Revolutionize Your Firm’s Finances with Legal Accounting Software

Legal trust accounting software can streamline trust account management, track time, calculate bills, and maintain compliance, helping firms efficiently manage daily operations. With MyCase’s add-on legal accounting solution, you can ensure that all critical trust accounting information is current, compliant, and audit-ready. This software, tailored specifically for lawyers and law firms, keeps your finances on track, allowing you to allocate less time to financial and administrative tasks and focus more on serving your clients. Stay compliant with relevant regulations and laws while saving time and energy with MyCase.

Legal trust accounting software ensures IOLTA and trust accounting compliance by maintaining detailed and up-to-date financial records for each client and their case. MyCase prevents the commingling of funds by requiring assignments to specific clients, ensuring you cannot withdraw more than the allocated amount. Additionally, you can quickly and easily report on funds in trust. Consistent 3-way trust reconciliations—from invoice to bank statement—help confirm that you are in compliance with state bar requirements.

Yes, our trust accounting software allows you to set a minimum trust balance for each client. When a balance falls below this threshold, a notification will appear on both the dashboard and the client level, alerting you to the low balance. Additionally, you can run a Case Balance Summary report at any time to view the running trust balance based on work in progress (WIP), accounts receivable (A/R), and remaining trust funds.

Additional resources can be found here:

• Minimum Trust Balance
• Case Balance Summary Report

Although Quickbooks can be used for trust accounting, it lacks the safeguards of a solution built specifically for the legal industry, such as preventing commingling funds and withdrawals of more than allocated to a specific client.

MyCase is specifically designed for the legal industry, with built-in compliance safeguards tailored to meet strict legal accounting requirements. Unlike QuickBooks, which necessitates cumbersome workarounds and increases the risk of mistakes, MyCase integrates seamlessly with your case data, providing a comprehensive and compliant solution for legal accounting needs.

Legal accounting software provides attorneys with clear insights into their firm’s financial health while ensuring compliance with State Bar regulations. It streamlines the accounting process and reduces the risk of human error. Unlike generic accounting software, MyCase is specifically designed for law firms, offering tailored solutions for legal professionals.

Benefits of accounting software for law firms include:

• Compliance: Manage financials effectively and stay in compliance with State Bar regulations, avoiding the pitfalls of using inadequate tools like Excel spreadsheets.
• Better Money Management: Gain real-time insights into your firm’s financial health for more effective fund management.
• Time Savings: Eliminate manual data entry and the need for spreadsheets, integrating seamlessly with other financial management tools to sync contacts, invoices, and bank accounts.
• Improved Accuracy: Connect with financial apps, ensure compliance, and support data-driven business decisions to enhance the accuracy of your financial records.

MyCase’s cloud-based legal accounting software is an add-on feature and can be added to any MyCase case management plan for only $39 per month, per accounting user. See more details on pricing here.

When choosing accounting software for law firms, it’s crucial to consider your firm’s specific needs to avoid paying for unnecessary features. However, robust legal accounting software should include the following essential features:

• Bookkeeping: Track financial transactions and client accounts while ensuring compliance with trust account regulations. MyCase offers robust three-way trust reconciliation and auto-generated client ledgers.
• Time Tracking: Integrated with our law firm billing software, MyCase includes time tracking to ensure you get paid for every minute.
• Billing: Create and print checks to cover firm expenses or pay out trust balances efficiently with MyCase accounting software.
• Online Payments: Facilitate faster payments with access to online payment processing through LawPay, integrated within MyCase billing software.
• Financial Reports: Monitor outstanding bills and expenses to maintain cash flow and support accurate financial projections for your law firm.

Beyond providing law firm accounting software, MyCase is a comprehensive case management platform designed to streamline your entire practice. As a MyCase customer, you’ll gain access to our robust Billing & Payments software, allowing you to track expenses, generate invoices and reports, and accept online payments, ensuring your financial operations are seamless and efficient.

In addition to financial management, MyCase offers a suite of case management features to enhance your practice’s overall productivity. These include client intake forms to simplify onboarding, our legal CRM software to manage client relationships, secure client communications, in-depth legal analytics for data-driven decision-making, and professional law firm website design to enhance your online presence.

With MyCase, you not only gain powerful financial tools but also an integrated solution that supports your firm’s complete operational needs, fostering financial wellness and overall success.