All transactions relating to the holding and movement of client monies are recorded on a client accounting ledger. Our accounts software can also accommodate the office debtor side of the accounting ledger including disbursements and invoices and is also able to record all elements relating to office expenditure. Our platform also has the functionality to be able to reconcile all transactions against a bank statement and provide all the necessary reports for Law Society and SRA Accounts Rules compliance and final annual accounting.
Intelligent Legal Accounts System
How can your Legal Accounts Software help my firm?
- Accuracy – P&L Account, Balance Sheet, Aged Fees/Bills, WIP by Fee Earner, department, work type and so on.
- Goal Setting – Enable the firm to set goals and monitor the performance by the firm overall, by department, work type and fee earner.
- In-built Reporting – A standard selection of over 35 reports covering all your compliance and practice monitoring needs. We can add bespoke reports to these to meet your firm’s requirements.
- Credit & Debit Slips – Integrated option to send credit, debit and other financial requests to your Cashroom. Cashroom can approve and process, edit and process or delete slips as required. Slips can be processed immediately or stored to a ‘batch’ for processing later. Slips can be for client’s and/or firm’s transactions. A ‘Queued postings’ tab gives you visibility on how much the balance on the ledger will be once any related slips have been processed. Slips can be future dated to inform Cashroom when funds are expected or required.
- Bank Reconciliation – Easy to use feature in 3 different formats. We’ll help you choose the best option for your firm. Full Reconciliation report shows Reconciled and Unreconciled Items and a reconciliation statement. Ability to filter on Unreconciled/Reconciled items, search on value, reference, etc. and multi-select, total and reconcile chosen items.
- Cash Statements – Fully integrated and able to display both posted and ‘pending’ entries to give you the flexibility you need. Items can be excluded from the Cash Statement as required.
- Accounts searching – Easy retrieval of Matter Accounts or Firm’s Accounts using our available search tools. Name search, code search, phrase search and Most Recently Used options from enquiry and posting windows. Easily add Matter and Firm’s Accounts to your personal Favourites folder to recall these on demand.
- Posting options – A variety of options are available for selection: Client and Firm live postings; Batch Processing where a number of postings are collected together for posting at the same time; Multi-Analysis (one-to-many) posting where several items make up a larger payment into or from your bank; Recurring postings where postings are stored and ‘trigger’ as an optional posting at regular or timed intervals.
- Bank to Bank transfer – A simple nominal/firm account to nominal/firm account posting.
- Fee Processing or Billing – A variety of options are available to process Fees and Outlays (Bills and Disbursements) be it for private or legal aid clients.
- WIP Management – Work In Progress values can be reduced or cleared through our billing features. WIP can also be Written Off and time postings deleted as required.
- Purchase Ledger – An in-built but optional area to process and monitor payments to and from Suppliers to make sure you know who to pay and when. Includes a ‘Suggested Payments’ feature to give you options on where your money goes.
Benefits of one fully integrated Legal Account system
Fully Law Society compliant; one system holding your client/matter and firm’s accounts all in place.
Integrated checks and balances mean you never need to have regulatory concerns. Our single software system and our expert team of Legal Accountants take care of this for you.
Float or Surplus – Available for viewing at any time, this tells you if you have excess funds available for transfer to your firm bank or how much of a ‘cushion’ you have.
Accounts Certificate – Available to you as a Template within your Nominal or Firm ledger.
No requirement to buy a separate time recording and billing system
Production of complex reports for cashflow and budgeting
Accurate P&L, Balance Sheet, Aged Fees/Bills, WIP by fee earner
Set goals and monitor performance of the firm overall, by department, work type and/or fee earner.