In today's issue of TechnoLawyer NewsWire, tech expert Jill Bauerle covers a legal accounting/billing program with powerful compensation allocation technology, an e-mail marketing tool that integrates with Outlook, and a financial news and mortgage supersite. Don't miss the next issue.
Below you'll find one of the three articles from today's edition:
Kiss Your Compensation Spreadsheets Goodbye
By Jill Bauerle
Given lawyers' reputation for hating math, why do so many firms devise complex compensation formulas? Maybe lawyers actually like numbers. Whatever the case, the folks at Software Technology have addressed a long unmet need with Tabs3 Version 14, the latest version of its popular accounting/time-billing software. Specifically, Software Technology redesigned its Receipt Allocation technology, which now features powerful Compensation Rules. While these Compensation Rules enable you to allocate fees among lawyers using simple percentages, you can also use complex formulas that include multiple timekeepers, date ranges, and amount limits. And apportioned billable hours. If you can think it, Tabs3 can handle it. Once you set up your compensation rules, you can generate a Fee Compensation Rules report by client or timekeeper. And with the new Payment Allocation feature, you can review automated payments and make manual payments. Also new is improved handling of duplicate statement numbers as well as the ability to credit multiple accounts with a single journal entry (e.g., fee income, costs advanced, reimbursable expenses, etc.). Naturally, you can restrict access rights to these and other sensitive areas of the software. Tabs3 also features a number of redesigned and new reports, including Cash Receipts, Client Analysis, Receipt Allocation, Timekeeper Analysis, Timekeeper Realization, and Unallocated Payments. Apart from these new features, Tabs3 retains everything that has made it so popular — accounts payable, billing, general ledger, trust accounting, and integration with PracticeMaster (a free copy of which comes bundled with Tabs3), Palm devices, and more. Tabs3 is designed for solo to mid-sized firms. Solo pricing starts at $295. Learn more about Tabs3 Version 14.
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