How Legal Accounting Software Can Improve Your Financial Management
Financial management is one of the most crucial and demanding elements of a law firm. It’s vital to stay on top as your cashflow, staff, and clients all depend on you having accurate, reliable, and responsive communication around finance. However, with how complex it can get, you need a robust solution in place to ensure everything runs smoothly.
As a leading provider of legal accounting software, Klyant are keyed up on the ins and outs of how it can enhance your financial management and business as a whole. In this article, we’ll discuss the features and benefits of legal accounting software so you can decide whether it’s what your business needs.
Get in touch today to see how our solution can help your legal firm prosper.
What is Legal Accounting Software?
Legal accounting software is a digital asset that provides a collection of tools to help you run your law firm. These tools are often related to finances, bookkeeping, and timeframes, helping you to more accurately and quickly record and utilise data in each of these fields.
The term “legal accounting software” can actually be quite broad. Everything from backend management to client-facing portals gives both you and your customers a more responsive experience with every transaction and service. The challenge, then, is finding the right type of legal accounting software for you.
How has Legal Software Changed?
Powered by the latest technology, legal firms can focus on their practise without being bogged down in unnecessary admin time. Getting the right solution is also important as there is software out there that’s done the job before, but isn’t utilising the latest innovations to bring you the best results.
Klyant’s legal accounting software brings you all the financial functions you need under one roof.
Find out more about our software >
The Features and Benefits of Legal Accounting Software
Legal accounting software can offer a huge variety of benefits to legal firms – even beyond the aspect of finance. By simplifying bookkeeping and ensuring an accurate way to keep track of time and bills quickly, you’ll have more admin time freed up to engage in more profitable business operations.
It can also offer additional features, such as assistance with payroll and taxes or reports to give greater insight into your accounts and transactions. Since it’s all online, you’ll be able to keep up with client expectations and interweave your software with your other tools and platforms.
Our Legal Accounting Software’s Features and Benefits
Consolidated accounts: More efficient records of fees and transfers
Account reconciliation: A simple resolution for client account or three-way reconciliations.
Auto-save: Return to your reconciliations at the same stage you left them.
Detail control: View reports quickly as summaries, or in finer details with the full report.
Compliance reports: A quick way to see the details needed to ensure your compliance with regulations.
Engineered for legal firms: Simple and intuitive processes that cover all your needs.
Create and customise bills: Streamlined billing process with full service coverage.
Record payments: Know what the firm is owed at all times.
Disbursement management: Never miss a bill disbursement.
Purchase ledger: Easily stay on top of creditors.
VAT filing: Everything you need to file a VAT return in a single place. Can also help you when working with different VAT schemes.
HMRC integration: Ensure you’re fully compliant with the regulations.
Disbursement recording options: Automation for system records of various disbursement categories like bank transactions or vatable expenditure, reducing your bookkeeping.
Report suite: Provides everything you need to make informed decisions with all kinds of financial and management reports.
Client tools: From bill downloading to balance display, legal accounting software can give customers the information they need without having to contact you directly.
Technical support: Using legal accounting software can mean having access to the experts behind it, giving you support for your integrations and finding efficient ways to utilise the software to enhance your operations.
While this range of features gives you a great amount of control and efficiency already, the best solutions are always innovating. We pride ourselves on staying ahead of the curve, constantly delivering improvements to our already powerful legal accounting software.
Contact us now if you’ve got any queries about Klyant and how we can help you.
How does Legal Accounting Software Help to Comply with Financial Management Law?
Client money regulations, GDPR, and other data protection or confidentiality laws are in place to protect consumers from losing their data and money to bad actors online. In the wrong hands, this data can cause significant personal or financial damage, so making sure its protected is a crucial function for legal accounting software. The best software provides extreme levels of security. This prevents data from leaking out, and stops outside forces from breaking in. Bad actors will always try to find new ways of breaking into databanks, so vigilance in the form of consistent updates is required to keep your clients’ information protected. You might find that some suppliers’ legacy systems aren’t being updated at all. These will often serve as a way to push people onto other applications, which in turn might have uncertain security levels. At Klyant, we make sure to provide regular software updates to patch out any concerns and keep threats on the backfoot.
Explore how our solution helps you with client money accounting and compliance >
How to Implement Legal Accounting Software in Six Easy Steps
Adding legal accounting software to your business might seem challenging, especially when you’ve already got an established process which you’re used to. However, Klyant is a responsive system which offers streamlined integration to enhance your current services – whatever they may be.
Here are the six steps we take when adding Klyant’s legal accounting software to your business:
- Get your data. Copy your existing info and prepare for upload. Assess your data.
- Analyse what’s there and respond to any questions that arise.
- Prepare your data. Ensure your data matches across all access points.
- Migration test. Make sure the data comes across before the full migration.
- Audit. Reassess the migrated data to ensure the information has transmitted successfully.
- Final migration. Fully migrate your data, running a final audit afterwards to ensure everything is in order.
This process can be used to migrate your data from any existing system, giving you the confidence to upgrade your legal accounting software to Klyant today.
Find out more about our simple migration process >
Innovative Legal Accounting Software from Klyant
Having secure, functional, and effective legal accounting software in place can help you enhance all the operations of your law firm. From cutting down on timekeeping to increasing your efficiency, to even providing a consolidated place to handle client and business accounts, good legal accounting software makes financial management a breeze. Comply with finance regulations and empower your day-to-day with legal accounting software solutions from Klyant. Our friendly team of experts are here to ensure you’re getting the best out of your software, constantly striving to innovate on our already formidable system. Get in touch today to secure a solution for your law firm, or find out more about our legal accounting software’s features.
