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Accounts PayableIntegrated with Time & Billing, accounts payable gives a law firm the ability to quickly and easily capture client advanced costs to multiple client ledgers. You can also maintain a detailed aged payables file. One data entry performs as many as five separate functions, thus eliminating time consuming duplication of record after record. Features
Trust AccountingThe Abacus Trust Accounting system exceeds all Bar Association requirements. This system safeguards your firm from inadvertently "overdrawing" their Trust account or a Trust Matter. AbacusLaw accounting tracks all trust activity, from deposits to printing checks, with detailed on-screen or printed reports. Integrated with Time & Billing, the Trust Accounting feature makes it easy to maintain a complete set of records for your clients. Trust Accounting Features
Financial ReportsInformation you want, the way you want it
Interim Statements (Mid-month reminders)Sending interim reminder statements, half way through the billing period, encourages prompt payments. Past Due NoticesThese alerts often include late charges. They can also include new activities that have been charged to the client. Our past due feature can automatically calculate a late charge based on a user-defined percentage. Work in Process ReportThis report shows work that has not yet been billed. Hours and expenses are automatically updated from the associated time and billing record. This report is effective in summarizing contingency cases that aren't billed until the end of the case. Payroll ProcessingWhether you have two employees or twenty-two employees, the Payroll Module will reduce what was once a tedious task to a simple process. Individual employee profiles are maintained with the ability to customize deductions and benefits. You have easy access to payroll tax tables to meet ever-changing tax reporting requirements. Calculations and deductions are automatically handled with pertinent pay information stored for future reference and reporting. Payroll Modules integrate with your General Ledger, using multiple account distributions. Payroll Processing Features
Electronic BillingGenerates the actual bill in LEDES 1998B format for electronic submission using task and client based expense codes. LEDES is the most widely accepted format and ensures maximum compatibility.
Split BillingThis feature lets you select a matter, then define sub client/matters to be billed, with assigned percentages of fees and costs for each sub. Plus, you can bill subs for time or costs over and above their assigned splits! Cost RecoveryThis optional feature in AbacusLaw Gold integrates with your cost recovery system. You'll be able to automatically record the use of office hardware (copiers, phones, etc.) related to a case and add the itemized cost for those expenses to the bill. This allows a firm to recover in-office expenses while ensuring consistency and transparency. When ordering, let us know if you use Equitrac, Control Systems, Transaction Recovery Systems or Net South. Add Your logo to invoicesAs the feature name suggests, this capability allows the firm to use its graphic image in support of all external communications. Enhanced Accounting (multiple books)This AbacusLaw Gold option enables you to link to your practice management features/data base. In addition you can separately maintain as many additional sets of books as you need to keep track of accounting records for other businesses partners might own/manage, such as title companies, real estate businesses, personal books, etc. Note that a separate license is required for each company. 4 Enhanced Productivity ReportsAre you truly making money? How does money received compared to time spent? Is one type of law more profitable than another for your firm? These and other management questions can be answered when you take our preset reports and apply available selection criteria. Financial Report GroupsThe Report Group function allows you to create groups of any number/combination of reports. For example you could setup a group titled "Month-End" consisting of the Trial Balance, Income Statement, Balance Sheet, Timekeeper Cash Receipt and Accounts Receivable reports. Then instead of having to print each of these reports individually each month, you would simply select your Month-End report group to print. 1099 ReportingWhen you pay contractors who are not incorporated, you'll need to issue 1099 reports for tax purposes. Let AbacusLaw do that for you. Print Deposit SlipsThis time saver transfers data from check receipts you've entered directly onto deposit slips. You'll save having to do multiple entries when money is received and you're heading off to the bank. BudgetingThe Budgeting feature of the general ledger assigns expenses to their associated accounts. This enables income/cost analysis that can be used to adjust expenses to keep on budget and check budget estimates against actual expenditures.
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Online Bank Synchronization Online bank synchronization allows you to import online banking reports into the general ledger and link account entries to existing vendor IDs. Electronically reconcile your checking accounts and expenses for improved accuracy and reduce time spent on non-billable tasks.
AbacusLaw integrates with a number of real estate closing packages. If you have one of these packages you can purchase the integration module and then most of the work is done for you! When integrating with a real estate closing package AbacusLaw imports all deposit and disbursement data. All you have to do is print your trust deposit posting file and if all is well post everything on it. Then you can cut the checks that are waiting in the trust check request area. The timesaving is substantial and accuracy is not a problem either. If you do a lot of real estate closing, then this is a must have.
Compatible programs include Land Tech, DoubleTime, and Display Soft.
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