IOLTA
account
compliance
and
other
financial
management
tasks
pose
big
challenges
to
law
firms
—
even
to
full-time
accountants.
For
a
litigator
without
formal
financial
training,
keeping
the
books
in
order
—
and
the
firm
ready
to
pass
a
bar
association
audit
—
can
be
even
more
daunting.
Mix
in
the
financial
errors
that
can
arise
simply
from
having
disparate
systems,
and
you’ve
got
a
minefield
to
navigate.
But
with
the
right
all-in-one
platform,
you
can
position
yourself
for
success.
MyCase
Accounting
is
a
built-in
legal
accounting
solution
that
works
within
your
case
management
system,
automating
three-way
trust
reconciliations,
business
intelligence,
expense
tracking,
and
other
financial
processes.
Because
this
tool
is
included
directly
in
the
MyCase
system,
all
transactions
are
automatically
synced
and
recorded.
This
includes
entering
time,
tracking
expenses,
generating
invoices,
and
receiving
payments,
among
other
functions.
With
these
items
housed
in
the
MyCase
Accounting
module,
they
can
be
directly
matched
with
bank
transactions,
particularly
easing
bank
reconciliations.
Here’s
a
look
at
how
MyCase
Accounting
could
reshape
your
financial
workflow.
If
you’d
like
to
sign
up
for
a
free
trial,
feel
free
to
do
so
here.
Getting
Started
Signing
up
for
MyCase
Accounting
includes
an
onboarding
period,
complete
with
training
from
the
company’s
accounting
specialists.
The
onboarding
period
will
take
you
through
your
first
three-way
trust
reconciliation
process.
A
subscription
also
includes
a
license
for
your
accountant
to
use
the
system
free
of
charge,
so
you
don’t
need
to
share
any
sensitive
data
outside
of
the
system
for
taxes
and
other
purposes.
MyCase
Accounting,
at
the
outset,
provides
detailed
business
intelligence
data.
As
a
legal-specific
tool,
financial
performance
can
be
segmented
by
lawyer,
office,
practice
group,
or
other
custom
filters.
The
data
is
synced
with
the
full
MyCase
system,
so
these
metrics
will
automatically
populate
throughout
the
day-to-day
operations
of
the
firm.
Tracking
Your
Accounts
When
it’s
time
to
examine
your
financials,
MyCase
Accounting
presents
you
with
a
Chart
of
Accounts
interface.
It
comes
pre-populated
with
legal-specific
account
types,
but
it
is
also
customizable.
Users
can
also
add
sub-accounts,
for
example,
one
for
federal
taxes
under
a
payroll
account.
Some
accounts
will
be
marked
“locked”
because
they
are
linked
to
the
front-end
billing
processes.
This
means
that,
as
soon
as
a
lawyer
creates
an
invoice,
or
collects
a
payment,
or
records
an
expense,
it’s
going
to
automatically
update
the
correct
accounts
listed
here.
To
drill
down
further,
opening
an
account
file
generates
a
ledger
listing
every
transaction
for
that
account.
Each
entry,
in
turn,
can
be
opened
to
view
detailed
data.
These
include
all
debits
and
credits
the
entry
is
linked
to,
and
any
invoice
in
which
it
was
included.
In
the
bottom
corner,
you
can
see
two
boxes
labeled
“not
cleared”
and
“not
reconciled.”
Once
the
transaction
has
been
posted
with
the
bank,
the
“not
cleared”
box
will
turn
green,
and
once
the
entry
is
included
in
a
monthly
reconciliation,
that
box
will
turn
green
as
well.
The
status
will
also
be
updated
in
the
Chart
of
Accounts
view,
and
these
processes
will
allow
you
to
quickly
find
items
that
need
to
be
addressed.
Easing
Compliance
It’s
hard
to
overstate
the
benefits
of
a
unified
system
in
remaining
compliant
with
legal
accounting
rules.
To
start,
the
MyCase
system
will
automatically
generate
a
trust
ledger
for
each
of
the
firm’s
clients
—
which
is
included
with
all
MyCase
systems,
not
just
MyCase
Accounting.
Clicking
into
a
client
file
will
display
all
related
debits
and
credits
involving
your
trust
account.
Adding
the
MyCase
Accounting
tool,
however,
will
pull
all
of
this
information
directly
into
the
three-way
trust
reconciliation
process.
Your
trust
assets,
liabilities,
and
bank
balance
will
all
be
put
into
a
prebuilt
system,
complete
with
guardrails
to
ensure
compliance.
Additionally,
MyCase’s
back-end
payment
processing
is
powered
by
its
sibling
company
LawPay,
meaning
all
of
the
payment
data
is
automatically
synced
to
MyCase
Accounting.
This
means
MyCase
Accounting
can
create
automated
deposit
slips
for
any
online
payment.
These
individual
deposit
slips
will
then
be
automatically
matched
to
the
bank
statement,
saving
additional
time
because
they’re
essentially
auto-reconciled
in
this
process.
This
also
ensures
trust
and
operating
funds
are
handled
separately,
eliminating
risks
of
commingling
funds
and
helping
ensure
compliance
with
legal
accounting
rules.
The
broader
reconciliation
process
is
similarly
automated.
Here,
a
sample
law
firm
operating
account
has
each
transaction
displayed
to
begin
a
reconciliation.
If
there
are
any
discrepancies
—
maybe
a
misplaced
check
that
never
has
made
it
into
the
bank
account
—
the
MyCase
Accounting
system
will
identify
that
and
allow
you
to
fix
it.
A
double-check
of
the
transactions,
a
click
of
“save
changes,”
and
your
account
has
been
reconciled.
The
far
more
complicated
three-way
trust
reconciliation
process
is
similarly
boiled
down
in
MyCase
Accounting.
To
begin,
each
transaction
is
auto-linked
to
the
relevant
account
and
client
record.
Once
these
transactions
are
double-checked
—
and
matching
numbers
are
confirmed
—
one
click
will
auto-generate
your
reconciliation
report.
This
report
will
include
individual
client
trust
ledgers,
bank
transactions,
and
invoices,
automatically
drawn
from
the
full
MyCase
system.
All
of
the
records
can
be
filtered
by
month
or
date
in
the
event
of
a
bar
association
audit,
and
the
relevant
reports
can
be
generated
by
MyCase
Accounting
immediately.
A
Complete
System
MyCase
Accounting
demonstrates
the
advantages
of
having
one
unified
system
for
all
of
your
firm’s
business
needs.
It
is
constantly
working
in
the
background
to
ensure
everything
from
case
data,
to
client
accounting,
to
IOLTA
compliance
records,
to
business
intelligence
is
accurate
and
up
to
date.
It
will
ultimately
ease
your
bookkeeping
processes,
eliminate
waste,
and
become
a
key
component
of
your
firm’s
financial
success.
If
you’d
like
to
sign
up
for
a
free
trial
of
MyCase,
feel
free
to
do
so
here.