful, the attorney time billing software maintains matter based records with accuracy and zero errors. Successful lawyers have clients who entrust them with various matters. In each case relating to a client, the software maintains detailed and itemized account and bills the client separately according to the matter handled. This matter based record keeping and billing keeps every dealing transparent for both parties. Handling such detailed matter based record keeping and billing with ease, the software frees a lawyer to focus on handling cases in hand and in taking up additional cases to generate more revenue. The payback period of a law firm billing software is quite short considering the accuracy, enormous ease and convenience it brings to a lawyer’s billing and accounting operations that follow state law defined code of ethics. In all cases the legal firm billing software keeps a separate account and track of lawyer’s fees and itemized expenses related to each case.
These features are included along with easy billing and reporting according to billable hours method, contingency method, fixed fee and retainers method. In each case, accuracy in maintaining records and accounts without making any demands on the lawyer’s time and in addition, presenting him with reports on demands mean a smoother cash flow and very few outstanding receivables.
Over and above being accurate in all accounting matters, the lawyer billing software gives lawyers great peace of mind and freedom. In a way the software, indirectly, helps lawyers earn more money and becomes an indispensable part of his legal practice.
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Article Source :
http://www.articleseen.com/Article_Maintain Accurate Records with Attorney Billing Software_101801.aspx
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Author Resource :
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, lawyer billing software, law office billing software, legal billing software.
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Keywords :
legal time and billing software, attorney time billing software, lawyer billing software, legal billing software,
Category :
Business
:
Management
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