Billing, timekeeping, and, really, all things accounting have long been low on the list of tasks attorneys want to deal with. Much of this dread comes from the fact that these were historically manual tasks that were tedious and time-consuming, and even as technologies emerged to help with them, they were inefficient and anything but user-friendly.
MyCase, an industry leader in practice management, has been constantly revolutionizing law firm accounting and simplifying the accounting tasks that law firms need to perform in order to run a successful business. Their fully integrated platform puts accounting tasks right where you manage your matters and handle critical legal work, making it easy to unify every aspect of your practice from start to finish. MyCase was designed from the ground up to serve the legal industry, rather than cobbling together solutions from other industries and trying to force them into the law firm mold.
You don’t have time to waste on figuring out how to use your technology or juggling various systems to complete 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 efficient 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 more ways MyCase is simplifying law firm accounting.
Superior User Experience
In designing its practice management solution, MyCase set a high bar for customer experience, building most of their critical features in-house and integrating timekeeping, billing, and invoicing into the same system where you manage your matters every day.
The result is a user experience that will feel familiar, because it’s highly similar to what you see in today’s most popular accounting software. The entire idea behind the solution was that it could be built directly into your legal practice management solution, making it simple and easy to use – a stark contrast to earlier billing and accounting tools.
Among other things, having your accounting tool in the same place as your practice management means no clunky or confusing integrations, and no need to toggle back and forth between different systems just to complete some of your most common yet critical business functions.
Moreover, traditional accounting software – even some of the biggest names in the market – simply weren’t built with legal accounting in mind. What that means as a practical matter is that managing your accounts can be nothing short of a nightmare, not to mention the fact that you could be putting yourself at risk of running afoul of State Bar regulations.
With MyCase, you can rest easy. Designed specifically for the legal industry, this user-friendly solution simplifies matter- and trust-related accounting for users across your firm.
Three-Way Account Reconciliation
Account reconciliation 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 allows you to use your ledger balance to quickly and easily reconcile both your operating and trust accounts. Reconciling your operating account tends to be more straightforward, because it’s a single reconciliation between your ledger and your bank statement. Trust account reconciliation tends to confuse people more, but MyCase makes that easy, too.
Unlike other systems where trust account reconciliation involves pulling in information from multiple disparate systems, MyCase lets you reconcile your trust account from your ledger balance, comparing it to the bank account and transactions you’ve entered in MyCase.
You simply check off transactions as you go, and MyCase will reconcile your bank statement, ledger balance, and your client trust account balance in one step. Once you’ve checked off all transactions, your books will turn green, which tells you that your three-way reconciliation has been successful. With everything in a single solution, you’ll save significant time each month, and can do away with confusing or tedious bookkeeping.
MyCase makes it easy to keep your firm’s general ledger accurate and up-to-date. Better yet, it stores all your work so you can generate Trust Reconciliation Reports as needed and always be able to easily show that you’re in compliance with State Bar Rules and Regulations regarding trust accounting.
Better Reporting for Better Insights
While having technology that handles the mechanics of accounting is certainly important, any useful tool should also give you robust reporting capabilities. MyCase has you covered and lets you easily access the critical financial insights you need to best manage your practice.
MyCase’s Reports tab allows you to create and review customized reports on both a cash or accruals basis.
A variety of reports give you a holistic review of your firm’s operations, including overall performance and growth, so you can make better, more informed business decisions. For example, your Balance Sheet provides a snapshot of your firm’s assets, liabilities, and equity, while your Profit and Loss report will give you an overview of your revenue and expenses at a glance for any given period.
You can customize these reports as necessary, focusing on discrete aspects of your firm’s 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 be shared with other stakeholders in your firm.
Despite what previous technologies may have led you to think, law firm accounting doesn’t have to be complicated. Reconciling accounts and running reports shouldn’t cause you headaches or take up an excessive amount of your time. These tasks should be straightforward, and someone has finally made that a reality.
MyCase makes law firm accounting easy – the way it should be.