Robert Ambrogi Blog
The law practice management company Clio today unveiled Clio Accounting, providing legal-specific bookkeeping and accounting as an add-on to U.S. customers of its Clio Manage platform.
I have not had an opportunity to see a demonstration of it, but Clio said in an announcement that it includes features to sync information from Clio Manage to log transactions within a firm’s ledger, automatically match transactions, perform legal-specific reporting and due diligence such as three-way reconciliation, and more.
Among the benefits the software offers law firms, Clio said, are:
- Automatic, real-time recording and synchronization of every transaction — whether it involves sending an invoice, collecting a payment, or logging a hard cost— between the relevant bank account and firm ledger.
- Real-time insights into the firm’s bank account via live feeds, plus detailed insights into cash flow and comprehensive financial reports to inform key business decisions.
- The ability to use Clio to manage all of the firm’s trust accounting securely and in compliance with industry rules — providing end-to-end oversight of all account activity relating to both earned and unearned fees.
- Easier tax filings thanks to having all financial activities and reporting in one place and easy access for the firm’s accountants.
To make the product more accessible, Clio said, it is offering one free Clio Accounting license with every subscription that gives a firm’s accountant or bookkeeper access to the firm’s account.
“As law firms navigate the complexities of trust accounting and compliance, the need for a specialized solution has never been greater,” Hemant Kashyap, chief product officer at Clio, said in a statement provided by the company. “With Clio prioritizing trust accounting compliance, legal professionals can manage their finances with ease and confidence, while remaining focused on the practice of law.”