Clio Releases Law Firm Accounting Software for Small Firms

Historically, certainly one of clearest divisions in web-based legislation observe administration techniques was between merchandise that supported billing and belief accounting, and those who supplied billing, belief accounting, and basic ledger accounting. Merchandise that included basic ledger accounting didn’t require synchronization with a enterprise accounting bundle, akin to QuickBooks or Xero, as a result of these options had been already included into the legislation observe administration system (“LPMS”).

Impetus for this Product

Most LPMS instruments don’t supply “full accounting,” offering solely billing and belief accounting. Till July, Clio, one of many earliest, best-known, and most profitable LPMS merchandise stood on this class. Subscribers to Clio Handle monitor billable occasions, ship invoices, obtain digital funds, and monitor belief account actions. However seeing an entire image of the agency’s monetary well being required integration with both QuickBooks or Xero. However now that has modified.

This month Clio launched Clio Accounting, an add-on product for Clio Handle subscribers that enables companies to see their complete monetary image natively throughout the Clio system-no want for an integration or sync with a third-party accounting instrument.

What Does This Change for Clio Customers?

Clio customers can anticipate three issues from Clio Accounting: comfort, familiarity, and reliability.

Comfort

With accounting performance constructed straight into Clio, customers have one supply for his or her complete monetary workflow. By connecting their Accounting product to the prevailing Handle system, Clio eliminates the necessity for duplicative entry of shopper contact info, matter info, invoices, funds, and belief accounting exercise. All agency funds stay in a single place, making it simpler than ever to see a transparent, well timed image of how nicely the agency’s enterprise is doing.

Switching between the Handle and Accounting modules is so simple as switching between Handle and Develop. Simply click on the dropdown and choose the instrument you wish to use.

Familiarity

Constructed-in accounting provides the consistency of not studying a number of program interfaces. Utilizing the identical structure lowers the training curve for customers.

Accounting mirrors Clio Handle’s design language of tabs down the lefthand facet, representing core features like Accounts Receivable, Banking, Laborious Prices, Working Bills, and Experiences. Like Handle, Clio Accounting’s house display is a dashboard view, highlighting key metrics like financial institution balances, accounts receivable, and present revenue and loss numbers.

Plus, Clio approaches accounting with their customary user-first mindset. Getting began with Clio Accounting requires only a reconciliation report out of your present accounting instrument, opening stability figures for every account, and the newest financial institution statements. Any working or belief accounts you’ve created in Handle map over robotically.

Reliability

One in every of Clio’s hallmarks is its skill to function the hub of your observe, being the central connection between the packages and providers you utilize . They accomplice with nice corporations and construct on sound applied sciences.

For Accounting, Clio depends on Plaid to connect with your financial institution accounts. Plaid, a pacesetter in banking knowledge and safety, helps over 12,000 monetary establishments. The partnership with Clio signifies that Accounting has compatibility and dependability on day one.

Moreover, realizing your online business means realizing your numbers. For attorneys, there aren’t any numbers the place reliability and precision matter greater than belief accounting. “As legislation companies navigate the complexities of belief accounting and compliance, the necessity for a specialised resolution has by no means been better,” states Hemant Kashyap, Chief Product Officer at Clio. “With Clio prioritizing belief accounting compliance, authorized professionals can handle their funds with ease and confidence, whereas remaining centered on the observe of legislation.”

Extra to Come for Clio Accounting

As launched this month, Clio Accounting is a robust step ahead in the direction of Clio customers having a “single supply of reality” for shopper, matter, and monetary info. Nonetheless, Clio Accounting can also be basically a “model 1” product. In case you are an influence person of your present accounting resolution, you’ll discover gaps.

Money Foundation Solely

This primary iteration of Clio Account helps solely money foundation accounting. These utilizing accrual accounting ought to wait.

Permission

Not like Clio Handle, Accounting doesn’t but help fine-grain permissions and entry controls. In case you give a person entry to Clio Accounting, they’ll see all the pieces within the system.

Experiences

With the preliminary launch, Clio Accounting helps solely six core monetary experiences: revenue and loss assertion, stability sheet, money movement assertion, reconciliation, basic ledger, and trial stability. Clio understands customers need further report sorts and customizations. Extra are on the roadmap, together with three-way reconciliation for working and belief accounts, based on Ryan Ward, group product supervisor for Clio Accounting.

Beginning with Hourly and Flat Charge Practices

Accounting’s monetary reporting and recording help solely hourly or flat price preparations. Contingency-based observe areas, like private harm, and people utilizing deferred income and escrow accounts, like actual property, ought to wait.

What Does This Imply for Legal professionals?

Debbie Foster, CEO of Affinity Consulting, commented that Clio Accounting is a significant step ahead for small companies: “We labored carefully with Clio all through the event and beta testing of Clio Accounting. We consider the approachable person interface and tight integration with Clio Handle present solos and small companies a superb alternative to enhance their accounting system.”

Clio’s accounting bundle targets companies with between one and 4 attorneys . Present Clio customers, particularly these annoyed with sync-based connections and people counting on Excel or paper spreadsheets, ought to think about Clio Accounting. Its centered strategy to simplifying accounting for legislation companies could enchantment to these intimidated by conventional accounting software program.

In keeping with Affinity Consulting cofounder Steve Greatest, “Whereas it doesn’t break new floor with its preliminary feature-set, being an integral a part of the favored Clio household makes it groundbreaking. Clio Accounting’s straightforward synchronization with monetary establishments, glanceable dashboard overview, and connection to Handle ought to put it on the “should think about” record for present Clio companies.”

Learn how to Get Clio Accounting

Clio Accounting is obtainable to U.S. subscribers on the EasyStart, Necessities, Superior, and Full tiers. These on yearly renewal subscriptions pay $29/person per 30 days. Month-to-month subscribers pay $39/person per 30 days.

Clio Accounting supplies one free person license per subscription. Clio envisions the free license as what every agency would give to their outdoors accountant. Successfully, this implies every agency will get one “free seat” of Clio Accounting if it pays for a minimum of one person.

Be taught extra about Clio Accounting by visiting Clio’s web site.

Final up to date August 1st, 2024