Steer Your Firm to Success With Financial Dashboards Plus Another Hot Product
December 9, 2019
Today's TechnoLawyer Hot Product is legal billing and accounting software with new dashboards that provide insight into your firm's performance, integrations with major products, and an anti-fraud technology. In addition, you'll find links to many previous TechnoLawyer Hot Products, including our coverage of a tax law research platform with primary and secondary sources on more than 1,000 topics, each curated by a leading tax law expert.
Steer Your Firm to Success With the New Financial Dashboards in Tabs3 Software
Your accounting and billing system contain a wealth of data. This makes dashboards essential as they provide you with a snapshot of your law firm's financial health. But dashboards require a high level of polish or else you could end up with too little or too much information.
Version 2020 of Tabs3 Software in One Sentence
The new versions of Tabs3 Billing (legal billing software) and Tabs3 Financials (legal accounting software) — both a part of Version 2020 of Tabs3 Software — feature new interactive dashboards, anti-fraud technology, and integrations.
The Killer Feature
The new dashboards in Version 2020 build on the interface redesign that Version 19 brought. The company's commitment to releasing new versions with major features on a regular basis has resulted in a 96% customer satisfaction rating (most legal software companies don't publicize this metric).
The Billing Dashboard contains four key charts. Accounts Receivable and Unbilled are bar charts in customizable time increments with the ability to show fees, costs, or both. Cash Receipts and Billing History are line charts with prior year comparisons. Hover over any data point for in-depth numbers. Double click a chart to display the underlying data in table format, which you can copy and paste into Excel.
Filter any chart by timekeeper, type of timekeeper (partner, associate, paralegal, etc.), category (such as type of work or practice area), and location if your firm has multiple offices. Access controls enable you to restrict user access to the Billing Dashboard.
The Accounts Payable, General Ledger, and Trust modules include dashboards of their own featuring similar functionality and complete access to more granular data.
The Accounts Payable Dashboard uses three interactive widgets that show you the totals for unpaid invoices, unposted invoice payments, and paid this month. Print checks, post checks, or view the register with one click. Below the widgets is a list of unpaid invoices.
The General Ledger and Trust dashboards list the associated bank accounts, including balances, last reconciliation, and recent transactions, as well as one-click check printing, transaction posting, and transaction import.
"This is fabulous, thank you for the addition," says Judy Lassek of Legal Software Solutions. "I am so excited about the dashboards in Version 2020, which are clean, not too busy, and show valuable information."
The new dashboards in the Tabs3 product line provide key insights into your firm's performance.
Other Notable Features
Tabs3 Software also makes it easier to get paid and prevent financial losses. The software now integrates with LawPay for ACH and credit card payments (its integration with similar service ProPay remains available as an alternative).
With Version 2020, Tabs3 Software users can benefit from Positive Pay — an anti-fraud mechanism offered by banks, typically to large institutions. With Positive Pay enabled, your bank will not release funds for an expense or trust payment unless it matches the check information in Tabs3 Software.
"In Version 2020, we've added many new features to Tabs3 Software designed to make managing a law firm easier," says President and CEO Dan Berlin. "We're especially proud of the new dashboards and key integrations that will provide firms with greater tools and insights into their practices."
What Else Should You Know?
PracticeMaster, Tabs3 Software's practice management software, has also received significant updates in Version 2020, including a new integration with NetDocuments. From within PracticeMaster, you can include NetDocuments in your conflict searches, and email documents that reside in NetDocuments. Pricing starts at $32/user/month for Tabs3 Billing, $8 for Tabs3 Financials, and $32 for PracticeMaster ($72 for all three).
Take a Closer Look at Version 2020 of Tabs3 Software
Another Hot Product
Comprehensive Tax Law Resources and Expert Guidance
Unlike other areas of law, tax law is inextricably linked to virtually all transactions from a simple online purchase to a complex cross-border investment. Add to this the continuous regulatory changes and it's no wonder that tax lawyers field so many client questions that require research. Ideally, a single research service would contain everything you need from expert guidance to primary sources — and that's now the case. Tax Essentials from Wolters Kluwer is a new research service featuring leading experts who create and curate federal, state, and international tax law resources on more than 1,000 tax topics …
Continue Exploring Last Week's TechnoLawyer Hot Product
Meet Neil J. Squillante
Neil J. Squillante is the founder and publisher of TechnoLawyer, an award-winning network of free email newsletters for lawyers and law office administrators. Many consider TechnoLawyer newsletters the only ones they need. A Fastcase 50 award winner, Neil has a long track record of inventing successful advertising and publishing technologies and related best practices. Previously, Neil practiced commercial litigation at Am Law 100 firm Willkie Farr & Gallagher. He received his J.D. from UCLA School of Law and his B.A. from Duke University. At UCLA, Neil served as a Managing Editor of UCLA Law Review.
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