Law firm chart of accounts software
Developed to make legal accounting easier, our chart of accounts software has everything you need to maintain a clear, fully compliant picture of your practice’s financial position.
With Lawsyst, you can quickly and easily set up and manage your legal practice's chart of accounts, including all five top-level accounts essential for your general ledger: assets, liabilities, shareholder equity, revenue, and expenses, to make your financial reporting more accurate and provide a clear overview of your firm's financial health. Our software also offers the functionality to create dedicated accounts for client funds, keeping operational and client money separate, and preventing the commingling of funds.
Once you have set up your firm’s top-level accounts, Lawsyst's software allows you to create sub-sections to better categorise money spent, earned, and owed. With this tailored structure, your chart of accounts can be adjusted to reflect your firm’s specific needs and workflows, enabling you to track and report on finances in a way that aligns with how your business operates. This detailed breakdown of your firm's financials can be shared with stakeholders, shareholders, analysts, or regulators at any time, ensuring transparency and compliance with industry standards.
Lawsyst’s chart of accounts software doesn’t just support accurate record-keeping, it also provides valuable insights into your firm’s financial performance. By structuring your financial data in a logical and detailed way, our software allows you to track income, expenses, and profitability, to make informed decisions about the future of your practice.
Our charts of accounts system is part of a larger suite of legal practice management software designed to streamline your firm’s operations. It seamlessly integrates with our other accounting modules to simplify complex tasks such as time tracking, billing, and reporting, offering complete control over all your financial operations.
Why UK law firms use our chart of accounts software |
Better account oversightOur chart of accounts software provides law firms and legal professionals with a comprehensive and centralised solution for managing their practice's finances. With a clear view of your financial position, you can gain a concrete understanding of your firm’s cash flow, profitability, and overall financial health, which will allow you to assess current performance and devise strategies for growth.
Guaranteed data securityAt Lawsyst, we understand that keeping financial data secure is of critical importance to law firms. By subscribing to our case management system, you can be confident that your company’s financial records will be stored in a secure, encrypted environment that can only be accessed by authorised personnel.
Easy access to crucial informationLawsyst ensures that your legal team and accounting staff can access detailed financial records with the click of a button. Whether it’s reviewing recent transactions, tracking cash flow, or generating financial reports, our charts of accounts software allows legal professionals to retrieve vital financial information in seconds, without the hassle of searching through physical files or multiple systems. |
Chart of accounts software helps law firms organise and manage their financial accounts by categorising transactions, expenses, and income into specific accounts. It ensures accurate tracking and reporting for all financial activities, both operational and trust-related.
A chart of accounts provides a structured framework to track all your financial transactions in a way that simplifies reporting, budgeting, and compliance. It ensures clarity and organisation in your financial records, especially for law firms with multiple practice areas or offices.
Lawsyst can help law firms set up a basic chart of accounts, including all five top-level accounts essential for your general ledger: assets, liabilities, shareholder equity, revenue, and expenses. We can also tailor our software to your specific requirements.
You can customise your COA by adding, editing, or removing accounts based on your firm’s unique financial needs. This ensures your chart of accounts aligns with your firm’s practices, billing methods, and regulatory requirements.
Yes, you can set up separate accounts for different practice areas, e.g., civil litigation, family law or corporate law, and allocate income and expenses to those areas for better financial tracking and reporting.
Lawsyst’s software includes specific accounts for managing client trust funds, ensuring compliance with legal requirements for trust accounting, and providing clear reports for audit purposes.
Yes, our software allows you to generate various reports such as profit & loss statements, balance sheets, and income statements based on the COA, giving you insight into your firm’s financial position.
Our COA software supports multi-office or multi-entity configurations, allowing you to create separate accounts for each office or practice area while maintaining consolidated reporting for the entire firm.
Yes, our software enables you to track disbursements, such as court filing fees or expert witness fees, and categorise them under specific accounts to ensure they’re correctly recorded and billed to clients.
Yes, you can create sub-accounts within your COA for even more granular tracking of income and expenses, such as separating operating costs by department or matter type.
Our software is designed to help law firms stay compliant with regulatory standards, particularly for trust accounting. It ensures that all transactions are properly recorded and provides audit-ready reports for compliance checks.
Yes, our software supports multiple billing structures, such as hourly billing, flat fees, contingency fees, or retainer-based billing, and you can categorise income from each structure accordingly.
By organising your accounts into categories, our software helps you create and monitor budgets by expense type or revenue stream, making it easier to compare actual spending and income against your firm’s financial goals.
Yes, you can easily add new accounts to the chart of accounts at any time, ensuring that your financial structure grows with your firm’s needs.
With a well-organised chart of accounts, you can generate accurate and detailed financial reports, allowing for better decision-making. These reports help you track the financial health of your firm, analyse performance by practice area, and improve cash flow management.
If there’s anything we haven’t covered here or you have any specific questions about your account, just let us know and we’ll be happy to answer them. If you’re not a customer yet but curious about our plans, contact us
