Clio, a provider of legal technology, has launched Clio Accounting, an exciting addition to its suite of fintech offerings. Building on the success of Clio Payments, Clio is expanding its financial management offerings to provide a comprehensive, compliant platform tailored specifically to the needs of legal professionals.
Clio Accounting is a legal-specific bookkeeping and accounting solution designed to address the unique financial needs of law firms.
Designed as an intuitive financial solution, Clio Accounting offers advanced capabilities to reduce the time spent on administrative work related to firm finances, while also significantly reducing the risk of error. This includes features to seamlessly sync information from Clio Manage to log transactions within a firm’s ledger, automatically match transactions, accomplish legal-specific reporting and due diligence—such as three-way reconciliation—and much more.
“As law firms navigate the complexities of trust accounting and compliance, the need for a specialized solution has never been greater,” states Hemant Kashyap, Chief Product Officer at Clio. “With Clio prioritizing trust accounting compliance, legal professionals can manage their finances with ease and confidence, while remaining focused on the practice of law.”
Designed for legal professionals, not just accountants
Clio Accounting reduces financial management complexity, minimizing additional work for legal professionals and easing the process for those without extensive accounting experience. Solo and small firm practitioners, office administrators, and accountants alike will appreciate its legal-specific functionality and user-friendly design, which substantially reduce the risk of error in accounting.
By leveraging Clio Manage and Clio Accounting together, law firms can streamline their financial operations into a single and cohesive system of record, experiencing a variety of advantages as a result:
- Integrated transactions: Every transaction—whether it involves sending an invoice, collecting a payment, or logging a hard cost—is automatically recorded and synchronized in real time between the relevant bank account and firm ledger.
- Real-time financial insights: Firms get real-time insights into their bank account via live feeds, plus detailed insights into cash flow and comprehensive financial reports to inform key business decisions.
- Trust accounting compliance: Firm managers can rest easier knowing that they can use Clio to manage all of their trust accounting securely and in compliance with industry rules—giving them end-to-end oversight of all account activity relating to both earned and unearned fees.
- Streamlined tax preparation: With all financial activities and reporting in one place, plus easy access for accountants, Clio Accounting makes for stress-free tax filings.
Early sentiments reflect positive impact
Clio Accounting is making a significant positive impact for customers in the legal community, with users praising its benefits and effectiveness:
“Clio Accounting is a game-changer for law firms! Not only are there fewer manual entries, less room for human error, and a streamlined three-way reconciliation process due to the seamless connection with Clio Manage and Clio Payments, but the time savings from no longer needing to print out payment reports, compare transactions, and add deposits has been invaluable to my business and our clients. Clio Accounting is the perfect option for firms looking to make their accounting processes more integrated, efficient, and effective than ever,” said Mark Khazanovich of KORE Accounting.
“Having all of our accounting in one place is incredibly convenient. Clio Accounting is built right into Clio Manage, making everything streamlined, efficient, and easily accessible,” said John Roach, Attorney at RAM Law PLLC.
“I really enjoy that Clio Accounting is a part of Clio Manage. This allows for more productivity and fewer manual entries,” said Nicholas Matlach, President of ioLiberum Law Firm, P.C.
The future of legal financial management
The launch of Clio Accounting marks a strategic move by Clio to meet the specific financial management needs within the legal sector and further enhance the expansion of Clio’s fintech services. The solution is designed to enhance the efficiency and accuracy of financial operations, providing legal professionals with the necessary tools to optimize their workflows. This solution not only supports law firms in maintaining compliance with financial regulations but also enables them to allocate more resources towards client service and the expansion of their practices, reflecting a commitment to addressing the practical challenges faced by legal practitioners today.
“Our commitment is to make financial management more approachable for the legal industry. Clio Accounting will now have the opportunity to enhance the law firm’s operational efficiency,” remarked Kashyap.
Free access for a firm’s accountant or bookkeeper
To make this solution more accessible, Clio is offering one free Clio Accounting license with every subscription that gives a firm’s accountant or bookkeeper access to their account. This ensures that firms can support effective collaboration with their financial partners without any added cost.
Clio Accounting is available to US-based firms with Clio Manage accounts, providing a solution that is unmatched in its ability to cater to the unique needs of small firms and support the varied roles of attorneys, administrators, office managers, and both internal and external accountants.
For more information on how Clio Accounting can revolutionize your legal practice and the exclusive offer, visit clio.com/accounting, and explore how Clio is redefining legal financial management.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Advisory, Small Business
