Author Box
Articles Categories
All Categories
Articles Resources

Things to Look for While Choosing Billing Software for Your Law Firm

March 01, 2012 | Comments: 0 | Views: 235

Managing bills is often a complex job for a law firm. The tricky thing while generating invoices for legal works is that the billing procedure will not be the same for every case. Though hourly billing is the common practice used for billing, depending on the prospects of the client, nature of the legal work, and the risks involved in handling the case, the billing methods differ, thus making it more complicated. So, in order to generate quick and accurate invoices, adequate billing tools are required for every law firm.

Billing software is one such tool which serves the vital purpose for any law firm by automating the time tracking, billing and accounting procedures for all the legal works. It effectively saves time and generates error-free invoices.

Essential features for effective billing software With so many products in the market, each having different features, it is essential to know the important features that make the software effective. Below are the things to look for while choosing software for your law firm. Basic as well as advanced features are included for your convenience, having knowledge of these will help you in making the right choice.

• Record work and track billable hours: Every attorney works on multiple cases in a single day. Recording the time spent on each and every case is essential to bill the client as well as to keep detailed record of the work performed on every project. A billing software with timer or a stopwatch feature helps to accurately measure the time spent on each case. So, while choosing billing software, look for the availability of timer option.

• Should provide service specific bill recording: This again comes under tracking billable hours. Since legal billing varies for different billing procedures like flat fees, retainer arrangement, contingent and transactional basis, the software should also allow you to record billable time on all the above mentioned aspects or on any other user defined things.

• Automated invoice preparation: The most time taking task in legal billing is the invoice preparation. If your billing software is effective in generating automated and accurate invoices according to the data collected from the billable time records, you can save significant amounts of time and money.

• Custom bill formats: The invoice format for every law firm will not be the same. Even for a same firm, the invoice formats will differ depending upon the type of transaction. If you choose software that provides only few standard billing formats, it is not helpful. Therefore, before choosing billing software, make sure that it allows you to customize your bill design according to your requirements. Some advanced software solutions also offer built-in bill designing capabilities which enable you to design your own formats using some advanced tools.

• Ability to maintain trust accounting records: Trust accounts are a separate form of accounts maintained for specific cases, in an effort to minimize the risk of non-payment. Trust accounting is a standard practice by most of the law firms which collect advanced client payments even before providing services. Maintaining accurate and separate trust accounting records is essential while you are accepting trust funds from your clients.

Hence, choose billing software that includes the feature of managing trust accounts eases your work. Some advanced software solutions also offer features like - not allowing the firm to overdraw a trust account, and allowing the firm to set a criteria to apply trust funds either to fees or to expenses at the time of billing and preparing invoices.

• Assist in budgeting: Choosing billing software that includes accounting is always an added advantage for your company. It helps you to avoid the hassles of re-entering the entire billing information for accounting purpose and hence reduces the error rate. It also avoids the need for purchasing other software that supports accounting. Billing software assists you with budgeting and also helps you to project your expenses without any errors.

• Availability of report making application: It is often said that most of the billing software solutions for legal firms are not designed to generate reports. So, it is important for every buyer to check for report generating feature while choosing software. These reports help in determining target costs, forecasting similar cases, and defining best practices for managing specific cases to ensure best possible results.

• Easy to use: Choose software that is simple to use. Any individual, even those who are technically challenged, should be able to use it. Moreover, the software should be compatible with your firm's current software to ensure proper functioning.

• Right vendor: Choosing a right vendor is the first thing to do while you are looking for reliable billing software. A reputed vendor always focuses on client retention and hence offers a best possible product. However, to get more efficient deals, try to approach a legal billing software vendor who specializes in offering solutions for your firm size.

As every law firm has its own unique needs and requirements to meet professional and ethical requirements, it should have billing software that is able to support the firm efficiently.

JDi Data Corporation has provided insurance claims software since 1992. JDi Data offers web based workers compensation software and also claims systems for insurance claims departments, third party administrators and risk managers to administer property, casualty and general liability claims. JDi Data has built a reputation in quality claims management software with special emphasis on specialty lines and complex litigation.

Source: EzineArticles
Was this Helpful ?

 
0
 
0
 
Rate this Article
 vote(s)
Feedback
Print
Re-Publish

Article Tags:

Claims Management Software

,

Insurance Claims Software

,

Workers Compensation Software

Windows 8 will change the way you work and play, says Microsoft and we agree. Nearly all of the previous iterations of the Windows OS have been evolutionary but Windows 8 is set to change all that.

By: Sakshi Sharma l Computers & Technology > Mobile Computing l April 03, 2013 lViews: 662

Many antivirus programs available today have various features but it entirely depends on the user to make the best choice from among these different computer virus protection programs online. Before

By: Alex l Computers & Technology > Software l December 28, 2012 lViews: 370

You can add a new color to your entertainment life with iskysoft video converter for mac & iskysoft dvd creator for mac and make your Christmas holidays all the more special. iskysoft video

By: Zaithyn Galter l Computers & Technology > Software l December 23, 2012 lViews: 1070

The choices you make regarding the type of recruiting software you choose to use are important. Being an informed consumer is essential to getting a system or components that complement systems of

By: Maria Warne l Computers & Technology > Software l December 14, 2012 lViews: 305

The Cisco certification has become the most popular IT training in recent days and it offers three different levels of these certifications include as: associate, professional and expert-level.

By: sandidas chakma l Computers & Technology > Certification Tests l December 11, 2012 lViews: 236

Millions of prospective 12th standard students are gearing up their preparations for the Joint Entrance Exam for engineering seats. From 2013, it has been decided by the IITs, CBSE, JEE organizing

By: Sarkariexam l Computers & Technology > Certification Tests l December 07, 2012 lViews: 633

Many antivirus programs available today have various features but it entirely depends on the user to make the best choice from among these different computer virus protection programs online. Before

By: Alexl Computers & Technology > Softwarel December 28, 2012 lViews: 370

You can add a new color to your entertainment life with iskysoft video converter for mac & iskysoft dvd creator for mac and make your Christmas holidays all the more special. iskysoft video

By: Zaithyn Galterl Computers & Technology > Softwarel December 23, 2012 lViews: 1070

The choices you make regarding the type of recruiting software you choose to use are important. Being an informed consumer is essential to getting a system or components that complement systems of

By: Maria Warnel Computers & Technology > Softwarel December 14, 2012 lViews: 305

Magneto is new member in the listing of CMSs for web development and can be conveniently customized in required manner. Magneto Web Development features prolonged collection of user-friendly

By: Jeff Harveyl Computers & Technology > Softwarel November 05, 2012 lViews: 573

As a leading provider of customer service software, iKode helpdesk x is committed to helping businesses develop and maintain good customer relationships.With help desk software, a business does not

By: Tellyl Computers & Technology > Softwarel November 04, 2012 lViews: 230

Before we begin to give you additional information on this topic regarding "slow computer", take a moment to think about how much you already know. To be able to get yourself a speedy and good

By: Nick Hamnettl Computers & Technology > Softwarel October 28, 2012 lViews: 252

Whether you are hosting your website on your own server or with a web hosting service, proper functionality of Domain Name System (DNS) is essential for ensuring uptime and performance of your

By: Nate Rodnayl Internet Businesses > Web Developmentl June 08, 2012 lViews: 225

Cameras enable us to capture the most memorable moments of our life. This is the reason many of us have at least one. Cameras, professional or personal are expensive as well as delicate to handle. A

By: Nate Rodnayl Insurancel June 07, 2012 lViews: 140

Getting your car fitted with GPS navigation system is a sensible idea. It is indeed a need rather than a luxury. Fitting GPS navigation makes it easy for you to locate fuel refilling station, finding

By: Nate Rodnayl Automotive > Mobile Audio Videol May 21, 2012 lViews: 184

The need for security systems has increased rapidly with the increasing number of criminal activities at various places including homes, workplaces and public spaces. Whether yours is a small

By: Nate Rodnayl Home Improvement > Securityl April 25, 2012 lViews: 219

Manufacturing business is one of the complex business types, which involves complicated business operations that may put the capitals at risk. The challenges faced by the business owners are unique

By: Nate Rodnayl Insurance > Commerciall April 24, 2012 lViews: 181

A TCP/IP monitoring system enables a z/OS network administrator to proactively seek out network issues like poor response times, limited accessibility, dropped connections, etc., and avoid them

By: Nate Rodnayl Computers & Technology > Softwarel April 17, 2012 lViews: 225