As we know, Intuit QuickBooks Software is used in both small and large companies for its accounting service. Now you can use QuickBooks for Law Firms to better the working process. It helps companies to increase productivity and helps in maintaining their billing process. QuickBooks can help companies to control their money usage and do more work. As the owner of the company, you don’t know anything about QuickBooks for Law Firms? We will help you to know about this.
In this Blog, you can learn about QuickBooks for Law Firms, its Benefits, why to use it, problems faced, and much more.
What are QuickBooks for Law Firms?
It is a best accounting software that is used by owners of both small and large companies. It control the use of money, recording, summarizing, analyzing, making reports, and help to complete work of the companies. The main work of QuickBooks for Law firm is to track the work time of employees, make bills, keep a record of money used, and tell where the money is actually used in the company, which is used for some legal activity in later days.
Why You Need QuickBooks for Law Firms?
Software is very useful for companies to control the use of money in buying equipment and creating bills for the company. But still, the company requires QuickBooks for Law Firms in:
- Creating Bill: The Firm helps the QuickBooks software to create a perfect bill for the company with detailed information about the product.
- Money Used: It can easily distribute the bill, enter the bills, and check if the bank transaction is properly recorded or not by matching it with the bank transaction record.
- Company Status: With the collected bill, it can automatically create a report to know if the company is giving a perfect result or not.
- Legal Activity: It helps to collect all the bills and transaction details of the company, which can be used for some Legal activity later.
Benefits of QuickBooks for Law Firms
It increases the management of the money transactions of the company and provides many benefits for the company’s growth and development, including:
- Multiple Transactions: It helps to maintain many transaction processes one by one and saves the company time.
- Automatic Remainder: It will remind the owner to pay taxes or other payments for the company.
- Online Used: It is a fully online software and can be used from any part of the world.
- Proper Report: It helps the company in creating a proper report of where the money is used. And help know the goodwill of the company in the market.
- Tracking Working Hours: With the time tracking software owner of the company can know the working hours of the employee and calculate salary according to it.
- Securities: They provide a strong security system for keeping the company’s important information and ensuring safe transactions of money.
Important Step Taken Before Setup of QuickBooks for Law Firms
QuickBooks for Law Firms helps owners of the companies to get a proper view of the company, whether it is making a profit or a loss in the market, and take important steps for the company. During the setup of QuickBooks for Law Firms, you should follow some steps:
- Update: Always update QuickBooks software to its latest version.
- Internet: Try to have a strong internet connection.
- ID & Password: Have your Software ID and Password to log in to your account.
- Legal Software: You have to choose legal software before following the steps.
- Collect Report: Properly collect all the reports of the bank transactions for the company’s legal needs.
Legal Software That is Used in QuickBooks for Law Firms
It helps small and large companies to get a perfect report of their company. But you have to choose the perfect Legal software to set up QuickBooks for Law Firms. You have to choose the software that can be supported in your QuickBooks version, like:
- Clio
- LEAP
- Smokeball
- FreshBooks
- Zoho Books
- Xero
Some other software, like FreeAgent, TaxSlayer, Zola Suite, and PCLaw, can also be used.
What are the features of the System of QuickBooks for Law Firms?
Setting up QuickBooks for Law firms in your company’s system requires some important features to manage the Software. The requirements are:
- Window is around 64 Bits.
- A processor of 2.4 Ghz.
- RAM storage around 8GB.
- Disk Space around 2.5 GB
Steps to Set Up QuickBooks for Law Firms
To set UP QuickBooks for Law Firms, you have to follow some steps properly and gather some important details :
- Collect Information: Collect necessary information of the company, like bank name, account number other information.
- QuickBooks Software: Log IN to your QuickBooks software and buy a subscription according to your needs.
- New Company File: Create a new company file and enter all important information about the business.
- New account: Make a new account to maintain the funds and the advance given by the client.
- Connect To Software: Now connect your QuickBooks Software with legal Software like Clio, LEAP, Smokeb, etc, to make it QuickBooks for Law Firms.
Issue faced during the Setup of QuickBooks for Law Firms
After knowing the advantages of QuickBooks, law Firm owners of both small and large companies want to set up. But they face some issue like:
- Lack of safety: it doesn’t provide safety for the details of trusted accountants.
- Tracking the money: Because of the overdraft, it is difficult for the client to search for their money.
- Perfect Report: Not getting a perfect report to see if the company is making a profit or loss.
- Internet Problem: Sometimes, due to a network issue, there is a problem using the Company data.
Conclusion
No doubt that QuickBooks helps in the Accounting process, but It can improve the accounting process. It helps the company increase productivity and helps to save the company from legal problems. If you are still facing any issues, then you can contact our Intuit QuickBooks support team for help.