October 25, 2018

Thomson Reuters Firm Central Announces Built-In Accounting Software and Other Enhancements to Improve Small Law Firm Performance 

MINNEAPOLIS-ST. PAUL, Oct. 25, 2018 – Solo and small firm lawyers can now manage both their matters and finances all in one place with Thomson Reuters Firm Central’s new built-in accounting, specifically designed for law firm operations, Firm Central, a leading cloud-based practice management solution, now includes powerful accounting software eliminating the need for third-party accounting software.

Together with Firm Central’s advanced performance reporting dashboard, lawyers can get a comprehensive “real-time” picture of the financial health of their business at any time to help them make smarter financial decisions. Firms can generate detailed accounting reports, including balance sheet, bank reconciliation, trial balance, P&L, sales tax liability and account transactions. Easy reconciliation and internal controls reduce errors, and help ensure compliance and audit readiness. 

And Firm Central’s built-in accounting functionality means no more need to enter data into or reconcile between disparate systems.

“With Firm Central’s fully integrated trust and business accounting software, lawyers can now manage all aspects of their practice in one secure complete platform,” said Mark Haddad, general manager, Small Law Firm segment, Thomson Reuters. “Firm Central now provides a true end-to-end solution for complete matter and practice management. Solo and small firm lawyers can quickly and easily track their financial activity and generate detailed reports, all within Firm Central. This ‘all-in-one’ approach improves efficiency, making it easier to manage finances and keep a close eye on the bottom line, while freeing up more time for client work.”

Additional enhancements make it easier to find important information like key metrics and matter events, stay apprised of recent client activity and communication, and expedite client bill payments, helping attorneys to save time.

Customizable Reporting Dashboard
Firm Central’s financial performance reporting dashboard allows users to easily customize their views of key metrics such as time and billing reports, status of bills and collections, firm financial performance and more. Users can now access three additional financial performance metrics: unbilled expenses, unpaid invoices and fees collected year to date.

Enhanced Client Pay
QR codes can be inserted into invoices, enabling clients to immediately pay by credit card through their smartphones and other mobile devices.

Email Digest
An automated email digest provides improved client communication management due to timely notification when clients add documents and comments, or mark documents complete via the Client Portal. The digest also provides notification of team member activity on matters, calendars, tasks and Deadline Assistant events.

Extended Matter Agenda
The Matter Agenda has been expanded to include every event on a specific matter instead of just the next year’s events.  Streamlined navigation makes it easier to review all deadlines and events on each matter. The Matter Agenda view allows users to quickly to locate an event that has already occurred, or check future events to confirm details. 

Help Videos
Easily accessible, on-demand videos address commonly encountered questions about working with Firm Central, such as how to most effectively use the Time & Billing module.  The videos help users better understand Firm Central functions and learn about items they have not used yet.

Firm Central is a leading cloud-based practice management solution for solo and small law firms, providing desktop compatibility with Outlook and Windows 10 and access to a user’s essential practice functions in one convenient dashboard. Firm Central combines firm management tools, such as scheduling and time & billing, with practice resources, such as legal research, rules-based calendaring and automated document drafting, to provide the most comprehensive legal practice management software in the small law firm market. It also allows firms to easily store, organize and share information in one integrated, secure platform. Firm Central’s fully integrated time & billing feature enables users to enter and track time within the Firm Central dashboard. Built-in accounting features provide seamless accounting and bookkeeping.

For more information on Firm Central, please visit: http://legalsolutions.thomsonreuters.com/law-products/solutions/firm-central/.

Thomson Reuters

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Scott Augustin
Thomson Reuters