Tracking what you owe and when you need to pay it is important for all firms. You want to make sure you pay the bill in a timely manner to avoid interest and, if discounts are offered you want to take advantage of the discount. At the same time you want to manage cash flow and not pay before you need to.
For law firms there are additional factors to consider. Is the bill being paid from IOLTA or operating? Has the client reimbursed for the expense yet and can you wait to pay until the client has paid? Is the bill a responsibility of a client and the firm is managing it pending settlement?
With it’s latest cloud update Cosmolex has added Accounts Payable to it’s product functionality. This important feature addresses managing all aspects of Accounts Payable.
Rather than reiterate all the capabilities here, I recommend you check out Robert Ambrogi’s excellent blog article and the press release from Cosmolex. Cosmolex has also created a white paper that explores the various aspect of managing Accounts Payable in a law firm. The white paper is worth reading whether or not you are using Cosmolex as it explores the concepts that affect Accounts Payable in law firms in a product neutral manner. You can find it at Accounts Payable – What Lawyers Need to Know
Looking to learn more about QBO? Are you an accountant working with QBO for your clients? Whether you want to become certified, or just better understand how to work with the software Intuit is offering free training in cities around the country. For dates and locations visit http://quickbooks.intuit.com/tutorials/accountant-webinars-events/ and click on In-Person training. If you have clients using QBO, or want to, or want to become QBO certified – don’t miss this.
While your there, check out the QBO Advanced Certification training, Firm of the Future classes and the virtual conference.
IOLTA accounting is critical for law firms. Choosing the right software solution for a firm means knowing the pros and cons of different options.
Previously we talked about what you need to consider in evaluating IOLTA accounting. In the article we look at what you may want to know if you are thinking of using QuickBooks. Check out our article at IOLTA Accounting in QuickBooks
The Legal Accounting Guide is designed as a resource for law firm accounting tips, tricks and resources. If you are looking for guidance on Choosing IOLTA software, please read my article. Future articles will look at specific products and how they handle IOLTA accounting.
The options for Cloud based legal billing and practice management software are constantly changing as new features are added and products mature.
If you are considering Clio, here’s a look at what has changed since I last wrote about Clio.
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For the fourth year in a row. Honored to be named to this group.
By Caren Schwartz
(from Solo Professional)
Computers are a tool that can help you save time and money. They can also help you waste time and money.
What Are Your Needs?
In order for your computer and software to save you both time and money, you need to do three things:
Read the full “Saving Time and Money with Software” article.
Certified Consultants for:
Tabs3/PracticeMaster, Timeslips, Sage 50 (formerly Peachtree), Amicus Attorney, Amicus Premium Billing, Amicus Cloud
Certified Independent Consultants for:
Time Matters/Billing Matters, PCLaw
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Member Intuit Accounting Professionals Trainer and Writer Network