Clio Accounting: Everything You Need to Know

Are you ready to leave complicated accounting tools that aren’t tailored to the unique needs of law practices behind? Are you frustrated by not having a clear view of your firm’s financial health? Are you ready to reclaim your valuable time from administrative tasks and focus more on billable work?

If you said yes to any of these questions, then Clio Accounting is the solution you’ve been waiting for.

As a lawyer, your main focus should be on practicing law, but our latest Legal Trends Report shows that nearly two-thirds of your day is spent on tedious administrative tasks, including accounting. That’s why, in collaboration with legal accounting professionals, we’re excited to bring you a solution built specifically for legal professionals, not just accountants.

Clio Accounting is a legal accounting software crafted with legal professionals, their accountants, and bookkeepers in mind. It’s intentionally designed to reduce the intimidation factor that comes with lawyers managing their firm’s accounting and sets legal accountants up for success by expediting financial workflows and accelerating financial tasks to ensure smooth accounting operations for your firm.

Here, we explore how Clio Accounting seamlessly integrates into your existing practice management system, helps keep your firm compliant, and easily folds into your daily processes–allowing you to run your law firm all in one place and keep you or your accountant happy.

Designed to make law firm accounting approachable

Clio Accounting is built right into Clio’s law practice management software, allowing seamless information sharing between Clio Accounting and Clio Manage. Easily manage all of your firm’s financial activities from one central hub and bid farewell to toggling between your accounting and practice management tools, limiting manual entries and human error.

Stay in command of your firm’s finances

Easily record, manage, and interpret financial transactions that take place at your law firm in one system of record while helping to ensure your firm’s security, compliance, and audit preparedness. With Clio Accounting, you can:

• Manage and track finances in one place
• Eliminate manual data entry and the risk of error
• Get a real-time view of the money you’re owed
• Auto-sync financial information across Clio
• Automatically match transactions from your bank account to your books

Not only do these features help law firms file taxes more efficiently, but they will also aid law firms in getting paid faster by keeping track of all open invoices in an easy-to-view dashboard. Best of all, Clio Accounting syncs automatically with your Clio Manage account, ensuring that every case is up-to-date without any need for manual input.

Ensuring trust account compliance

Managing multiple bank accounts and ensuring IOLTA and trust accounting compliance can appear daunting, but at Clio, we help you stay secure, compliant, and audit-ready. Eliminate trust accounting stresses and enjoy the peace of mind that comes with knowing every trust transaction is recorded and managed compliantly across your ledgers.

• Keep earned and unearned funds separate
• Reconcile trust and operating accounts in accordance to jurisdictional requirements
• Access reconciliation and ledger reports
• Create invoices detailing trust transactions

Make data-driven decisions

Keeping tabs on every transaction is essential for making data-driven decisions for the growth and profitability of your law firm–and, of course, filing your taxes. With Clio Accounting, you’ll be able to view financial insights at a glance and oversee your firm’s cash flow in real-time. This includes managing bank accounts, vendors and expenses, and the flow of payments.

To top it off, you’ll be able to generate financial reports with ease and gain access to accounting best practice resources. The state of your firm’s financial performance now lives right at your fingertips.

Gain financial confidence and compliance today with Clio Accounting

It’s time to take back control of your time to focus on what truly matters—practicing law.

Think about all the billable hours you could free up by simplifying your firm’s accounting processes and eliminating the time you and your team spend on time-consuming manual tasks. Better yet, think about the peace of mind you could gain by knowing where your firm stands financially, and knowing you are compliant at all times.

Book your demo today to see how Clio Accounting can manage your bookkeeping and accounting from the same place you manage everything else for your firm.

Demo Clio Accounting

We published this blog post in July 2024. Last updated: November 22, 2024.

Categorized in: Accounting, Clio