Law firms use accounting software to record and monitor the money that flows in and out of their business. Basic software can be used to track income and expenses, send bills and statements, write checks, and report on financial activities.
Many firms prefer software designed specifically for law firms over software designed for general business (for example, Quickbooks). This is because legal programs include client trust features and safeguards that make it easier to comply with state bar ethics rules. Legal-specific software is also designed to accommodate timekeeping and hourly billing rates. Today, law firm accounting programs often include payments, allowing firms to easily accept electronic payments and credit cards.
In addition, most accounting software includes reports ranging from basic profit and loss statements and balance sheets to customized reports.
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