What is group accounting?
Group accounting allows law firms with multiple entities, branches, or practice areas to manage their finances in a consolidated system. It provides both entity-specific and consolidated financial reporting, simplifying financial management for multi-office or multi-practice firms.
How does group accounting software benefit law firms?
Group accounting software helps law firms track finances for different entities separately while consolidating them for a complete financial overview. This simplifies reporting, ensures compliance, and allows for the efficient management of multiple departments or branches.
Can I manage multiple trust accounts with group accounting?
Yes, Lawsyst enables you to manage multiple trust accounts across different entities or practice areas, ensuring compliance with legal regulations for each client fund and consolidating data into a single view.
Is it possible to generate reports for individual departments or entities?
Yes, you can create customised reports for each department, practice area, or branch to get detailed insights into their financial performance.
Can I consolidate financial data from multiple entities into one report?
Yes, Lawsyst allows you to generate consolidated financial reports that combine data from all your law firm's entities, offering a comprehensive view of your practice's financial status.
Can I handle intercompany transactions within your group accounting feature?
Yes, Lawsyst allows for the easy management of intercompany transactions and ensures proper allocations between departments or entities.
How does your group accounting software handle multi-currency law firms?
For law firms operating in multiple countries or currencies, Lawsyst supports multi-currency group accounting. It automatically converts currencies using real-time exchange rates and consolidates accounts across different currencies.
Can each department or office have its own budget?
Yes, Lawsyst allows you to create individual budgets for each department or office while maintaining a group-level financial overview.
Is your group accounting feature available for law firms with international offices?
Yes, Lawsyst is ideal for law firms with international offices, allowing you to manage financials across different countries, handle multi-currency transactions, and ensure compliance with local regulations.
How do I manage and track group-level financial performance?
You can monitor group-level financial performance through consolidated reports that aggregate financial data from all entities, providing a clear picture of your firm’s overall health.
Can I separate financial data for each practice area within my firm?
Yes, Lawsyst allows you to track financials for different practice areas or departments separately, while providing a unified reporting view across the firm.
How do I generate audit-ready reports with group accounting?
Lawsyst provides detailed, transparent financial reports that are organised and ready for audits, making it easier to track and verify transactions across entities.
Does Lawsyst's group accounting feature support automatic financial reconciliation?
Yes, Lawsyst integrates with your bank feeds and automatically reconciles financial data across your firm, ensuring accuracy in your reports.
Can I create consolidated balance sheets and profit & loss statements for the entire firm?
Yes, Lawsyst allows you to generate consolidated balance sheets and P&L statements that reflect the financial status of your entire firm.
Can I allocate overhead costs to specific departments or offices?
Yes, with Lawsyst, you can allocate shared overhead costs (such as rent, utilities, or administrative expenses) across different departments or offices as needed.
How do I handle financial reporting for different jurisdictions?
Lawsyst allows you to set up specific tax rules and reporting standards for different jurisdictions, ensuring compliance and accurate financial reporting for each entity.
Is it easy to manage multiple entities under one software platform?
Yes, Lawsyst is designed to handle multiple entities seamlessly. You can view financial data for all departments, practice areas, or offices from one central platform, making group accounting easier to manage.