Accounting is a challenging task, regardless of the type of business. Law firms have unique accounting requirements due to the specific activities they are involved in. Different accounting software have been introduced to avoid the complexities and challenges.
General accounting software cannot manage the complex financial tasks of law firms, so specific software are designed. These accounting software help manage payments, keep track of the time spent on the case of clients, and make bills and IOLTA accounts, commonly referred to as trust accounts.
This article will highlight the best accounting software for small law firms and explain how they can enhance professionalism whether you are new to this profession or already practicing.
4 Popular Accounting Software
Several accounting software options are available to facilitate efficient Accounting Management, which play a key role in expanding law firms and delivering accurate financial reports. Below are some popular names
- Zoho Books Accounting Software
- Xero Accounting Software
- PCLaw Accounting Software
- TimeSolv Accounting Software
Zoho Books Accounting Software
Zoho book accounting software is the most affordable software with all the advanced features. It does not cost much, it has built-in features available in other software programs, including time tracking, payment monitoring, and invoice generation.
There are five pricing plans offered by Zoho Books that you can choose according to your preferences. Each plan has a different price and specifications.
Standard: It is suitable for 3 persons, and you can get 15 dollars with 5000 invoices
Professional: It offers additional features for 40 dollars, and 5 users can benefit from it
Premium: It is ideal for ten members with amazing features and services
Elite: It also supports ten users but offers exclusive features for 120 dollars
Ultimate: It is designed for 15 members, and the cost is double that of the elite plan as it offers advanced features.
Pros
- Its cost is less as compared to other accounting software
- Provides multiple monthly plans for users
- Ideal for invoice and billing
Cons
- Only suitable for small firms
- Does not allow payment through mobile apps
Xero Accounting Software
It is an ideal accounting software for small and growing firms. The features that make it a popular choice are that it is easy to use and there is no restriction on number of users. Moreover, its interface is user-friendly and flexible, which is great for any firm, especially small law firms. It attracts all legal firms because of its compelling feature of possible transactions in more than 150 different currencies.
Some exclusive features offered by Xero software are
- It allows you to keep track of money flowing in and out
- Keep a record of the amount that is due
- It provides an option for paying invoices with a single click
- It helps in maintaining professionalism by providing an option of customizable invoices
- It has a built-in feature that monitors the time and money invested in a single project
- Allows individuals of law firms to connect with other apps
Monthly Plan of Xero Software
It offers three monthly plans for lawyers in different price ranges
- Early: The cost of an early monthly plan is only 12 dollars and comes with basic features required in any law firm
- Growing: For bulk transactions, a Growing monthly plan is a suitable option. It costs 34 dollars
- Established: This plan provides a detailed record of the amount paid for projects in 65 dollars
These are some pros and cons of Xero software that should be considered:
Pros
- Versatile and adaptable
- Offers a trial period
- Customizable
- Unlimited users in each monthly plan
Cons
- Limited features in mobile application
- Restriction on the number of invoices
PCLaw Accounting Software
PCLaw is equally suitable for small and large films and offers all the essential features required in law firm Business. It allows lawyers to manage expenses and keep a record of client’s payments with minimal effort.
If you are a beginner and hunting for suitable software for your firm, PCLaw has got you covered, as it provides all the tools, eliminating the need for other apps. In essence, it is a one-stop shop that can fulfill all the necessary accounting tasks.
Useful features
- Helpful in maintaining records of important documents
- Monitor working hours, whether they are billable or not
- Give access to informational data in a few clicks
- Templates can be created for different purposes
- PCLaw website delivers answers to all questions related to accounting
Although it offers all the features required to manage the data of a law firm, it has some pros and cons:
Pros
- It is a complete package with all the necessary tools
- Notifies about deadlines
- Tells about working hours
- Owners can customize its features according to their preferences
- Helpful in summarizing the data
Cons
- The version of the mobile app is different from the desktop version
- Require third-party apps for generating payroll
- Not affordable for low-budget firms
TimeSolv
Timesolv is another amazing software for managing projects and maintaining financial records without any manual effort. It automatically keeps track of expenses and service bills. It has a built-in feature that helps you calculate the taxes and penalties relevant authorities charge.
TimeSolv is suitable for a number of different reasons:
- Helpful in managing the tax of your law firm
- Invoices can be customized to maintain professionalism
- Manage payments efficiently
- Allows you to review records in different formats for a better understanding
- Suitable for unlimited clients
- Make the payment method simple by automatically paying bills on a specific date
Pricing for TimeSolv
Timesolv’s pricing method is different from other accounting software. It offers monthly and annual packages, and the cost depends on the number of users. Generally, the cost of a monthly package is high and is around 39.95 dollars per user.
However, the annual plan is more suitable as it charges 4 dollars per user of TimeSolv. The good thing is it offers a 30-day free trial and also ensures a money-back guarantee for customers who are unsatisfied with its features and services.
Before choosing it for managing payments and bills, it is important to focus on its pros and cons.
Pros
- Easy and simple billing interface
- Offers annual plan
- Manage accounts of multiple clients
- Offers free trial and money-back guarantee to users
Cons
- Does not provide information about deadlines
- It has no built-in reminder feature
- Customization options are limited as compared to other software
Conclusion
Accounting software helps avoid the complexities and challenges of law firms by managing finances and offers exclusive features that help deliver legal services to clients.
It is important that you choose the right accounting software to navigate the challenges of small law firms. We hope you now have a better understanding of the best accounting software for small law firms.
