Many law firms that are small or rooted in tradition continue to rely on paper records, spreadsheets, checkbooks and other outdated billing and accounting methods, rather than the more powerful legal accounting software
that is available today. There are a variety of explanations behind this—for instance, some firms may believe their more manual approaches save money, or they are eager to avoid the perceived complexities associated with integrating more advanced legal accounting technology
. Additionally, they could be hanging on to their more manual approaches simply because these are how things have always been done.
There's something to be said for familiarity, but not when it comes at the expense of needed innovation. For example, recording billable hours on paper timesheets and then typing the information into a spreadsheet is not only inefficient, but also significantly increases the risk of errors creeping into the data. Because of the way spreadsheet coding is set up, one minor error can have a domino effect on the accuracy of the whole sheet and might even result in clients being billed for too much or too little time.
So how can upgrading to legal accounting solutions benefit your firm? There are several key benefits that come with modernizing your billing and accounting methods, including:More accurate time capture
Both the Sage Timeslips desktop application and the Sage Timeslips eCenter come with a stop/start functionality akin to that of a stopwatch. This feature facilitates accurate, precise time accounting—a task that is harder said than done given the number of interruptions that practicing attorneys deal with throughout the day.Compatibility and convenience
With Sage Timeslips eCenter, professionals can log their time using mobile devices while out in the field. This negates the need for them to transfer data from paper records to spreadsheets after they get back to the office. What's more, Sage Timeslips eCenter is compatible with all major mobile device models, including Android, BlackBerry, iPhone and iPad, as well as recent versions of popular browsers such as Microsoft Internet Explorer, Mozilla Firefox, Google Chrome and Apple's Safari.Improved billing insight
The delays and inaccuracies associated with manual methods can be mitigated by legal accounting software that allows professionals an in-depth, up-to-date look at what clients owe, thereby providing the opportunity to streamline the invoicing process and expedite the firm's cash flow.