3: LAWS/Pro DECREASES outside accounting costs.
Without direct access to the firm's data, outside accountants spend an inordinate amount of time establishing a stand alone
system then re-entering the firm's transactions into this system. Cloud based LAWS/Pro provides the
Virtual Administrator with authorized access to the firm's database which eliminates this redundancy. The Virtual
Administrator is able to access the firm's actual data and focus on the required review and verification of this information.
Regardless of the system used the law firm must account for all receipts and disbursements in order to generate
invoices, maintain an accurate balance due
from clients, and keep track of the firm's cash balance. Why would the law firm box up these same transactions and
forward them to an outside accountant to redundantly re-enter these same transactions into a separate system? It makes no sense and only
adds time, cost, and delay to the verification and review of the firm's financial data.
Worse yet, very rarely are adjusting entries forwarded from the accountant back to the law firm to correct the errors
and omissions discovered within the firm's database. Without these corrections, the financial information generated by the
firm's management system is inaccurate and can't be relied upon.
The final information provided by the accountant is accurate, but due to the significant delay in preparation, is not really
useful for anything except tax preparation.
A much better solution is for the the Virtual Administrator to be given secure access
-- through Laws/Pro -- directly to the law firm's
database eliminating the time, cost and delay associated with re-keying these transactions into a
separate system. The corrected errors and omissions will naturally be posted against the firm's data data
resulting in immediate access to accurate financial information by the principals within the law firm.