This paper examines the technology needs of a small law firm specializing in tax law and proposes QuickBooks as a solution for automating billing, expense management, and financial operations. The analysis discusses how the firm's conservative structure and focus on privacy create an opportunity to reduce costs through in-house software rather than outsourcing. The paper evaluates QuickBooks Premiere as the optimal solution, outlines its key capabilities including invoice automation and remote access, and presents a deployment strategy that leverages the firm's existing Excel-based tracking systems for a smooth transition.
This law firm would be best characterized as a small law firm, the next size up from a sole proprietorship. It is specifically focused on tax law cases. Law firms tend to be relatively conservative in terms of their promotions and the ways in which they seek out new clients and members of the firm. Growth rates tend to be slow. Partners are shareholders in the firm, which means that they profit as the firm profits as well as make a salary (DuBois, 2012).
Saving money while still upholding the professional integrity of the firm for privacy and security is essential. The firm handles many high-profile cases involving tax fraud, so using in-house software rather than outsourcing would result in valuable cost savings to all members of the organization that are partners and maintain the vital reputation of the firm for privacy.
Technology can make all kinds of bookkeeping far easier and more efficient. When confronted with the decision to outsource critical functions or to retain them in-house, every firm must weigh the opportunity cost of time as well as money. In the past, it may have made sense for the firm to outsource billing, but advances in technology mean that this may no longer be the case.
Lawyers already keep track of hours with MS Excel, so there is already data regarding billable hours and costs. What is needed is software that can take over the work of the private agency that oversees billing of customers, expenses for the case, and assigning expenses to the correct case. These figures are also valuable in determining which attorneys are billing the most hours and thus are making the most significant efforts in rainmaking for the firm.
Currently, QuickBooks is favored by many law firms for these capabilities. Automated processes available to QuickBooks users include sending invoices to clients, accepting payments from clients and other outside sources, scanning receipts to facilitate accounting of expenses of all kinds, easily tracking sales and payments, and paying employees based upon their recorded output (QuickBooks, 2015). Consolidating all data about customers, lawyer activity, as well as payments and hours in this single source will facilitate accuracy and speed and save on time and labor costs.
QuickBooks can be used remotely, which can reduce overhead expenses if the company wishes to use administrative staff members who telecommute. Intuit QuickBooks Premiere for small yet expanding enterprises would be most suitable for this firm (Intuit QuickBooks Premiere, 2015). QuickBooks allows the use of cloud technology, which increases ease of access 24/7, although this makes it all the more important that access to the system is secured to ensure there are no breaches of client or employee privacy.
Ownership of QuickBooks is also relatively affordable, starting at $359.95. The availability of support and the ability to work remotely lowers total variable cost and total cost of ownership for this particular technology.
"Transition approach and staff support resources"
Always verify citation format against your institution’s current style guide requirements.