Achieve your 2020 vision with dedicated legal accounts software
By Julian Bryan, Managing Director, Quill. February 2020.
2020 is not only a new year; it’s the start of a new decade. Hence, it’s an apt time to be mapping out your professional objectives for the years ahead. Is IT an essential component in your strategic plan? Your firm’s success may very well depend upon it because embracing the power of technology reaps myriad benefits. Ultimately, IT is the best future proofing your company can invest in.
If we’ve established 2020 as the year in which your digital evolution takes place, you needn’t search high and low for multiple solutions. Your quest begins and ends with Quill. Here we’ll show why you should choose our dedicated legal accounts software (and more!) to achieve your 2020 goals…
Imagine software that verifies your clients’ identity in real time as part of the inception process.
With the introduction of the 5th EU Anti-Money Laundering (AML) Directive, there are more onerous responsibilities relating to money laundering. To comply with this and other legislation, online identification checking is recommended as an alternative to old paper-based verification. The former – online checking – is reliable, secure and quick. The latter – manual checking – is open to fraudulent activity and time intensive.
Interactive, our practice management software solution, already does this. With AML and credit screens as part of the client inception workflow, you can quickly undertake appropriate due diligence to help ensure your clients’ identities are legitimate and they have the funds to pay for your services without having to re-type pertinent details into another system.
Imagine software that validates bank accounts and sort codes of payees for every transaction.
As anyone in the legal sector knows, making sure you get the right money to the right client, opposition, counsel or supplier is fraught with risk. The ‘F’ word – ‘fraud’, that is – continues to dominate news headlines.
Bearing in mind too that the revised SRA Accounts Rules, which came into effect on 25th November 2019, still make protection of monies the major regulatory priority, keeping in and transferring finances to the right place is absolutely vital.
Interactive already does this. Tight integration from the e-chit created by your fee earner through to your online banking software means every account number and sort code are verified for accuracy in real time using a banking industry modulus check. This financial data is always encrypted within the database and made available to leading internet banking applications without the need to rekey the data; all part-and-parcel of our MoneyChain feature.
Imagine software that notifies you money’s been received into your client account through on-screen alerts.
Plus, having the ability to transmit payment files, either singly or in batches, to your internet banking system. Strengthened monetary security and streamlined financial management via these two features assists even further in meeting your SRA protection-of-monies obligations and improving your cashiering team’s efficiency respectively.
Interactive already does this. Optional functionality within MoneyChain affords even greater transparency, closer safeguarding and simplified transactions.
Imagine software that’s compatible with Making Tax Digital (MTD) for VAT.
Introduced by HMRC in 2019, MTD for VAT is a scheme devised to eliminate paper processes by moving to digital VAT record keeping and returns. Compatibility means you’re able to log and exchange data electronically with HMRC. MTD is a new accounting requirement over-and-above existing regulatory demands.
Interactive already does this. Having been through HMRC’s recognition process, Interactive’s legal accounting features allow you to submit your VAT returns directly in accordance with MTD.
Imagine software that permits time recording from your phone.
With your practice management system on your smartphone, you can fully realise your remote working ambitions and boost earning potential by recording fee earner time on the go. You have all the same reassurances about cybersecurity as login credentials match those used for your desktop application.
Interactive already does this. Besides stopwatches on our smartphone app, our iOS and Android apps give anywhere, anytime access to view client and matter information, add new clients and matters, authorise e-chits and view recent documents. It’s flexibility and collaboration at its best.
Imagine software that presents your key performance indicators populated with up-to-date data.
Monitoring actual against forecasted performance is a major challenge, be it on an individual, fee earner, department or practice-wide level. Yet it’s a must for business growth.
Interactive already does this. A personalised dashboard displays summary listings, quick stats and charts with drill-down to in-depth detail. This intuitive, real-time tracking is bolstered by an extensive range of pre-defined reports and bespoke reporting options to really get to grips with progress and optimise development opportunities.
Imagine software that’s supported by an all-encompassing portfolio of outsourcing services.
Imagine outsourced cashiering that enables you to offload your entire bookkeeping function to a specialist team of cashiers thereby leaving you free to focus on business-critical priorities. Imagine third-party managed accounts assistance for SRA-compliant client monies management which gives you extended choice and reduced regulatory risk in relation to your financial affairs. Imagine outsourced payroll that handles your salaries, payslips, pension and paperwork according to the latest payroll-related guidelines. Imagine outsourced typing that empowers dictation from a smartphone app and receipt of expertly typed-up documents by speedy return direct to your document management system.
Yup, you guessed it, Quill already does this.
In this milestone year, ditch the old and welcome in the new. If there’s one resolution you make, select Quill as your technology partner. Our software, with raft of bolt-on extras, is exactly what you need to accomplish digital (and back office) transformation in 2020 and beyond.
Julian Bryan joined Quill as Managing Director in 2012 and was also the Chair of the Legal Software Suppliers Association from 2016 to 2019. Quill has been a leading provider of legal accounting and case management software, and the UK’s largest supplier of outsourced legal cashiering services to the legal profession for over 40 years.