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QuickBooks might be a great resource for the average business owner, but the standard accounting software doesn’t meet the unique needs of a law firm. Instead, using QuickBooks to manage law firm accounts can create a multitude of unnecessary costs, complications, and risks.
1. No matter ledgers
2. No overdraft prevention.
3. Complex trust reporting process.
4. Lack of evergreen retainer support.
5. Too much flexibility.
6. Challenges with allocating revenue.
7. Fee distribution complications.
8. Double entry points.
9. No hard costs capabilities.
10. Poor retainer management.
Are you still using QuickBooks? Between the obvious financial cost (and the hidden costs of time and inconvenience), it’s time for a change. Upgrade to legal-specific accounting software like CosmoLex for more efficient accounting processes and compliant trust accounts.