The benefits of integrated legal accounts: how’s your year-end shaping up?
If you’re in the throes of working towards your financial year-end, then you’re certainly not alone: the most common financial year-end date for UK law firms is 30 April.
For those firms recording financial information on software that isn’t integrated with your case management system, or if you’re manually recording such data, then getting your financial ducks in a row for your annual accounts can prove to be a real headache, to say the very least. Regardless of the size of your firm, there’s always one constant when it comes to legal accounting: having the ability to accurately record a broad spectrum of constantly changing information that’s easily accessible whenever you need it.
Choosing a system that ensures your firm is fully compliant with the ever changing legal and accountancy regulations is vital, and using a cloud-based solution means that wherever your are, you can easily access the same in-depth data across multiple devices.
Investing in the right accounting software solution from an early stage will mean that it can evolve with your firm as your requirements grow. However, it’s never too late to upgrade. The end of a financial period is the perfect time for our specialist team of migration experts to move you over and ensure the accounts are balanced.
Legal accounting is in our DNA
A little known fact about Osprey Approach is that early versions of the software were primarily designed around a legal accounting package. Before Osprey was Osprey, we were providing cutting edge legal accounts software for law firms all over the UK.
Over the years our platform has grown to manage the entire legal lifecycle, but our attention to detail and robust accounting functionality has remained the foundation of our software solution.
Seamless, integrated accounting
Osprey’s integrated, easy to use system means that there’s no need to run additional accounts software. You’ll also have peace of mind that your financial data is accurate and centralised. Benefit from intelligent automation through the integration with your case management software, utilising workflows to free up your valuable time.
Our integration with Searchflow allows you to automatically post the search fees to your client’s ledger as disbursements – saving you a job and ensuring consistency and accuracy during the conveyancing process.
Our system is fully compliant with the SRA and HMRC regulations, ensuring that your accounts team has a reliable framework, including full integration with HMRC, supporting VAT returns for Making Tax Digital.
The key benefits, at a glance
Here are just some of the benefits of Osprey’s integrated legal accounts:
- Full visibility of your client and office accounts, with side-by-side client ledger postings and support for an unlimited number of bank accounts;
- use of nominal ledger for all business outgoings, invoices and receipts;
- one-click reconciliation of your bank statements;
- cross-reference and tick transactions manually, or import your statement and have them automatically matched; and,
- our comprehensive reporting suite, comprising built-in financial and management report tools, enables you to access – and export – all the information you need to run your law firm effectively. Reports include P&L information, balance sheets, VAT returns, client financial reports, unpaid bills and aged debtors, as well as auditing functions to ensure financial transparency and accountability.