Today's issue of TL NewsWire covers billing software designed to make billing your time and managing trust accounts easier (see article below), an email app for Android and iOS that integrates with Skype, a Dropbox alternative created specifically for law firms, and a security certification program for law firms. Don't miss the next issue.
Law firms face several conundrums. For example, your firm must bill time to generate revenue, but the administrative work involved in billing time consumes time. Also, retainers make it easier to get paid, but state bar compliance requirements make trust accounting an ethics minefield. Your legal billing software should minimize administrative overhead and risk.
Tabs3 Version 18 … in One Sentence
Launching this week, Tabs3 Version 18 is legal billing software that focuses on streamlining billing, trust accounting, and payments.
The Killer Feature
Tabs3 now automates payment from trust accounts. You can set up this feature so that it complies with your state's ethics rules. For example, you can apply payments to current work and accounts receivable or just one.
While you can print checks, Tabs3 supports electronic funds transfer (EFT) for faster payment. You can combine multiple deposit, EFT, and check transactions into a single item for simplified reconciliation. However you combine them, Tabs3 tracks all transactions for reporting purposes. The bills you send clients show these automatic payments.
Other Notable Features
Tabs3 has also improved its reconciliation tools for bank accounts, trust accounts, and credit cards. The start screen enables you to enter interest and service fees for the month. You can then import transactions rather than enter them manually (most financial services companies offer transactions for download via your online account).
For trust accounts, Tabs3 offers a Three-Way Reconciliation report. Considered a best practice, this ensures that the bank balance, check register, and each client's trust account all match up. It's difficult to pull this off without software like Tabs3. Other new features include streamlined month-end procedures, greater flexibility in financial reporting, and improved fee and cost entry.
Tabs3 Connect, which offers secure access to Tabs3 from a smartphone and tablet, now supports macros. For example, if your firm sets up text macros in Tabs3, you can now use them in Tabs3 Connect. PracticeMaster, the company's practice management app, also sports new features. Chief among these, the new Fee Recap tool enables you to identify days with unbilled activities. PracticeMaster integrates with Tabs3.
What Else Should You Know?
Tabs3 offers a number of "strategic" integrations with third parties. With the new integration with ProPay, you can start accepting credit cards within minutes. ProPay offers low processing fees compared to other options for law firms, and a simpler payment process that obviates the need to ask your clients for credit card security codes (regulators frown on storing these). Other integrations include Chrometa, HotDocs, PenSoft, ScanSnap, Symphony OCR, and Worldox. Learn more about Tabs3 Version 18.
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