You’re an attorney not an accountant so it can be easy to dismiss the financial details of running your practice in favor of actually practicing law. However aggressive bill collection is a part of a successful practice. Aggressive doesn’t mean nasty, but it does mean you need to stay on top of each client’s account. After all if you don’t think billing is important, why should your clients?
Attorney billing software takes much of the burden off your shoulders. The software tracks hours, expenses, payments, late fees and more. Once you enter a transaction you can let the law practice management software handle the math, generate invoices and print checks. However even the best lawyer billing software can’t take the place of the human brain operating it.
You need to have an overall idea of how your practice is doing financially but you don’t want to waste hours poring over ledgers trying to figure things out. You want to spend just a few minutes seeing the situation at a glance so you can spot any problems and act on them right away. The law firm billing software provides those kinds of financial overviews.
Easy TimeBill offers a quick overview of your finances and yet also gives you enough detail to act. When you click the Billing Matter button you are given a comprehensive view of all active accounts. The summary lists amounts for each client and matter that haven’t been billed yet and that have been billed but not paid. Click on any line in the summary to get a detailed list of all time and expense cards, invoices and general transactions associated with that matter.
One reason to use dedicated law office billing software rather than generic business accounting products is these legal software programs track financial details unique to a law practice such as retainer balance. It’s one thing to get an initial retainer, but you need to keep an eye on the balance and be prepared to take action when it gets low. Your generic software probably can’t warn you when a retainer balance is low, but our law office management software can.