A deeper look at Financial Management with uLaw
uLaw's Financial Management platform uses Canada Revenue Agency and Law Society regulations and guidelines as the blueprint for the software.
This means that users are subliminally following procedures, simply by navigating through the software to conduct business tasks as usual.
While taking on clients and docketing for your time, a swath of important financial management activities take place behind the scenes.
Enhanced Client Trust - Maintaining the integrity of client trust funds is of primary importance to lawyers handling sums of money on behalf of clients. It is among also the most commonly cited problem ares observed by Law Society auditors.
uLaw aims to make client trust transfers as meticulous and painless as possible. The below image is a screenshot from the software, whereby users of the software can transfer funds swiftly from trust to general, while generating the necessary paper trail to remain in compliance.
As you can see, options such as the bank account, the method of payment, the cheque or reference number, can all be modified to fit the exact situation. Legal bookkeepers in particular will find this type of interface to be most pleasing due to how efficient it is in comparison to other more rudimentary and labour intensive methods.
The Invoice Raising Process
Raising an invoice with uLaw is also seamlessly possible within the same program. Data previously inputted into the software will pre-fill invoice forms at a faster and more accurate rate than other methods. See the below example, where the Roger Moore Law Firm Professional Corporation sends an invoice to Capt. Adam L. Brown Jr & Emma Brown
Reports at the Tip of Your Fingers
Studying data and creating averages over certain periods of time can be done in a manual fashion but it requires some diligence and likely a calculator.
Users of uLaw always have up to date analytics available within uLaw, which show detailed financial trends within a firm. This is also available through the mobile phone application for Android or iOS.
Many different financial reports are available. For example, in the below screenshot, you can get a glimpse of a law firm's FeeBook Charts, arranged by Category.
These sorts of reports can answer questions related to your firm's financial health. In the above example, the law firm's FeeBook is mostly occupied by "Immigrations & Visa" and "Misc" categories when it comes to the firm's FeeBook.
This may be useful when making calculated future business decisions.
Avoiding Manual Errors
The worst part about making a mistake in accounting and bookkeeping is that often the only way to correct a mistake is to painstakingly make corrections in more than one place in order to rectify the issue. This is time consuming and can be avoided with the assistance of software such as uLaw.
If you're interested in trying out uLaw yourself, we offer a free trial.