QuickBooks Onboarding Services for Lawyers

Maximizing your law firm’s billable hours can make the difference between success and struggles. Did you know that Clio reported that lawyers spend an average of two-thirds of their day performing non-billable tasks? You can use this information to your advantage because it may allow you to quickly improve your firm’s profitability by reducing administrative workloads.

Start by utilizing the right accounting software for your law firm. Imagine the savings your firm can enjoy with intuitive, accessible, and accurate time tracking. Add in automated alerts and workflows, online management of your chart of accounts, easy data sharing, and the insights you and your CPA can glean from sophisticated financial reports.

Our bookkeepers at Firmly Profits recommend Intuit QuickBooks® for lawyers. Keep reading to understand how you can use this popular accounting software to organize your firm’s finances and how Firmly Profits can help you integrate QuickBooks Online into your comprehensive financial strategy, targeted towards a more profitable and sustainable future.

“Hiring Leah was a top 2023 decision for our law firm. She did not have an agenda to push like other fractional CFO companies but instead listened to the kind of firm I wanted to develop and how we wanted to do it. She is very open to my ideas and helps me see the financial framework needed to accomplish them as well as holds me accountable to the financial plans. If you are looking for a fractional CFO, I cannot recommend Leah highly enough.” – Scott S.

What Does QuickBooks Online Do for Law Firms?

This accounting software dramatically reduces the time your professionals spend on busy work, letting them focus on delivering outstanding service to your legal clients. For instance, your legal firm can:

• Streamline and automate legal billing, financial statements, and timekeeping: You can set standard or custom rates, enter billable hours in the timesheet, and let the software handle everything from statements to invoice generation.
• Use generated reports to enhance your law firm’s financial security: You can learn which service areas produce the most profit and which expenses have hampered your cash flow. Revenue and expense tracking can help you choose where to focus investments to improve profits and where you may need to cut costs to manage budgets.
• Track complex accounts and properly manage sensitive client accounts: You can use QuickBooks to set up, process, and track retainers and IOLTA or trust accounts, ensuring you conform to state regulations and protect client funds according to the law and your chart of accounts.
• Improve data quality and security: Your law firm’s financial life and reputation depend upon protecting sensitive client information. QuickBooks features can secure your data. Editing tools and automated data transfers to other systems also help reduce errors and redundancies.

3 Ways Your Law Firm Can Use QuickBooks

QuickBooks rapidly pays for itself for most law firms by reducing the time staff and partners spend on law firm accounting and bookkeeping tasks. These features and functionality can help your firm free up more time to generate billable hours by:

• Batch invoicing: Save hours of manual effort by setting general or custom rates, entering billable hours, and generating automated invoices. You can even accept payments by bank account or credit card directly from the invoice.
• Computerized workflows: Automating repetitive tasks and reminders will save time and reduce errors. For instance, you can automate invoice reminders for slow payers. You can also avoid late fees by sending automatic reminders about billing due dates to yourself.
• Track KPIs on your schedule: Generate scheduled reports to stay abreast of your law firm’s accounting. You can have them delivered by email. QuickBooks Online also includes an intuitive dashboard to track key metrics and produce reports for presentations and meetings.

Do I Need an Accountant if I Have QuickBooks?

Since QuickBooks does so much, do you still need legal accounting services? Yes, you probably still need to work with a bookkeeper, CPA, or even a CFO. These professionals can help you properly configure your software, integrate with other legal accounting systems, maximize savings on taxes and other expenses, and use your financial reports to strategize and communicate with stakeholders.

Investing in professional accounting services can quickly pay for itself by maximizing your billable time and avoiding common pitfalls. Do you need a CFO, CPA, and bookkeeper? Sometimes, your law firm may benefit from all three types of services because they focus on different aspects of your firm’s finances. Browse our related article to learn how these different accounting professionals benefit law firms and which one you need.

Why Do Law Firms Choose Firmly Profits?

Firmly Profits is dedicated to the success of our clients. We understand the difficulty of running a new business or small law firm. We aim to provide your business with financial confidence through our expert consulting, accounting, and educational services.

Testimonials

“So happy I found Leah! She’s is my bookkeeper and fractional CFO for my law practice. I no longer worry about having to do it myself on the weekends and can focus on making the money. So grateful for her advice and guidance to reach my big goals. She’s a genuine cheerleader and makes financials easy to digest. Highly recommend her services! She also works seamlessly with my CPA and my books were ready ahead of time!” – Ruma M.

Streamline Your Finances to Protect Your Law Firm’s Future

Our founder, a fractional CFO specializing in serving legal firms, has helped multiple clients maximize their performance through reduced administrative workloads, automated tasks, and tighter security and regulatory compliance. Reducing the drudgery of accounting busywork even helps improve morale, which is priceless in today’s competitive legal environment.

Contact Firmly Profits today to begin protecting your firm’s financial security while making it an even better workplace. You can reach us at 941-202-4062 or access our online contact form.