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Why Bother With Specialised Legal Accounting Software?

Why you need legal accounting software

Businesses rely heavily on accounting software to manage their financial admin. However, the more reliant businesses have become, variations and specialisations of accounting software have emerged.

The legal industry uses specialised legal accounting software, mainly because it streamlines its industry-specific financial operations and helps it comply with law-specific regulations.

But is this true? Is specialised software really what you need in your firm?

Let’s unpack both of the software options to determine if legal professionals should implement specialised law firm accounting software.

Keepin’ It Simple With Commercial Accounting Software

Accounting software is designed to handle:

  • Invoicing
  • Payroll
  • Expense tracking
  • Financial reporting.

It is suitable for a wide range of industries and business sizes and provides essential tools to manage everyday financial and accounting activities.

Accounting software typically includes:

  • General ledger
  • Accounts payable and receivable
  • Bank reconciliation
  • Financial statements (income statement, balance sheet, cash flow statement)
  • Basic budgeting and forecasting

User Base and Integrations:

General accounting software is versatile but not industry-specific. It is intended for a broad audience, including small businesses, corporations, and non-profits.

While it ensures compliance with standard accounting principles such as GAAP (Generally Accepted Accounting Principles) and IFRS (International Financial Reporting Standards), it does not cater to the specific regulatory requirements of particular industries. Rather, your general accounting software allows for integration with banks and tax bodies (SARS) to streamline financial account management for bookkeepers.

Level Up with Legal Accounting Software

Accounting and Legal Practice Management software is tailored for law firms. It includes specialised accounting features critical for legal practices, such as trust accounting, client billing, and case-related financial management.

Features of legal accounting software often include:

  • Trust Accounting: Manages client trust accounts, ensuring compliance with legal regulations and preventing fund commingling.
  • Time Tracking & Billing: Tracks billable hours by case or client and generates detailed invoices.
  • Matter/Case Management Integration: This integration links financial data to specific cases or matters, providing a comprehensive view of your financial status per case.
  • Client Funds Management: Handles retainer fees, client payments, and disbursements linked to specific legal matters.
  • Compliance Reporting: Generates reports to ensure adherence to legal accounting standards and regulations.

User Base, Integration and Compliance:

Designed specifically for legal professionals, including attorneys, paralegals, and law firm accountants, this software addresses your firm’s unique financial challenges, considering its specific needs and workflows.

This includes general accounting software’s ability to integrate with banks and CRM systems, but it goes beyond that by ensuring compliance with legal-specific accounting standards and trust account regulations, as per the Legal Practice Act 28 of 2014. This Act is in place to create regulatory bodies that oversee legal practitioners, ensuring they follow norms and manage trust accounts in professional conduct. Accounting software that complies with these regulations helps legal practices maintain integrity and uphold constitutional values, aligning with the Act’s framework.

Legal Accounting software providers offer customisation capabilities tailored to the legal industry, including custom billing codes, retainer management, and case-based financial tracking.

So, Why Bother?

Because it will make every bit of difference to your law firm’s accounting and practice management.

>> Book a Demo with Quantim Legal Solutions

Make The Switch To Legal Accounting Software

For your law firm seeking the best in legal accounting software, Quantim Legal Solutions stands out with its comprehensive, all-in-one, cloud-based platform designed to streamline legal financial operations and ensure compliance.

Quantim is a professional, affordable and easy-to-use legal accounting and practice management software.

Quantim Legal’s features include:

  • Cloud-based platform,
  • law firms to manage finances from anywhere,
  • the ability to integrate with banking systems,
  • ensures secure document management,
  • automates compliance,
  • tracks ongoing cases with WIP (work in progress),
  • monitors time spent, services rendered, and expenses incurred in real time,
  • simplifies trust auditing,
  • secure requisition approval,
  • automates financial document generation,
  • financial management of creditors
  • and, of course, a general ledger.

>> Book a Demo with Quantim Legal Solutions

Welcome To The Quantim Realm

Quantim/Quantum – see what we did there?

As the saying goes, “Things look quite different in the Quantum Realm” and it’s true.

Experience the difference in your Law Firm with Quantim Legal Solutions.

We’re affordable, reputable and reliable 😉

>> Contact our 24-hour Support Team

The Quantim Difference for Lawyers and Legal Professionals

As a legal professional, you can experience significant benefits by making the simple switch to Quantim Legal Solutions.

Specifically designed for your legal practice, Quantim’s features and automation can save you countless hours that would otherwise be spent on manual financial management.

By streamlining processes such as trust accounting, time tracking, billing, and compliance reporting, Quantim enables law firms to focus more on their clients and cases. The real-time data access and comprehensive reporting tools enhance decision-making efficiency, while our in-depth security measures ensure the protection of your business’s sensitive financial data.

With Quantim Legal Solutions, law firms can achieve greater financial accuracy, compliance, and overall operational efficiency, making it an essential tool for any legal practice.

>> Book a Demo with Quantim Legal Solutions