How to choose the
right
legal accounting
software
for your firm
So you never lose touch with your money
In today’s competitive environment
profitability is paramount
‘’The ‘Golden Age’ of easily achievable double
digit organic growth is over’’...
’’Pressure on profitability has become not just a
temporary area of concern for law firm
management, but is now one of the top priorities.’’
Tony Williams and
Richard Tromans
of Jomati
Consultants LLP
But do you monitor it accurately?
Delayed (or incorrect)
bill production and credit control
could compromise the health of
your cash flow …
and consequently the profitability of your
practice.
For profitability to be managed efficiently the right
systems must be put in place
Legal accounting software is one of these
systems
and arguably, one of the most important ones that a
law firm should use.
It’s the ‘’window’’ towards your firm’s financial health.
The implications of this choice will last
for a number of years, so make sure
that you select the legal
accounting software that
corresponds to your firm’s needs.
But how do you select the right
product?
Here are a few guidelines
Can the software be integrated into a case management
system?
The answer to this question should be ‘’Yes’’
All the financial information recorded in your accounts software will be
automatically matched against the right cases and matters in your case
management software.
This integration will result in:
- less admin work
- less errors
- a faster billing process
Can you get all the information you need?
Your accounting system should provide you with all the reports you
require in order to be able to:
- track the performance of fee earners and
- the profitability of the practice
in real-time.
The financial reports should be easy to extract and
share with other interested parties.
Is the legal accounts software compliant with current
legislation?
The product should comply with:
- The SRA accounts rules and code of
Conduct
- The Legal Services Commission (LSC)
requirements
- LEXCEL
Can it join up your Fee Earning and Accounts
departments?
It should.
The integration between your legal accounts and case
management software should give way to a tighter collaboration
between the two functions of your firm.
The systems should enable you to
establish a transparent way of
working and encourage
staff to collaborate.
Involve the fee earners in the financial
side of the legal work they are carrying
out day to day.
Heard on the street
Managing Partner
‘’Optimising
processes- from silo
to end-to-end
integration’’
‘’The transformation from a separatist, silo-
like approach to business processes
that are well integrated and
aligned across functions requires
deep changes in both human behaviour
and, frequently, in the firm’s IT
platforms.’’
The money equation
Increased collaboration
between accountants
and fee earners
A quicker billing process Healthier cash flow and
profits
Looking for a product that ticks all the boxes?
Learn more about Financial Director- our legal accounting
software
• Full integration with market-leading case management software from
DPS
Allows fee earners to send payment requests, cheques, e-chits and invoices
electronically.
• Granular security model
• Ad Hoc Reporting of all the management information you need
• Lightning fast and user-friendly
Don’t let technology hold
you back
Use it to fulfill your
firm’s potential
Let us help….
www.dpssoftware.co.uk