President's Notes

by Judd Kessler, Esq.

You've probably grown tired of hearing "We wish you a very happy and successful New Year". So I won't say it. But I'd like to.

Is there anything you'd like to do that you haven't? Perhaps you've let something slip year after year because you're too busy or you don't think you can achieve it. Maybe you've convinced yourself it's not worth the effort, when it's actually costing you more by NOT doing it than the value you'd receive by getting it done.

Don't wait anymore. If it's something Abacus can help you with, let us know. Today, not next month or next year. At least put it on your To-Do list, right now.

And while I'm on the subject, your friends at Abacus really do wish you a very happy and successful New Year. 2006 was another record year for us, thanks to you. We're also pleased that so many customers have told us that Abacus helped make their year a record for them. We promise to work hard to help you do it again

Credit card processing means quicker payments with less effort

[Anthony Gin is Director, Client Partner Development for Payment Processing, Inc.]

It's no surprise that much of your firm's success is driven by quality client service, optimizing billable hours, and being paid quickly. Now there's a way to enhance all three: accepting credit and debit cards as payment for your services.

Surveys have shown that many small-to-midsize firms are eager to embrace this capability as soon as it's readily - and reliably - available. 40 out of 90 firms surveyed predicted that 25% of their clients would be eager to pay using a credit card, for an average monthly receivables rate of up to $10,000 -- quite a substantial amount.

Click here to read the entire article.

In this issue

• Announcement - Credit Card Billing
• Support Tip - Keeping Holidays Up-to-Date
• Accounting - Tips for Fiscal Year End
• Feature Article - Faster, Easier Client Billing
• Special Offer to Newsletter Subscribers
• Tech Tip - Microsoft's "Unknown Publisher" Message

Abacus and Payment Processing, Inc. (PPI) have partnered to streamline attorneys getting paid by clients. Beginning right now with currently shipping AbacusLaw Silver and Gold:

• Enter your client's credit card
• Access the PPI PayMover gateway
• Post your invoice
• The money's in your account in less than 48 hours!

Low merchant account rates:

• Pre-negotiated by Abacus Data Systems for all AbacusLaw users
• Free merchant account application processing and set-up
• Free configuration, testing and training
• Low monthly minimums for transaction and discount fees
• Unlimited 24/7/365 help desk for payment processing and transaction issues

If you expect to bill at least $1,500 per month to client credit cards, your PPI integration will literally pay for itself. Even if you bill less that this amount, you'll be making payments easier for your clients while eliminating delays or work hours spent collecting.

With major holidays behind us, it's a good time to consider about how AbacusLaw handles holidays. They are actually in a database that must be maintained, but because it needs adjusting so rarely it is often forgotten.

AbacusLaw ships with a number of years of holidays pre-generated. Since many holidays change their actual dates from year to year, you should go in and look for how far out holidays run in your software, and take the opportunity to add any local holidays that might not be included.

To check this you can go to File/Setup/Holidays and see all the holidays in the database. If you are nearing the end of the generated holidays, use the handy Make button to generate more years. You can also use the Add button to put in any local holidays.

December has passed us by and now the topic of "closing" our books for 2006 is approaching, especially if you operate under a calendar fiscal year. Here are a few tips to remember when it is time for this task.

First, in Abacus Accounting there is no set date that you must have closed your books by for the previous year. The only accounting reports that will be affected if you do not close your books at year-end is your Trial Balance and your Balance Sheet. Your Income Statement and all Year-to-Date reports will calculate accurately even if you do not close your year until the following December!

You certainly do NOT want to close the books before you have entered all of the adjusting entries that will be given to you by your tax accountant. Also, be sure to consult with your accountant so that they are aware that you will be doing this. Regarding the bank reconciliation program, you do not want to close a year before the bank recs have all been completed for that year.

The good news is that even after you have closed your books, you still have access to every detail of the prior year. You simply cannot make any changes to these records. After the year has been closed, simply use the menu choice of Closed Year's Journal Activity to see past transactions.

Of all of the reports in Abacus Accounting, the two most important reports to print at year-end are the Accounts Payable report and the Accounts Receivable report. These will give your accountant the necessary information for your corporate tax return. Also, none of your attorney/firm productivity reports will be affected by closing the year.