Time is money, and incorporating the right technology into your practice management saves both. A certain degree of involvement is required of every case file, but much of this time could be used more productively by focusing on the case itself, not the administrative tasks that go into its maintenance. Certified public accountant Ann Irons shares money-saving strategies and recommendations for legal accounting in Bellingham, MA.

Spend Some to Save Some

Hardware and software upgrades may require a large investment up front, but the improvements in security and efficiency more than justify the cost in the long run. When managed correctly, it increases revenue while reducing expenses.

Software as a service is popular among solo attorneys because it doesn’t carry a hefty price tag, yet it delivers the same functions and features of its full, registered versions. Instead, users subscribe to the service as needed, usually on a month-to-month basis. This approach is desirable because it allows for greater agility; when a more useful software program or app becomes available, law offices are not obligated to continue using the SaaS.

Antivirus and malware protection is essential to protect important files, data, and client info from adware, phishing, email viruses, and other hazards of Internet use. Free trials aren’t adequate, as they often lack benefits found in the full version. Ensure that definitions of threats are updated regularly; most services will automatically perform this action, so read the user terms in full instead of assuming you’re protected.

Small law practices benefit from such transformative technology as cloud computing and online practice management tools. Not all technology needs to be transformative, however. We often see lawyers who have little or no understanding of basic software programs and apps, such as Word, Excel, and Outlook. Learning to navigate these programs is relatively simple, and it has a major impact on efficiency.

Debunking Money Myths

If technology makes a practice more efficient, what does this mean for attorneys who charge by the hour? Surely reducing the number of hours devoted to each case would mean less revenue per client. Andrew Perlman, a law professor at Suffolk University Law School, disagrees, arguing that more free time means opportunities to take on even more cases. Perlman notes that the ability to complete a case in a timely manner doesn’t go unnoticed by prospective clients who desire a speedy resolution.

Data entry is among the most time-consuming functions in a law office, and it often gets pushed to the side. By outsourcing accounting data entry, real estate law firms ensure compliance with escrow requirements, GAAP, and other pertinent regulations set by the US government and the ABA. Talk to your CPA to see how outsourced accounting services improve your practice management.

Questions about legal accounting services in Bellingham, MA? To learn more about escrow accounting and outsourcing, or to request a meeting with Ann Irons, CPA, LLC, contact us at (508) 966-0700. We offer tax, accounting, and payroll services to law practices in Bellingham, Worcester, Woonsocket, Milford, Medway, and the surrounding areas.