Running a legal practice is hard work. Managing your firm’s billing doesn’t make it easier! As a result, many practices have turned to law firm billing software to automate this process. In turn, they’re optimizing their operations too.
With this type of technology, your practice can bill its clients more efficiently and in a way that’s easier to manage for both parties. Generate bills in seconds, track client time without hesitation, and free up your own to-do list are all just some of the perks that you can enjoy because of accounting software.
What is Law Firm Billing Software?
If you haven’t already guessed it, billing software ensures lawyers and law firms collect payment for their billable hours. It also tracks any operational expenses, making sure your accounting needs are cared for. These billing systems are often optimized to work harmoniously with your case management systems or larger accounting platforms. Therefore, your man-hours are fully utilized with a more holistic approach.
Features of Law Firm Billing Software:
Accounting may not be your strongest skill. After all, that’s why you became a lawyer and not an accountant, right? For this reason, it’s imperative that you select a law firm billing software that has the right set of features for your needs. Remember, the goal of working with this technology is to help you get paid faster and easier.
For your firm to adhere to compliance regulations, it’s vital that your choice of legal billing software offers a secure and confidential platform. Should you experience any discrepancies with your clients’ information, this could be detrimental to your firm’s reputation and success.
Thankfully, most software is end-to-end encrypted. Due to this, issues will be minimal. When working with cloud software, this is a particular bonus that many enjoy. Cloud computing allows for automatic updates and consistent data syncing.
While juggling your full client load, it can be a struggle to remember invoicing requirements. This includes when to send your invoices, taking note of who has paid their account, and which deadlines need chasing. With law firm billing, you won’t have to worry about constantly checking your calendar and notes – it does it for you.
Tracking expenses is an important component of running a successful business. With the right software, you can easily add and track your expenses as per your client or legal matter. This makes sure that the hassle of keeping your law firm accounting up to date is taken care of. You will also have more time to focus on your core activities – a win for both you and your clients.
Customize Your Invoices
Getting paid straight away is easier when your invoices stand out from your competitors. The more identifiable your invoices are, the easier it will be for your clients to differentiate your payments from the clutter. Furthermore, this also adds an extra layer of professionalism to your processes. An invoice with a consistent format and personalized logo is a clear indication of a professional establishment that’s worth your clients’ time and money.
With the above in mind, it’s important to keep transparency at the forefront of your invoice creation. Law billing software makes this easier by including aggregated or expanded activity lists into invoices. Clients will know exactly what they’re paying for and it will help you get paid quicker. If you’d like more information on the best invoicing practices, make sure to read our blog post here.
Before embarking on a new client experience or potentially adding to your already existing client’s services, it’s natural that they’d like an estimate. However, the issue with this is that it’s often difficult to give an accurate snapshot of how much your services will cost. It’s important to set clear and on-point expectations from the start because, without it, you may create more admin in the long run.
Use International Currency
If you’re working with clients abroad, it’s essential that your invoices mirror their currency to avoid any discrepancies or late payments. Due to the varying exchange rates, it’s important that the conversions are accurate too. If you convert your rates at the incorrect amount, you could be missing out on a significant portion of your total.
How Can Amberlo Help with Your Law Firm Billing:
Law firm billing software should be intuitive and easy to use. At Amberlo, we’re here to help you get paid on time and without the extra admin. Our fully-featured billing workflow optimizes your systems from accurate time recording to customizable invoices. For more information on how we can help you make the most of your time and your accounting, please get in touch here.