Billing, time management and, really, anything accounting related have long been low on the list of tasks lawyers want to handle. Much of this fear stems from the fact that these were historically tedious and time-consuming manual tasks, and even when technologies emerged to help them, they were inefficient and anything but user-friendly.
My case, a leader in the practice management industry, has consistently revolutionized law firm accounting and simplified the accounting tasks that law firms need to perform to run a successful business. Their fully integrated platform puts accounting tasks where you run your business and manage critical legal work, making it easy to unify all aspects of your practice from start to finish. MyCase was designed from the ground up to serve the legal industry, rather than cobble together solutions from other industries and try to force them into the mold of law firms.
You don’t have time to waste figuring out how to use your technology or juggle various systems to perform basic accounting tasks. MyCase gives you the true end-to-end management capabilities you need to run your practice, from client intake to final payment.
In addition to helping you get paid faster and offering effective features like universal payments and superior integrations, you’ll appreciate MyCase because it’s, quite simply, easy to use. A better user experience, convenient account reconciliation, and insightful reporting are just a few of the ways MyCase simplifies law firm accounting.
Superior user experience
When designing its practice management solution, MyCase set the bar high for customer experienceby developing most of their core functionality in-house and integrating time tracking, invoicing and invoicing in the same system where you manage your day-to-day business.
The result is a user experience that will feel familiar to you, as it is very similar to what you see in today’s most popular accounting software. The idea behind the solution was that it could be integrated directly into your legal practice management solution, making it simple and easy to use – a stark contrast to previous billing and accounting tools.
Among other things, having your accounting tool in the same place as your practice management means there are no clunky or confusing integrations, and no need to switch between different systems just to perform some of your most common but essential business functions.
Moreover, traditional accounting software – even some of the biggest names on the market – simply weren’t designed for forensic accounting. In practical terms, this means that managing your accounts can be nothing short of a nightmare, not to mention the fact that you could put yourself at risk of violating State Bar regulations.
With MyCase, you can rest easy. Designed specifically for the legal industry, this easy-to-use solution simplifies business and trust-related accounting for users in your firm.
Three-Factor Account Reconciliation
Reconciling accounts may sound like the lingo of accounting professionals rather than lawyers, but MyCase makes it simple for everyone. It all starts with your MyCase Ledger balance.
MyCase Accounting lets you use your general ledger balance to quickly and easily reconcile your operating and trust accounts. Reconciling your operating account tends to be easier because it’s a one-time reconciliation between your general ledger and your bank statement. Reconciling trust accounts tends to confuse people more, but MyCase also makes it easier.
Unlike other systems where reconciling trust accounts involves pulling information from multiple disparate systems, MyCase allows you to reconcile your trust account from your general ledger balance, comparing it to the bank account and transactions you have entered in MyCase.
You simply check off transactions as you go, and MyCase will reconcile your your client’s bank statement, general ledger balance and trust account balance in one step. Once you’ve checked off all transactions, your books will turn green, indicating that your three-factor matching was successful. With everything in one solution, you’ll save a lot of time each month and get rid of confusing or tedious bookkeeping.
MyCase makes it easy to keep your company’s general ledger accurate and up-to-date. Best of all, it stores all your work so you can generate trusted reconciliation reports as needed and still be able to easily show that you’re in compliance with state bar rules and regulations regarding accounting in trust.
Better reports for better insights
While it’s certainly important to have technology that handles the mechanics of accounting, any useful tool should also give you strong reporting capabilities. MyCase has you covered and gives you easy access to the essential financial information you need to run your practice at its best.
MyCase’s Reports tab allows you to create and review custom reports on a cash or accrual basis.
A variety of reports give you a holistic view of your business operations, including overall performance and growth, so you can make better, more informed business decisions. For example, your balance sheet provides an overview of your company’s assets, liabilities and equity, while your profit and loss report will give you an overview of your income and expenses at a glance for a given period.
You can customize these reports to suit your needs, focusing on discrete aspects of your business finances or running a full breakdown of each individual account in your general ledger. When you’re done, you can print your reports or export them to PDF or CSV to share with other stakeholders in your business.
Despite what previous technologies may have made you think, accounting for a law firm doesn’t have to be complicated. Reconciling accounts and running reports shouldn’t cause you a headache or take up too much of your time. These tasks should be simple, and someone has finally made them a reality.
MyCase makes law firm accounting easy – the way it should.