Are you ready to relieve yourself from the burden of doing your own books, but you need a bookkeeping service with expertise in legal and trust accounting? Do you still want to take an active part in your day-to-day accounting but need help to properly set up your system and train you to use it?
Susan Natali Bookkeeping uses QuickBooks Online exclusively in our legal accounting services. Together with various legal practice management software programs, bill paying, and other third-party apps designed to work with QBO, we are able to successfully set up and maintain your legal firm’s accounting system.
We are a virtual bookkeeping firm, and we are here to switch your company from QuickBooks Desktop, spreadsheets, or whatever outdated desktop legal accounting software you presently use, to an online, paperless, no flash-drive, 21st century system. You’re ready, you just need help – let us make your life easier!
First, there are always naysayers (they are mostly CPAs)
Some of the objections to QuickBooks Online:
We hear it all the time – “Aren’t we more susceptible to a cyber break-in if our information is in the cloud?” While no one is ever 100% safe from hacking, QBO utilizes the same online security as banks are required to provide their clients. You are accessing your information through Intuit’s servers, rather than from a browser on your desktop, which is much more vulnerable to back-door break-ins.
For further information on QBO security, read here: https://quickbooks.intuit.com/global/security/
- Can QBO track my client trust accounts?
Tracking trust transactions using QBO, if set up properly, is painless. There is a simple way to set up and maintain trust information separately, for each client, that will be easy to reconcile with your practice software. To briefly describe it, we set up a sub-account in the general ledger for each client, under the “Trust Account” bank account as the main account. This way, fund transfers are kept separately for each client.
- Can I get the robust reporting I need?
QBO can be used as a stand-alone accounting software for legal firms, or it can go hand-in-hand with other legal time-tracking and billing software. Regardless of your choice of practice software, QBO provides accounting reports that go beyond what Clio can tell you. QBO reports are customizable and user-friendly and provide you with client reports as well as expense reports, Balance Sheet and Profit and Loss. All of these reports can be run on a comparison basis, by time period, by profit center, you name it!
- It’s totally different to operate than QB Desktop
I will grant you that, if you’re accustomed to the QuickBooks Desktop version, QBO will take a little getting used to. It even looks different, but give it a chance. QBO is a web-based software, so it looks more like a webpage than the static page of other legal accounting software. I guarantee that, in a very short time, you will know your way around and enjoy the added benefits that QBO has over the QuickBooks Desktop, which I will delineate below.
I know, I know – you only paid $250 for QuickBooks Pro Desktop version, however, did you know that after 3 years, Intuit “sunsets” the annual updates, so if you last purchased it in 2017, you can’t get support, upload bank transactions, nor run payroll after 2020? Besides, if this is about how much you spend on software, and you don’t like paying monthly for legal accounting software, consider the time savings you will experience when you move over to QBO’s more automated entries: daily bank and credit card updates, synchronization with your practice software (eliminating the need to enter transactions twice), automatic default entries on invoices and bills – the list goes on.
With QBO as your legal accounting software, the need for a full-time bookkeeper is a thing of the past. If you run a small or solo firm, you can handle all of the bookkeeping tasks easily; as you grow or when you decide your time is better spent billing clients, hiring a freelance, part-time bookkeeper will be the best solution to meet your accounting needs.
Why You MUST use QuickBooks Online:
- It’s web-based and can be accessed anywhere
Many law firms today, solo or small groups, have set up their practice to be portable; gone are the days of committing to costly office rents. Many of you work out of your home office, or if you haven’t made that leap yet, you’ve dreamed of being able to go completely virtual. QBO allows you the freedom to practice law from anywhere!
- Additional users without purchasing additional licenses
With QBO Plus the monthly fee allows up to 5 users with access to the platform; with QBO Advanced, up to 25! That’s not counting an additional two spots allowed for a bookkeeper and accountant.
- Automatic Bank and Credit Card Downloads
With QB Desktop, bank downloads are initiated manually and transaction matching is clunky, but QBO downloads transactions daily, and intuits, through historical entries, where to assign expenses and transfers. Big, big time-saver.
- Hundreds of Apps Written for QBO
Today, because of the number of businesses using QBO, third-party software developers are targeting the QBO market and making sure that their software syncs with QBO. You have many choices and the ability to customize your stack offers the most latitude when you use QBO.
- Automation Tools for Invoice Emailing and Reports
Traditionally, law firms email invoices all at once, at the end of the month. QBO enables you to batch email all or some of the invoices at one time. You can also enable automatic reports to run every month, every week, or even every day.
Natali Bookkeeping uses QBO exclusively for its legal clients. We are able to make the changeover from your current system to bring you into cloud accounting; the changes it makes to your business will bring you additional time, money, and most importantly, control!
Most importantly, we know how to set-up and properly maintain your trust accounts. Whether you’re looking for a virtual bookkeeper, or you’re still willing and able to track your own legal accounting, we can get you set up and pointed in the right direction.